Student loans

President Biden's plan to provide relief for student loan borrowers will cost about $24 billion per year, the White House now says, a figure markedly lower than private estimates.

From consumer credit to deposits to inflation, President Biden's move to excuse up to $20,000 in student debt per eligible borrower will have ramifications throughout the banking sector.

President Biden announced a sweeping package of student-debt relief, forgiving $10,000 in debt for borrowers who earn less than $125,000 per year and households who earn less than $250,000 and $20,000 in debt for Pell grant recipients.

President Biden plans to make his long-awaited announcement on student debt relief Wednesday, according to people familiar with the timing.

Forgiving student loan debt will cost between $300 billion and $980 billion over 10 years, according to a new analysis, with the majority of relief going toward borrowers in the top 60% of earners. 

Mos, a company that started out helping students find financial aid, is embellishing its banking features with cash advances, gig finding help and financial advice.

The pandemic-era freeze on student debt payments has "dramatically" improved credit scores for Americans who borrowed money to pay for college, the Federal Reserve Bank of New York said.

President Biden is considering extending a pause on student loan repayments for several more months, as well as forgiving $10,000 in student loan debt per borrower, according to people familiar with the matter, as he seeks to appeal to young voters ahead of the November midterms.

The Consumer Financial Protection Bureau said “time is running out” for military student loan borrowers to obtain debt relief under the Public Service Loan Forgiveness program.

Searching Google for information about student loan forgiveness surfaces advertisements that either appear to violate content policies or lead people to scams, according to a watchdog group, increasing public confusion as the Biden administration mulls actions on student debt.