Student Loans

The program to erase student loan debts for millions of borrowers hit a brick wall Thursday when it was blocked by a U.S. District Court judge. The administration quickly appealed the decision.

The Eighth Circuit Court of Appeals issued the stay, ordering the Biden administration not to act on the program while it considers a motion from six Republican-led states to block loan cancellation.

"It's easy, it's fast," Biden said in a press conference announcing the launch, noting applications take less than 5 minutes and can be done on desktop or phone.

The Biden administration has quietly changed its guidance to disqualify borrowers who have privately-held FFEL and Perkins loans.

In a letter to Biden, Republican governors, including Texas Gov. Greg Abbott, say they support "making higher education more affordable" but don't want to "force American taxpayers to pay off the student loan debt of an elite few."

Amid President Joe Biden's announcement that his administration will be forgiving up to $20,000 in federal student loans, scammers may be looking to take advantage of borrowers.

Activists and educators say President Biden’s decision to cancel up to $20,000 in student loan debt will have a big impact. But, they said, there’s still more to do.

President Biden announced a sweeping effort to forgive up to $20,000 of federal student loan debt for Pell Grant recipients, and up to $10,000 for other borrowers making under $125,000 a year.

The Biden administration extended the freeze on student loan payments yet again, this time until September, and announced a reset for borrowers in default.

Payments on federal student loans have been paused for two years, and the Biden administration appears to be considering extending the pause beyond May.