Stories tagged: "student loan debt"


college
Latest Student Debt-Relief Plan Could Mean $1 Billion for 20,000 in Arizona

More than 20,000 Arizona residents would see $1 billion in student debt erased under a Biden administration plan unveiled just two weeks after the Supreme Court struck down a previous debt-forgiveness plan.

The Biden administration has begun the process of creating a new plan for widespread loan cancellation and implementing the SAVE Plan, which will cut monthly payments to $0 for millions of borrowers. There will also be a 12-month “on-ramp” period to ease borrowers back into making payments. (AP Photo/Evan Vucci, File)
How Biden Is Still Trying To Make Student Debt Relief Happen

The Biden administration has begun the process of creating a new plan for widespread loan cancellation and implementing the SAVE Plan, which will cut monthly payments to $0 for millions of borrowers. There will also be a 12-month “on-ramp” period to ease borrowers back into making payments.

FILE - President Joe Biden pauses as he speaks in the Roosevelt Room of the White House, Friday, June 30, 2023, in Washington. Education Secretary Miguel Cardona listens at left. After a series of major blows to his agenda from the Supreme Court, Biden is intent on making sure it is voters — not the justices of the high court — who have the final say. “Republicans snatched away the hope that they were given,” Biden said hours after the high court overturned his plan to forgive a majority of the country’s federal student loans. (AP Photo/Evan Vucci, File)
800,000 Borrowers to Get Student Debt Canceled, Biden Administration Announces

For many borrowers, qualifying monthly payments that should have moved them closer to forgiveness were not accounted for, effectively forcing them to make extra payments under their IDR plans.

AP Photo/Jacquelyn Martin, File
Biden Vetoes Sinema-Backed Bill to Cancel Student Debt Relief

If enacted, Biden's plan would forgive up to $20,000 in federal student loan debt for borrowers making less than $125,000 per year.

WASHINGTON - APRIL 19: Sen. Kyrsten Sinema, I-Ariz., leaves Sen. Mark Kelly's office after meeting with Sen. Kelly and Rep. Ruben Gallego in the Hart Senate Office Building  on Wednesday, April 19, 2023. (Bill Clark/CQ-Roll Call, Inc via Getty Images)
BREAKING: Sinema Joins Republicans in Vote to Overturn Student Loan Debt Relief

Should the legislation pass the US House and make its way to the President’s desk, it will almost certainly be vetoed.

Student debt relief advocates gather outside the Supreme Court on Capitol Hill in Washington, Tuesday, Feb. 28, 2023, ahead of arguments over President Joe Biden's student debt relief plan. (AP Photo/Patrick Semansky)
The Supreme Court Is Hearing Arguments About Biden’s Student Loan Cancellation Plan on Tuesday. Here’s What You Need to Know

About 90% of the benefits from Biden's plan will go to families earning less than $75,000 according to the White House, but a group of Republican-led states have sued to block it.

student loans
Nearly Half a Million Arizonans Qualify for Student Debt Relief. Here’s Why They Haven’t Gotten It Yet

In Arizona, 496,000 people applied or were automatically eligible for relief. Of that 496,000, 314,000 were fully-approved applications sent to loan servicers for discharge.