All articles tagged with #debt relief
The U.S. Department of Education has extended the deadline for federal student loan borrowers to enroll in autopay and receive a temporary 1-percentage-point interest rate discount. The new deadline is December 31, 2026, replacing the previous September 30 cutoff. This move follows the launch of the discount in June and aims to boost repayment rates amid high delinquency figures.
A GOP bid led by Rep. Luna to use a discharge petition to cap federal student loan interest at 2% faces Democratic resistance, with Democrats pushing their own bills and arguing GOP changes would worsen affordability. The clash highlights midterm tensions over higher-education costs as lawmakers weigh costs, offsets, and political strategy.
A coalition of Democrats led by Sen. Warren is pressing the Education Department to cancel debt for borrowers eligible under existing relief programs (including PSLF, disability discharges, and borrower defense), clear the backlog of income-driven repayment applications, and extend the pause on involuntary collections, while blocking the transfer of defaulted loans to the Treasury. They warn Trump-era changes set to take effect July 1—eliminating the SAVE plan and raising payments—could push more borrowers into default as millions are already in default or delinquent, risking reduced access to credit.
A mother of two is suing SoFi to discharge a $55,000 private student loan after a mistaken “Congrats, your balance is $0” email coincided with a loan transfer, triggering a default and a lawsuit. Representing herself for two years, she uses AI to help draft filings and faces the emotional and financial toll, plus potential wage garnishment and credit damage if she loses. The story illustrates how confusing notices and loan ownership changes can push borrowers into lawsuits, a theme explored in Business Insider’s ongoing Student Debt Spiral coverage.
Patrick Ball, star of HBO Max’s The Pitt, tearfully revealed to Cultured magazine that the series helped wipe out about $80,000 in student loan debt within three months of joining, a transformative moment after years of financial hardship and juggling multiple jobs.
Business Insider gathered responses from more than 400 student-loan borrowers about repayment and relief experiences amid sweeping changes to federal programs, including the elimination of the SAVE plan, new repayment rules, and PSLF uncertainty. Many fear higher monthly bills, potential wage garnishments for defaults, and difficulty getting help from servicers, even as a subset reported forgiveness or progress toward forgiveness.
The article offers practical tips for retirees to protect and grow their savings, including diversifying investments with gold, working with financial advisors, reducing debt, securing digital assets, and saving on major expenses like insurance and phone plans, along with a bonus on affordable weight-loss medications.
The article offers six strategies for Americans to break free from credit card debt in 2026, including debt snowball and avalanche methods, balance transfer cards, debt consolidation loans, credit counseling, and debt relief companies, emphasizing discipline and careful planning to avoid falling back into debt.
A recent study shows that the success rate for discharging student loans in bankruptcy has increased dramatically to 87%, largely due to updated guidelines introduced in 2022 that make it easier for borrowers to seek relief, offering a potential lifeline for millions struggling with education debt.
The article offers six practical steps for Americans to recover from holiday debt, including assessing the damage, pausing discretionary spending, returning unwanted items, choosing a repayment strategy like the snowball or avalanche method, considering debt relief programs, and working with financial professionals to manage and reduce debt effectively.
Social Security benefits are largely protected from garnishment by federal law, but it's important to understand which debts can be garnished and to take proactive steps such as managing debts, using direct deposit, and keeping benefits in a separate account to safeguard your income.
The article offers practical tips for improving financial health, including working with a financial advisor, shopping for better insurance rates, consolidating debt with a HELOC, earning extra income through surveys and testing apps, switching to high-yield bank accounts, securing life insurance, and investing in gold to diversify assets.
Many federal student loan borrowers are unaware of available relief programs like income-based repayment plans and loan forgiveness, leading some to pay more than necessary; increasing awareness and understanding of these options can help borrowers manage and reduce their debt effectively.
The article offers practical tips for increasing wealth and financial security, including earning extra income through apps, saving on insurance, working with financial advisors, reducing debt, protecting family with life insurance, leveraging home equity, investing in stocks, avoiding costly repairs, and managing tax debt, all aimed at improving overall happiness and reducing dementia risk.
The Trump administration is offering student loan forgiveness and signing bonuses exclusively to new ICE agents, while proposing to limit or alter the Public Service Loan Forgiveness program for other public interest workers, raising concerns about political bias and the weaponization of financial aid systems.