US Department of Education revamps rule requiring for-profit colleges to receive no more than 90 percent of profits from federal student loans
HIGHER ED DIVE — Last week, the Education Department wrapped up months of negotiated rulemaking, a process that requires the agency to convene representatives from across higher education to attempt to reach consensus on new regulatory proposals. The sessions involved talks among more than a dozen representatives for different groups, including nonprofit colleges, for-profit institutions and…
Read More about US Department of Education revamps rule requiring for-profit colleges to receive no more than 90 percent of profits from federal student loansDetails on federal student loan forgiveness qualifications
FORBES — Last week, the Biden administration announced that it had identified 100,000 borrowers who will qualify for $6.2 billion in student loan forgiveness — the latest wave of relief that the administration is providing to distressed borrowers. But the loan forgiveness has been preliminarily approved under a specific program with specific eligibility criteria. Here’s who qualifies. The…
Read More about Details on federal student loan forgiveness qualificationsThousands of borrowers eligible to participate Public Service Loan Forgiveness program amid recent changes
CNN — The Department of Education said Wednesday that it has so far identified 100,000 borrowers who are eligible for student debt cancellation due to the changes the agency made to the Public Service Loan Forgiveness program in October. The cancellations for those people are expected to total about $6.2 billion in federal student debt relief.…
Read More about Thousands of borrowers eligible to participate Public Service Loan Forgiveness program amid recent changesABA approves new law school requirements for loan counseling and cross-cultural competency education
ABA JOURNAL — A package of proposed revisions to the ABA law school accreditation standards, including two focused on diversity, were approved Monday by the ABA House of Delegates at the 2022 ABA Midyear Meeting. Resolution 300, which passed with a 348 to 17 vote, suggested changes to four standards in the 2021-2022 Standards and Rules of…
Read More about ABA approves new law school requirements for loan counseling and cross-cultural competency educationHow prospective law students can take steps to reduce student loan debt
U.S. NEWS & WORLD REPORT — If you have dreamed of becoming a lawyer since childhood, it’s understandable that you might be willing to invest a lot of money in a J.D. degree to pursue that goal. But if you must incur debt in pursuing a legal education, it’s prudent to keep your student loan…
Read More about How prospective law students can take steps to reduce student loan debtFrom Cancelling Student Loans To Student Loan Forgiveness, More Student Loan Relief Could Look Like This
FORBES — President Joe Biden shocked everyone when he extended student loan relief for another 90 days after the Biden administration said there would be no further extensions of temporary student loan forbearance. Now, with the Covid-19 pandemic continuing and pressure from Democrats in Congress to cancel student loans, there could be more student loan relief.…
Read More about From Cancelling Student Loans To Student Loan Forgiveness, More Student Loan Relief Could Look Like ThisA look at how long it takes law graduates to pay off student debt
LEGAL SCOOPS — Graduate school loans constitute most of the $160,000 average law student debt and 74% of law students have a law school debt to pay off. This debt includes their undergraduate debt, a major burden in law studies, the cost of the bar exams, and other expenses. U.S. Department of Education data shows how school…
Read More about A look at how long it takes law graduates to pay off student debtFederal student loan payment freeze is extended until May
SPECTRUM LOCAL NEWS — As we gear up to enter the new year, tens of millions of Americans are expecting some relief. President Joe Biden announced last week that he’s extending the pause on student loan payments through May 1. The loan forbearance, which started in March 2020 during the height of the COVID-19 pandemic, was set to…
Read More about Federal student loan payment freeze is extended until MayFederal student loan payments set to resume in February 2022
YAHOO!NEWS — President Biden is set to allow payments on student loans to resume, just as expanded child tax credits end, potentially putting millions of Americans in a financial bind just as COVID-19 cases are rising. Democrats passed the expanded child tax credit as part of their pandemic relief bill in March, resulting in a $300 monthly…
Read More about Federal student loan payments set to resume in February 2022How interest rate hikes will affect student loan borrowers
CNBC — The borrowing costs for student loans could get more expensive soon. With the economy recovering from the pandemic and inflation a growing concern, the Federal Reserve is looking at raising interest rates three times in 2022. Those increases will impact both federal and private student loan borrowers. Here’s what you need to know.
Read More about How interest rate hikes will affect student loan borrowers