Student loans

President Biden called on the U.S. Supreme Court to let his student-loan relief plan take effect, setting the stage for a multibillion-dollar showdown that could affect more than 40 million borrowers.

The Biden administration is considering extending its pause on student loan repayments, now set to resume Jan. 1, in response to legal challenges to its student-debt forgiveness program, according to people familiar with the internal discussions.

A federal judge in Texas struck down the Biden administration's plan, calling it "one of the largest exercises of legislative power without congressional authority in the history of the United States."

Some 16 million applications for student debt relief will be approved by this week, provided the White House plan survives court challenges, President Biden said Thursday. 

Polyanna Unruh embraced her employer's tuition-assistance benefit to go from high-school graduate to MBA.

Student loans haven't delivered their promise of a middle-class life for millions of Americans, and the U.S. system of financing higher education via individual borrowing is making inequalities in the country worse, according to a new study.

A federal judge dismissed a lawsuit by six Republican-led states challenging President Biden's student-loan forgiveness plan, finding the states failed to show they'd be directly harmed.

A Wisconsin taxpayers group asked the U.S. Supreme Court to block President Biden's student-loan relief plan from taking effect, accusing him of usurping the power of Congress and costing taxpayers potentially more than $1 trillion.

Tally Technologies, a startup that automates credit card payments, has tripled its valuation to $855 million in a funding round led by Sway Ventures.

The Biden administration was accused in a lawsuit by six Republican-led states of overstepping its authority with a plan to forgive federal student loans.

President Biden's loan forgiveness plan will wipe out about one-third of student debt owed to the federal government, with lower-income borrowers and those living in Southern states getting the biggest boost, according to analysis by the Federal Reserve Bank of New York.

President Biden's decision to forgive some federal student debt will cost at least $400 billion over 10 years, the Congressional Budget Office estimated, which would wipe out the $238 billion in deficit reduction from his tax and climate plan. 

Sen. Elizabeth Warren, who lobbied hard for President Biden to forgive $50,000 in student loan debt per borrower, said his much smaller plan can still address racial and gender wealth inequality and help tame inflation.

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.