Executive Action to Extend Student Loan Payment Suspension
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided a payment suspension and interest waiver for federally-held student loans, set to expire on September 30, 2020. The CARES Act specifically directs that the months of the payment suspension shall be counted towards federal loan forgiveness for borrowers enrolled in Income-Driven Repayment Plans. On August 8, 2020, President Trump directed the Department of Education to continue the temporary cessation of payments and the waiver of interest on student loans held by the…
56 Organizations Join in Opposition to Senate Bill that Fails to Protect Student Borrowers
Washington, D.C. -- Moments ago, Young Invincibles joined 55 other organizations in submitting a letter to Senate leadership in opposition to the Safely Back to School and Back to Work Act released yesterday. Young Invincibles led this effort with Americans for Financial Reform, the Center for Responsible Lending, the National Consumer Law Center (on behalf of its low-income clients), and the Student Borrower Protection Center. In the letter, organizations signing the letter contend, “Although simplifying the FAFSA and establishing clear…
Student Loans and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
Borrowers closely tracking the student loan news are likely to have heard many contradictory things as a result of the rapidly changing government response to the COVID 19 crisis. On March 13, 2020, the Executive Branch suspended interest on federally held student loans and announced that borrowers could suspend payments temporarily by requesting administrative forbearance. Shortly after, the Senate proposed additional student loan relief provisions. Ultimately, on Friday, March 27th, the Coronavirus Aid, Relief, and Economic…
The Daily Show and student loans
Persis Yu of NCLC is a hero! Love Trevor Noah and the Daily Show.
Temporary Expanded PSLF
FIRST COME, FIRST SERVED! Hurry, hurry, step right up, if you've filed an application for PSLF and been denied due to a nonqualifying repayment plan, you might be able to get some relief. The Consolidated Appropriations Act provided limited funding (350 million) to help borrowers who made payments that would have counted towards the 120 required to earn PSLF, except that they were enrolled in a nonqualifying repayment plan (like Graduated or Extended). The Department of Ed is calling this opportunity Temporary Expanded…
