President Joe Biden’s proposed income-based student loan repayment plan could cost $475 billion over a period of 10 years and end up encouraging “more loan borrowing” among college students, according to the University of Pennsylvania. Mr. Biden’s “Saving on A Valuable Education” (SAVE) scheme aims to reduce the income-based monthly payments on student loans by…
Biden’s Student Bailout May Cost Taxpayers $475 Billion: Penn University Study
July 18, 2023
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Education Secretary Tells Students With Loans to ‘Pay What You Can Afford’
July 18, 2023
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Education Secretary Miguel Cardona said on Monday that the department will continue to extend support for student loan holders and look for ways to provide more relief for existing borrowers, two weeks after the Supreme Court struck down a government attempt to forgive millions of such loans. “The goal is to be able to pay…
A Short Message for College Students and Those Who Will Be Soon
Remember the days when to get a loan you had to qualify and prove you had the capacity to repay the debt? Well, for college students, those days are history. They do not need to have a job or a cosigner to get huge amounts of money in federal student loans. From what I discovered…
Biden Announces $39 Billion Student Loan Forgiveness for Over 800,000 Borrowers
The Biden administration has announced a $39 billion student loan forgiveness plan for 804,000 borrowers as part of fixes in “administrative failures” that had held up relief for borrowers under their income-driven repayment (IDR) plans. “For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of…
Many Student-Loan Borrowers at Risk of Defaulting, Consumer Protection Bureau Warns
With student-loan repayments resuming this fall, approximately one in five borrowers have some financial risk factor that may make them fall behind on payments, according to new research from the Consumer Financial Protection Bureau (CFPB). Americans owe $1.77 trillion in federal and private student loan debt as of the first quarter of 2023. Nearly 20 percent…
Biden Vetoes GOP-Led Bill to Stop ‘Unfair’ Student Loan Forgiveness Plan
June 7, 2023
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President Joe Biden vetoed a Republican-led bill to overturn his student loan relief plan that proposed having tax-payers foot the bill for up to $20,000 of debt for millions of student borrowers. “Since Day One, my administration has been fighting to make college cheaper and the student loan system more manageable for borrowers,” Biden said…
Education Secretary Asks for $578 Million More to Boost Mental Health Providers in Schools
May 12, 2023
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Secretary of Education Miguel Cardona continued to place emphasis on increasing funding of mental health services in public schools at a hearing on May 11 before the Appropriations Committee on his historically high $90 billion proposed budget for Fiscal Year 2024. The budget represents a $10.8 billion increase and a review of it shows that…
How a Fed Increase Could Affect Credit Card Debt, Auto Loans?
May 6, 2023
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NEW YORK—The Federal Reserve has raised its key interest rate yet again in its drive to cool inflation, a move that will directly affect most Americans. On Wednesday, the central bank boosted its benchmark rate by a quarter-point to 5.1 percent. Rates on credit cards, mortgages and auto loans, which have been surging since the…
Some Young Canadians Are Downsizing Their Homes to Cut Back on Their Expenses
Last month, Chelsea Hunt and her husband concluded that the cost of living had skyrocketed to a point where they could no longer afford to stay in their apartment and needed to move. “We were living paycheque to paycheque,” the 26-year-old said. “We were having to borrow money from one of our parents at different…
LIVE 6:30 PM ET: NTD Evening News (Feb. 28): SCOTUS Skeptical of Biden Student Loan Cancellation Plan; Pentagon Officials Testify on Ukraine Aid
During oral arguments on Feb. 28, conservative members of the Supreme Court seemed skeptical of Biden administration statements that the government’s plan to partially forgive student loans is authorized by federal law. The Defense Department’s inspector general and other Pentagon officials testified on oversight of U.S. military aid to Ukraine before the House Armed Services…
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