Amid a federal overhaul of student loan plans, many borrowers have been left wondering what it means for their hopes of loan forgiveness. In particular, those who are enrolled in a repayment plan known as income-based repayment, or IBR, have wondered if forgiveness will still be available to them. A recent update from the Education…
Education Department launches repayment push as student loan defaults near 10 million. (AP Photo) The US Department of Education has announced that it will resume collections on defaulted federal student loans starting May 5, 2025. This marks the first time in over four years that the department, through its Office of Federal Student Aid (FSA),…
Representational (AI generated) The US Department of Education has announced the reopening of online applications for income-driven repayment (IDR) plans and loan consolidation. The application process was temporarily paused to comply with the 8th Circuit Court of Appeals injunction last month, which halted the Biden administration’s Saving on a Valuable Education (SAVE) Plan and parts…
Federal student loan borrowers are temporarily unable to apply to income-driven repayment plans, a decades-old safety net that ties their monthly loan payment size to household income levels, as the U.S. Education Department reviews a recent federal court ruling. The department closed applications to the repayment plans last week after the U.S. Court of Appeals…
The Trump administration has quietly dismantled the online application form for income-driven repayment (IDR) plans, blindsiding millions of student loan borrowers. IDR plans were akin to integral financial lifelines for some students, capping monthly payments based on borrowers’ earnings. The abrupt truncation of the programme has pushed borrowers into the dark, threatening financial instability for…
PAYE vs ICR: Pursuing higher education in the United States is often a financial challenge due to the high cost of tuition and associated fees. For many students, taking out federal student loans is the only feasible way to fund their education. However, once they graduate, the challenge of repaying these loans begins, often leading…
NEW DELHI: Kerala’s chief minister Pinarayi Vijayan on Saturday wrote a letter to Prime Minister Narendra Modi through, requesting to withdraw Finance ministry’s decision that requires the state to repay the viability gap funding (VGF) for the Vizhinjam International Seaport project.He highlighted that the Centre’s position contradicts standard VGF guidelines, which define it as a…