On Thursday, the Supreme Court justices declined to intervene over a class-action settlement that could lead to the cancellation of more than 200,000 loans based on claims that around 150 colleges misled students. This legal settlement would cancel more than $6 billion in student loan debt. Students say that they were misled by their schools, mostly for non-profit institutions.
Tag: Student Loan
About 2 Million People Soon to Receive New Student Loan Servicer
Nearly 2 million Americans who are borrowers of student loans will be receiving a new federal student loan servicer as soon as July. Many of these individuals are seeking debt relief from the Public Service Loan Forgiveness program. FedLoan, which is part of the Pennsylvania Higher Education Assistance Agency known as PHEAA, is the current servicer of these loans.
Biden Administration Cancels $5.8
Billion In Student Loan Debt For Former
Corinthian Students
The Biden administration plans to cancel all outstanding student loans for hundreds and thousands of students who attend the for-profit Corinthian College chain. The U.S Department of Education announced on Wednesday that this will be a move that aims to shut down one of the most well known cases of fraud in the American higher education system. Around 560,000 student loan borrowers who attended Corinthian Colleges will soon get their balances cleared, senior Biden administration officials say.
Student Loan Forgiveness Debate Persists
Since the beginning of the COVID-19 pandemic, there have been grace periods and forgiveness for those paying back thousands of dollars in student loans.
