Department of Education announcement: The Biden-Harris Administration announced today the approval of an additional $4.8 billion in student loan debt relief for 80,300 borrowers. These discharges stem from fixes made by the U.S. Department of Education to income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF). Today’s announcement brings the total approved debt cancellation […]
NCSL Offers Great Tool for Tracking Student Loan Forgiveness Programs in States
The National Conference of State Legislatures offers an excellent database of legislation on student loan debt. Users can filter legislation by year or by subject, including Forgiveness Licensure Other Oversight Taxes To see a list of all state forgiveness programs since 2016, filter the list by “Forgiveness” and “Enacted.” It’s a great way to track […]
Student loan forgiveness may be taxed in several states
USAToday reports that a handful of states have decided to go ahead and tax student loan forgiveness, Most states followed suit and didn’t impose taxes on student loan cancellations. But in the handful that do plan to tax forgiveness, borrowers should get ready so they’re not surprised this tax season or worse, face an audit. Which states will […]
New Student Loan SAVE Repayment Plan Offers the Best Deal Ever Offered
The Biden administration on Tuesday, August 22 announced the details of the best deal ever offered to federal government student loan borrowers who qualify for income-driven repayment (IDR), The Department of Education is now accepting applications for the “Saving on a Valuable Education” program or SAVE. The SAVE Plan replaces the Revised Pay As You Earn […]
Supreme Court Rejects Biden’s Student Loan Forgiveness Plan: Biden v Nebraska
The US Supreme Court has ruled, in Biden v Nebraska, that President Biden did not have the authority to cancel or reduce student loan debt. The court ruled that the administration does not have the authority to spend this much money without Congressional approval. The court held that the HEROES Act contained no language that […]
What’s happening with Student Loans? What you need to know now that student loan payments are resuming
There are two things going on with Student Loans: What Resumption of Student Loan Payments Means For You? The resumption of student loan payments in October will not only end inflation but may cause many Americans to think seriously about bankruptcy to get of other debts they may not be able to pay any longer […]
Spring 2003 Consumer Law Updates
What’s new on LegalConsumer.com Here’s what we’ve updated on the website recently. Check it out! New April 1, 2023 Means Test Median Income Amounts Incorporated Into the Means Test Calculator In April and November, the justice department updates median income figures for the bankruptcy mean test twice a year. Expense allowances are updated every May. […]