{"id":54510,"date":"2023-08-29T17:37:16","date_gmt":"2023-08-29T21:37:16","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/3-student-loan-forgiveness-updates-as-repayment-begins-in-days\/"},"modified":"2023-08-29T17:37:20","modified_gmt":"2023-08-29T21:37:20","slug":"3-student-loan-forgiveness-updates-as-repayment-begins-in-days","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54510","title":{"rendered":"3 Student Loan Forgiveness Updates As Repayment Begins In Days"},"content":{"rendered":"<div>\n<p>The student loan pause is set to end in a matter of days.<\/p>\n<p>For over three years, millions of federal student loan borrowers have had their payments paused, interest frozen, and collections suspended. But student loan payments are set to resume after August 31.<\/p>\n<p>In the meantime, advocacy groups and elected officials are urging the Biden administration to move forward and quickly implement student loan forgiveness, even after the Supreme Court struck down Biden\u2019s sweeping debt cancellation plan last June.<\/p>\n<p>Here\u2019s the latest.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Student Loan Forgiveness Under One-Time Adjustment Set To Continue<\/h2>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>The Biden administration is set to continue implementing student loan forgiveness under the IDR Account Adjustment, a one-time initiative designed to provide borrowers with retroactive credit toward IDR loan forgiveness on 20- or 25-year terms, as well as toward Public Service Loan Forgiveness. The Supreme Court ruling from earlier this summer struck down a different loan forgiveness program, not the IDR Account Adjustment.<\/p>\n<p>Last month, the Education Department announced that over 800,000 borrowers qualify for student loan forgiveness under the adjustment, and many of those borrowers had their balances discharged in the last several weeks. More borrowers may be notified that their qualify for loan forgiveness under the adjustment in September.<\/p>\n<p>Several conservative legal groups filed a legal challenge to the IDR Account Adjustment. But a federal district court judge in Michigan dismissed the case earlier in August on standing grounds. The groups are now appealing the dismissal to the Sixth Circuit Court of Appeals. So far, the appeals court has not issued a ruling.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Progressives Urge Biden To Quickly Establish New Student Loan Forgiveness Plan<\/h2>\n<p>Shortly after the Supreme Court struck down Biden\u2019s mass student debt relief plan \u2014 which would have wiped out $10,000 or more for many federal student loan borrowers \u2014 President Biden announced that the administration would be developing a backup plan. This \u201cPlan B\u201d will be established under the Higher Education Act, a different legal authority than the one that was the basis of Biden\u2019s initial loan forgiveness program.<\/p>\n<p>The process for creating a new student loan forgiveness plan will be long an tedious. Drafting regulations under the Higher Education Act often requires multiple rounds of public hearings and comment periods in order to comply with federal law.<\/p>\n<p>But progressive Democrats are urging Biden to act more quickly. Last week, 87 House and Senate Democrats sent a letter to Biden, imploring him to move as fast as possible in implementing the new student loan forgiveness plan.<\/p>\n<p>\u201cWe are extremely disappointed and concerned that the Supreme Court substituted politics for the rule of law to deny as many as 43 million hard working Americans life-changing relief from crushing student loan debt. In the wake of this outrageous decision, we appreciate your announcement initiating a rulemaking under the Higher Education Act of 1965 to deliver on debt relief and write to urge you to swiftly carry out your commitment to working- and middle-class families, and cancel student debt by early 2024,\u201d wrote the lawmakers.<\/p>\n<p>The Biden administration did not immediately respond to the lawmakers\u2019 requests. But the regulatory process under the Higher Education Act may not allow for the new student loan forgiveness plan to become available until later next year.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Activists Unveil New Student Loan Forgiveness Strategy<\/h2>\n<p>Meanwhile, student debt activists are trying a different approach. This week, the Debt Collective \u2014 a debtor\u2019s union representing the interests of student loan borrowers \u2014 unveiled a process whereby borrowers can request individualized student loan forgiveness under the Higher Education Act by generating and submitting letters to the Education Department.<\/p>\n<p>\u201cThis new tool creates a legal memo requesting that the Department of Education cancel a borrower\u2019s federal student loans, invoking Higher Education Act of 1965 authority to \u2018compromise, settle, waive or release\u2019 all federal student debts,\u201d said the Debt Collective in a statement.<\/p>\n<p>The effort mirrors similar collective action undertaken by student debt activists nearly a decade ago, when they urged borrowers to submit customizable, individualized requests for debt relief through Borrower Defense to Repayment, another federal student loan forgiveness pathway. Those efforts eventually resulted in the establishment of a formal application process for Borrower Defense relief. That, in turn, has resulted in billions of dollars in loan forgiveness for borrowers.<\/p>\n<p>\u201cThe reality is, the Education Department has the authority to eliminate a person\u2019s federal student debts if they want to,\u201d said Braxton Brewington, spokesperson for the Debt Collective, in a statement. \u201cWe know because they\u2019ve done it before. Whether they choose to cancel people\u2019s debts or not is completely up to their political rationale.\u201d<\/p>\n<p>It is unclear if the Education Department will review the submitted legal memos, or consider providing loan forgiveness to borrowers before the new plan is officially available.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><strong>Further Student Loan Forgiveness Reading<\/strong><\/h2>\n<p>Student Loan Update: Only Days To Act On Some Key Repayment And Forgiveness Deadlines<\/p>\n<p>Mass Student Loan Forgiveness Emails Sent As Challengers Appeal To Block Debt Relief<\/p>\n<p>Student Loan Forgiveness Update: What The Latest Court Victory Means For Borrowers<\/p>\n<p>Student Loan Forgiveness Just Got Easier For These Borrowers<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/adamminsky\/2023\/08\/29\/3-student-loan-forgiveness-updates-as-repayment-begins-in-days\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The student loan pause is set to end in a matter of days. For over three years, millions of federal student loan borrowers have had their payments paused, interest frozen, and collections suspended. But student loan payments are set to resume after August 31. In the meantime, advocacy groups and elected officials are urging the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":54511,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-54510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>3 Student Loan Forgiveness Updates As Repayment Begins In Days | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The student loan pause is set to end in a matter of days. 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