Student loans

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.

Consumers welcome more generous forgiveness policies and the chance to have past defaults erased from their record, but they need assistance connecting the dots, financial services executives say.

In an NPR/Ipsos poll released Friday, 82% of respondents said they believed making college more affordable should be a bigger priority to the federal government than forgiving existing student debt.

A majority of borrowers who together hold about $400 billion in federal student debt made no payment on their loans in the pandemic era, taking full advantage of a freeze put in place at the onset of the COVID-19 crisis.