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Analysts have been debating the impact on household finances and the economy as Americans resume student loan payments. There's already a squeeze from higher interest rates, which are expected to slow consumer spending and economic growth.
November 15 -
The U.S. Department of Education agreed to erase nearly $6 billion in student loans for borrowers who filed a class action lawsuit against the government after attending for-profit colleges that were found to have misled students.
June 23 -
The Biden administration’s continued extension of a student loan payment moratorium and the uncertain future of a debt forgiveness plan are causing confusion and uncertainty.
June 10American Fintech Council -
President Biden is considering forgiving $10,000 in student loans per borrower, but eliminating interest on the debt could be a more effective way to reduce the financial burden, according to experts.
June 3 -
The Congressional Black Caucus is requesting a meeting with President Biden to press the case that canceling student-loan debt is a racial equality issue.
May 20 -
Senate Majority Leader Chuck Schumer and fellow Democrats Elizabeth Warren and Raphael Warnock support $50,000 in student debt relief, which is five times what the president has indicated he would support.
May 19 -
The pending budget reconciliation legislation should retain measures meant to support minority homebuyers.
May 9National Association of Real Estate Brokers -
The U.S. Department of Education approved about $6.8 billion in student debt relief for more than 113,000 borrowers through adjustments to its Public Service Loan Forgiveness Program.
May 5 -
The U.S. economic recovery could take a major hit if the Biden administration fails to extend the federal government’s pandemic moratorium on student-loan payments past September, Senate Majority Leader Chuck Schumer said.
July 27 -
Rohit Chopra, who was the Consumer Financial Protection Bureau's first student loan ombudsman, is expected to crack down on unfair debt collection and other practices once he is confirmed by the Senate to lead the bureau. Observers predict he'll work closely with former CFPB Director Richard Cordray, who now oversees the Education Department’s $1.7 trillion portfolio of federal student loans.
June 29