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2023 Is Here -- and Big Questions on Student Debt Loom
Advertiser disclosure You're our first priority. Every time. We believe everyone should be able to make sound financial decisions with confidence. While our website doesn't contain every company or financial product available on the market We're pleased that the advice we provide, the information we provide as well as the tools we design are objective, independent easy to use and free. So how do we make money? Our partners compensate us. This could influence the types of products we review and write about (and where those products appear on the website), but it does not affect our suggestions or recommendations, which are grounded in thousands of hours of study. Our partners cannot promise us favorable reviews of their products or services. .
2023 Is Here and The Big Questions on Student Debt Still Loom
As 2023 progresses, major concerns remain about new repayment plans as well as bankruptcy rules and more.
By Eliza Haverstock Lead Writer | Student loan repayment and college alternatives Eliza Haverstock is a lead writer on the NerdWallet's student loans team, where she focuses on loan repayment and alternative options to traditional four-year degrees. Previously, she reported on billionaires investing, personal finance, and fintech-related fraud for Forbes on the streets of New York, and she also covered private markets for PitchBook in Seattle. Eliza got started at her college newspaper at the University of Virginia and interned for Bloomberg and Bloomberg, where she worked for the time writing an op-ed about straws made from plastic. She is based in Washington, D.C.
January 4, 2023
Written by Karen Gaudette Brewer Assigning Editor Public policy, student loans Karen Gaudette Brewer joined NerdWallet with over 20 years of experience working in newsrooms and leading editorial teams. She most recently served as executive editor for HealthCentral. Her journalism career began with The Associated Press and later worked for the (Riverside) Press-Enterprise The Seattle Times, PCC Community Markets and Allrecipes.com. The writing she has done for her was honored by both the Society for Features Journalism and the Society of Professional Journalists. She has written two books on the Pacific Northwest.
A majority of the products we feature are provided by our partners who pay us. This impacts the types of products we write about and where and how the product is featured on the page. But, it doesn't affect our opinions. Our views are our own. Here is a list of and .
From repayment policy changes to a comprehensive one-time debt forgiveness plan, 2022 proved to be a high-profile one for student loans.
But questions have clouded the student loan news, while answers are few and far between. We're not sure of what, when, or if certain changes are going to be implemented.
In the year 2023, here are the biggest questions surrounding the issue of student loans as well as how the borrowers can do amid the uncertainty.
Is student debt cancellation still happening?
Lawsuits have paused the rollout of the President Biden's plan for qualified applicants and for $20,000 for Pell Grant applicants. Though sixteen million of borrowers had already been approved for the plan, they won't see any debt forgiven unless it is proven that the White House succeeds in court.
At present, borrowers must set aside money in the same way as if they were to repay their entire student loan and avoid taking on unnecessary expenses, says Scott Buchanan, executive director of the Student Loan Servicing Alliance.
"If the loan forgiveness is granted and you are eligible, then you'll have a win in some respects and extra money that now you can use for other expenses," he says.
>> MORE:
When will forbearance end?
The date for the expiration of the forbearance program -- the interest-free pause on students' loan payments that began in March 2020 is contingent on the legal outcome in Biden's debt cancelation plan.
We're not sure the date it will come to an end, but it is the latest guidance. In November, we saw the White House . The repayment program is scheduled to resume 60 days after the lawsuits that challenge the comprehensive debt forgiveness program are settled or 60 days after June 30, 2023- whichever comes first.
This means that the interest-free pause could last until August, if not earlier however, borrowers need to prepare to begin paying back loans earlier. It is expected that the Supreme Court will hear oral arguments in February, with an expedited decision expected to follow, in the cases blocking implementation of Biden's debt cancellation plan.
When can I sign up in the brand new, income-driven plan for repayment?
In the event that the White House announced the $10,000-per-borrower student debt forgiveness program in August, it shared a program that garnered lesser attention but could be beneficial to many borrowers in the long time: a new option for repayment plans that are based on income. The White House stated that the new plan would set the monthly payment on undergraduate loans at "5 percent of a borrowing person's income discretionary," half the rate of the current IDR plans.
There's no specific time frame for when the borrowers will be able to sign up. We're not sure how the proposed IDR plan will look in its final form, which borrowers will qualify and when applications are expected to open. The rules in the draft plan could be published tomorrow or in six months time according to Betsy Mayotte, president and the founder of The Institute of Student Loan Advisors.
"The draft rules could differ significantly from draft to final however, we'll be able to get more information about what the new IDR plan might look like once we get the draft plan," says Mayotte.
>> MORE:
Can I discharge student loans in bankruptcy?
People who are in bankruptcy have for a long time been able to request the student loan debt to be erased however, it has historically proved much more difficult than discharging other consumer debts , like medical or credit card bills. The reason is that borrowers must show a judge that the student loan was a source of hardship, which is a difficult test for relief.
The situation changed in November as officials from the Departments of Justice and Education jointly announced a new set of guidelines attempting to standardize what constitutes "undue difficulty." The bankruptcy judge is still able to make a final decision in every case.
"Today's guidance outlines a better, fairer, more transparent procedure for student loan customers who have filed for bankruptcy," said Vanita Gupta the associate attorney general of the Justice Department, in a press announcement.
The bankruptcy process is open to borrowers according to the new guidelines currently but Stanley Tate, an attorney who specialises in student loans, suggests borrowers who've been paying for at least 20 years consider abstaining until the funds are being applied to their accounts in July before making any decisions. (The White House unveiled the one-time IDR waiver, which is separate from the proposed IDR plan beginning in the month of April, 2022. The waiver will be counted every month you've spent in repayment or on pause since you left school, and will move some students closer to crossing the line.)
"It may turn out your loan will be wiped clean automatically ... which means there's not much reason to go through the bankruptcy option," says Tate.
What's going on with Joint Consolidation Loan Separation Act?
On October 1, Biden made the Joint Consolidation Loan Separation Act into law. It will allow those who had previously consolidated the student loans with their spousein a program that ran from 1993 until the year 2006 -- to separate them. Additionally, borrowers with consolidated spousal loans to avail benefits, such as Public Service Loan Forgiveness, after they separate their debt.
For those with consolidation loans This new law will ensure "freedom from domestic and financial abuse, the freedom to manage their financial destiny and the freedom of enjoying the exact advantages that other borrowers throughout the country," said Sen. Mark Warner (D-Va.), the bill's sponsor, in a press release.
The Education Department holds at least 13,000 joint consolidation loans According to the office of Warner. But, we aren't sure how long it will take for the new law to be applied, what the process for applying will look like or what documents it will require.
Sign up for announcements from the Education Department about how and when to apply.
About the author: Eliza Haverstock is a the lead writer for NerdWallet's student loan team, which covers loan repayment and alternatives to traditional four-year degree programs.
In a similar vein...
Dive even deeper in Student Loans
Find your saving opportunities
See your spending breakdown to see your most expensive spending trends as well as areas you can cut back.
If you have any kind of concerns relating to where and how you can use $255 payday loans online same day california, eloanrsf.site,, you can contact us at our web-site.
Advertiser disclosure You're our first priority. Every time. We believe everyone should be able to make sound financial decisions with confidence. While our website doesn't contain every company or financial product available on the market We're pleased that the advice we provide, the information we provide as well as the tools we design are objective, independent easy to use and free. So how do we make money? Our partners compensate us. This could influence the types of products we review and write about (and where those products appear on the website), but it does not affect our suggestions or recommendations, which are grounded in thousands of hours of study. Our partners cannot promise us favorable reviews of their products or services. .
2023 Is Here and The Big Questions on Student Debt Still Loom
As 2023 progresses, major concerns remain about new repayment plans as well as bankruptcy rules and more.
By Eliza Haverstock Lead Writer | Student loan repayment and college alternatives Eliza Haverstock is a lead writer on the NerdWallet's student loans team, where she focuses on loan repayment and alternative options to traditional four-year degrees. Previously, she reported on billionaires investing, personal finance, and fintech-related fraud for Forbes on the streets of New York, and she also covered private markets for PitchBook in Seattle. Eliza got started at her college newspaper at the University of Virginia and interned for Bloomberg and Bloomberg, where she worked for the time writing an op-ed about straws made from plastic. She is based in Washington, D.C.
January 4, 2023
Written by Karen Gaudette Brewer Assigning Editor Public policy, student loans Karen Gaudette Brewer joined NerdWallet with over 20 years of experience working in newsrooms and leading editorial teams. She most recently served as executive editor for HealthCentral. Her journalism career began with The Associated Press and later worked for the (Riverside) Press-Enterprise The Seattle Times, PCC Community Markets and Allrecipes.com. The writing she has done for her was honored by both the Society for Features Journalism and the Society of Professional Journalists. She has written two books on the Pacific Northwest.
A majority of the products we feature are provided by our partners who pay us. This impacts the types of products we write about and where and how the product is featured on the page. But, it doesn't affect our opinions. Our views are our own. Here is a list of and .
From repayment policy changes to a comprehensive one-time debt forgiveness plan, 2022 proved to be a high-profile one for student loans.
But questions have clouded the student loan news, while answers are few and far between. We're not sure of what, when, or if certain changes are going to be implemented.
In the year 2023, here are the biggest questions surrounding the issue of student loans as well as how the borrowers can do amid the uncertainty.
Is student debt cancellation still happening?
Lawsuits have paused the rollout of the President Biden's plan for qualified applicants and for $20,000 for Pell Grant applicants. Though sixteen million of borrowers had already been approved for the plan, they won't see any debt forgiven unless it is proven that the White House succeeds in court.
At present, borrowers must set aside money in the same way as if they were to repay their entire student loan and avoid taking on unnecessary expenses, says Scott Buchanan, executive director of the Student Loan Servicing Alliance.
"If the loan forgiveness is granted and you are eligible, then you'll have a win in some respects and extra money that now you can use for other expenses," he says.
>> MORE:
When will forbearance end?
The date for the expiration of the forbearance program -- the interest-free pause on students' loan payments that began in March 2020 is contingent on the legal outcome in Biden's debt cancelation plan.
We're not sure the date it will come to an end, but it is the latest guidance. In November, we saw the White House . The repayment program is scheduled to resume 60 days after the lawsuits that challenge the comprehensive debt forgiveness program are settled or 60 days after June 30, 2023- whichever comes first.
This means that the interest-free pause could last until August, if not earlier however, borrowers need to prepare to begin paying back loans earlier. It is expected that the Supreme Court will hear oral arguments in February, with an expedited decision expected to follow, in the cases blocking implementation of Biden's debt cancellation plan.
When can I sign up in the brand new, income-driven plan for repayment?
In the event that the White House announced the $10,000-per-borrower student debt forgiveness program in August, it shared a program that garnered lesser attention but could be beneficial to many borrowers in the long time: a new option for repayment plans that are based on income. The White House stated that the new plan would set the monthly payment on undergraduate loans at "5 percent of a borrowing person's income discretionary," half the rate of the current IDR plans.
There's no specific time frame for when the borrowers will be able to sign up. We're not sure how the proposed IDR plan will look in its final form, which borrowers will qualify and when applications are expected to open. The rules in the draft plan could be published tomorrow or in six months time according to Betsy Mayotte, president and the founder of The Institute of Student Loan Advisors.
"The draft rules could differ significantly from draft to final however, we'll be able to get more information about what the new IDR plan might look like once we get the draft plan," says Mayotte.
>> MORE:
Can I discharge student loans in bankruptcy?
People who are in bankruptcy have for a long time been able to request the student loan debt to be erased however, it has historically proved much more difficult than discharging other consumer debts , like medical or credit card bills. The reason is that borrowers must show a judge that the student loan was a source of hardship, which is a difficult test for relief.
The situation changed in November as officials from the Departments of Justice and Education jointly announced a new set of guidelines attempting to standardize what constitutes "undue difficulty." The bankruptcy judge is still able to make a final decision in every case.
"Today's guidance outlines a better, fairer, more transparent procedure for student loan customers who have filed for bankruptcy," said Vanita Gupta the associate attorney general of the Justice Department, in a press announcement.
The bankruptcy process is open to borrowers according to the new guidelines currently but Stanley Tate, an attorney who specialises in student loans, suggests borrowers who've been paying for at least 20 years consider abstaining until the funds are being applied to their accounts in July before making any decisions. (The White House unveiled the one-time IDR waiver, which is separate from the proposed IDR plan beginning in the month of April, 2022. The waiver will be counted every month you've spent in repayment or on pause since you left school, and will move some students closer to crossing the line.)
"It may turn out your loan will be wiped clean automatically ... which means there's not much reason to go through the bankruptcy option," says Tate.
What's going on with Joint Consolidation Loan Separation Act?
On October 1, Biden made the Joint Consolidation Loan Separation Act into law. It will allow those who had previously consolidated the student loans with their spousein a program that ran from 1993 until the year 2006 -- to separate them. Additionally, borrowers with consolidated spousal loans to avail benefits, such as Public Service Loan Forgiveness, after they separate their debt.
For those with consolidation loans This new law will ensure "freedom from domestic and financial abuse, the freedom to manage their financial destiny and the freedom of enjoying the exact advantages that other borrowers throughout the country," said Sen. Mark Warner (D-Va.), the bill's sponsor, in a press release.
The Education Department holds at least 13,000 joint consolidation loans According to the office of Warner. But, we aren't sure how long it will take for the new law to be applied, what the process for applying will look like or what documents it will require.
Sign up for announcements from the Education Department about how and when to apply.
About the author: Eliza Haverstock is a the lead writer for NerdWallet's student loan team, which covers loan repayment and alternatives to traditional four-year degree programs.
In a similar vein...
Dive even deeper in Student Loans
Find your saving opportunities
See your spending breakdown to see your most expensive spending trends as well as areas you can cut back.
If you have any kind of concerns relating to where and how you can use $255 payday loans online same day california, eloanrsf.site,, you can contact us at our web-site.
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