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Department of Education announced this week that its Office of Federal Student Aid (FSA) will resume collections on defaulted federal studentloans beginning Monday, May 5, 2025, ending a pause that has been in effect since March 2020. million borrowers owing more than $1.6 Additionally, nearly 1.9
Federal Student Aid has provided guidance on how borrowers who made federal studentloan payments in 2024 should report this information to the IRS for the upcoming tax year.
Nearly a third of borrowers whose federal studentloans entered repayment in October 2023, following the COVID-19 pandemic extended pause, are past due on the payments, according to a newly released report from the U.S. The above pie chart shows the number of federal studentloan borrowers in repayment by status, as of Jan.
It’s been an incredibly challenging and chaotic year in studentloan space,” said Persis Yu, deputy executive director and managing counsel at the Student Borrower Protection Center, a nonprofit organization working to eliminate student debt. The debt burden is not distributed equally among students.
The research, which surveyed 1,045 adults who earned undergraduate degrees between 2019 and 2024, found that 82% of recent graduates have secured employment, with nearly three-quarters working in fields related to their degrees.
New Mexico's Higher Education Department has announced that it is accepting applications for a program that will provide up to 100 percent studentloan forgiveness for New Mexico residents who graduated from one of the 23 out-of-state professional and graduate programs.
This year has been somewhat of a mixed bag for studentloan borrowers. On the one hand, President Biden’s signature mass studentloan forgiveness plan – which would have erased up to $20,000 in federal studentloan debt for millions – was struck down last summer by the Supreme Court.
This application is essential for determining a students eligibility for various forms of Federal, state, and private financial aid such as grants, scholarships, work-study programs, and loans. Students can start submitting FAFSA applications on October 1 of each year for the following academic year.
The Department of Education has released an updated version of the NSLDS Financial Value Transparency and Gainful Employment (FVT/GE) User Guide, provides instructions and guidance for complying with the FVT/GE reporting requirements via the National StudentLoan Data System (NSLDS®). Volume 1 – FVT/GE Student Submittal Reporting.
The 2024 tax filing deadline is a mere eight weeks away. For studentloan borrowers, the environment is as complex as ever, with a broad array of new programs, laws, temporary initiatives, and expiring… The post 2024 Tax Issues for StudentLoan Borrowers: What You Can’t Afford to Miss appeared first on StudentLoan Planner.
If a former student is past due on a Federal studentloan, there is an obvious way to bring the loan account current. Each type of Federal studentloan has a unique set of terms and conditions that determine the way interest is treated. This is due to their status as need-based student aid.
Federal Student Aid has identified a error within the National StudentLoan Data System (NSLDS) that is flagging ‘independent students under the age of 24 as Dependent and creating a series of inconsistencies; primarily for the 2023-24 academic year. 6 Update) first appeared on College Aid Services.
So, if you find you can't afford college without some amount of loans, it’s important to consider how much you borrow because you’ll have to pay it back later, with interest. Think of studentloans as a double-edged sword. Federal StudentLoans Federal studentloans are usually the best place to start when borrowing for college.
A crucial deadline directly related to studentloan forgiveness is approaching. To benefit from one of President Biden’s most successful studentloan forgiveness initiatives, certain borrowers might need to consolidate their loans through the federal Direct Loan program by April 30, 2024.
On December 20, 2024, the Department of Education announced that it is temporarily pausing the processing of Total and Permanent Disability (TPD) discharge applications. The TPD processing pause will last from December 20, 2024, to early March 2025. 20, 2024, to early Mar. Why is the Department pausing TPD discharge processing?
Studentloan borrowers may have just endured the most chaotic week in history. The first week of October 2024 saw unprecedented changes and disruptions to the entire federal studentloan system including repayment, default and loan forgiveness.
The deadline to apply to consolidate many older federal studentloans to be included in the one-time payment count adjustment is Tuesday, April 30th. Do I need to consolidate my loans to get additional credit toward debt relief? I have loans I need to consolidate – what do I do next?
Smith announced during the 2019 commencement ceremony for Morehouse that he would pay off the studentloans for the graduating class. Morehouse also drew media attention – not all of it positive – when President Joe Biden delivered the commencement address in 2024.
On Friday March 1, Department of Ed decided to abruptly delay recertification of Income Driven Repayment (IDR) for borrowers until “no earlier than late September 2024.” For many borrowers, this could mean that you don't have to share information about your current income until mid to late 2025.
What are the COVID-19 studentloan relief deadlines for federal debt repayments? You may have heard some studentloan servicers are closing shop — when does that happen? Over next two years: Many federal studentloan servicer contracts due to expire. When do you need to file your FAFSA for this year?
The Department of Education has released an updated version of the NSLDS Financial Value Transparency and Gainful Employment (FVT/GE) User Guide, provides instructions and guidance for complying with the FVT/GE reporting requirements via the National StudentLoan Data System (NSLDS®). What has changed?
The NSLDS Financial Value Transparency and Gainful Employment (FVT/GE) User Guide provides instructions and guidance for complying with the FVT/GE reporting requirements via the National StudentLoan Data System (NSLDS®).
Update on January 10, 2025: We are providing an update on the implementation of the National StudentLoan Data System (NSLDS) post-screening function for the 2024-25 FAFSA cycle. In July, the Department indicated that post-screening functionality would be available by the end of 2024.As
Recommendations include doubling the maximum Pell Grant, reforming the studentloan system to protect borrowers, and ensuring that public benefit programs, like the Supplemental Nutrition Assistance Program (SNAP) or Temporary Assistance for Needy Families (TANF), are reformed to support a student’s journey through higher education.
House Republican leaders introduced the College Cost Reduction Act (CCRA) in January 2024. This new legislation aims to repeal core elements of President Biden’s student debt relief programs, including studentloan forgiveness and income-driven repayment (IDR).
The new weighted average consolidation rules for studentloans are completely different from those before or during the pandemic. These new rules are in effect as of July 2024.
As CEO of the nonprofit American Association of University Women (AAUW), she serves as a thought leader on issues ranging from the pay gap to equity in STEM to studentloan debt. Blackwell continues nearly two decades of leadership activity at AAUW, shepherding fellowships and grants programs.
Two federal courts issued sweeping orders blocking key elements of President Biden’s SAVE plan this past Monday, June 24, 2024. The two rulings halt different elements… The post Courts Blocking SAVE Plan Cause Chaos for StudentLoan Borrowers, Advocates Warn appeared first on StudentLoan Planner.
Over a dozen Republican Attorneys General filed two major lawsuits against the Saving on a Valuable Education (SAVE) income-driven repayment (IDR) plan in 2024. appeared first on StudentLoan Planner. Both resulted in initial injunctions from lower courts.
In fact, as of 2024, over one in four Americans do not have any emergency savings, making them vulnerable if a health crisis or accident leaves them unable to work.
Federal Student Aid has provided several tools that institutions can utilize until the National StudentLoan Data System (NSLDS) post-screening and identity verification processes are available later this year for 2024-25.
To help fix massive past problems in the studentloan system that prevented people from getting the credit they should have toward loan forgiveness, the Department of Education is currently working on giving borrowers retroactive credit toward loan forgiveness. appeared first on StudentLoan Borrowers Assistance.
Student Aid Index (SAI): The SAI is an index number calculated using the information you and your contributors provide on the FAFSA form. It can range from –1500 to 999999 and replaces the Expected Family Contribution (EFC) starting in the 2024–25 award year. You can read more about the Student Aid Index here !
Updates to the FAFSA Have Delayed College Financial Aid for Millions The Free Application for Federal Student Aid (FAFSA) has undergone some major updates for the 2024-2025 application cycle. Unfortunately, many families and students are wondering exactly where the FAFSA is. When is the FAFSA due? Still Want More Help?
For the 2024-2025 FAFSA, the federal deadline is June 30, 2025. More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. Department of Education, and its the most straightforward deadline to remember.
Within another month, these seniors will become the class of 2024! To wrap up your financial aid journey, here’s a few things I recommend for the class of 2024… Make sure the FAFSA has your 2023 tax info: April 15 is almost here and you should definitely have completed your 2023 taxes by now. For college seniors, the end is near!
But the physician loan marketplace ebbs and flows with ever-changing lenders, interest rates and loan terms. Here's what to keep an eye on for doctor… The post How to Navigate the Doctor Mortgage Market in 2024: Changes in Rates and Lenders appeared first on StudentLoan Planner.
Over 6 million borrowers are in default on their federal studentloans. Additionally, default damaged their credit scores, rendered them ineligible for student aid to return to school and finish their degrees, and ultimately limited their economic mobility. The post Fresh Start Ends Sept.
After reading this year’s report, my position remains unchanged, prompting me to offer a few tidbits of advice to college and university presidents and their advancement teams in preparation for fundraising for the 2023-2024 Academic Year.
According to T he Hope Center for College, Community, and Justice , 52% of college students experience basic needs insecurity, with housing and food insecurity being top concerns. A significant number of students enter college without knowing how to budget, save, or prepare for emergencies.
many students and families are left wondering how financial aid distribution will work for the 2024-2025 school year. 2024-2025 FAFSA Updates For the 2024-2025 college application cycle, the FAFSA will be open to students and family by December 31, 2023. Still Want More Help? Find out more in our blog!
The Department of Education is temporarily pausing processing of PSLF applications & forms Recently, the Department of Education announced that it is temporarily pausing the processing of all Public Service Loan Forgiveness (PSLF) forms as it transitions the servicing of PSLF to studentaid.gov.
As we wait, it seems like the perfect time to review changes to the 2024-2025 FAFSA that will help you maximize financial aid -and your time filling out the forms! As a reminder, the FAFSA gathers information about your financial needs so your student can be offered work-study, grants, and studentloans.
Each year, thousands of borrowers struggle with repaying their federal studentloan debt after they attended predatory schools that lied or withheld important information to get them to enroll, or closed and prevented them from completing their program. However, CCST appealed the decision to the Fifth Circuit Court of Appeals.
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