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Attorney generals for 17 Republican-led states have sued the Biden administration over its latest student loan debt forgiveness plan, arguing it does not have the authority to wipe out student loan debt for an estimated 30 million Americans. Under Biden’s new effort, called the Saving on a Valuable Education plan, “borrowers who originally took out $12,000 or less in loans and have been in repayment for 10 years are eligible to get their remaining debt canceled,” an April 8 news release states. The SAVE plan would also forgive debt for “borrowers in public service for 10 years who have made...

Three years ago, 28-year-old Blaisey Arnold entered a local auto dealership and came away with the keys to an $84,000 Chevy Tahoe. But this month, the wedding photographer and mother shared a video to TikTok describing how she was forced to sell her dream car.

On Thursday’s broadcast of Bloomberg’s “Balance of Power,” White House Council of Economic Advisers member Heather Boushey stated that President Joe Biden is fighting inflation and its impact by “lowering the cost of student debt for all of those borrowers” with the student loan plan he announced earlier in the week. Boushey said, “[T]he President has been focused on using all the tools that he has at his disposal to make sure that he lowers costs for families. So, this is the first President to be negotiating with Big Pharma over prescription drug prices. That’s going to lower prices for...

On Monday, the Biden administration unveiled its new student loan debt proposal, which, if finalized, would eliminate some debt for as many as 25 million borrowers.These plans primarily target those with "runaway interest" and borrowers who have been making payments for two decades. Moreover, it aims to assist those eligible for forgiveness through income-driven repayment (IDR) schemes and individuals enduring financial hardship."The plans would give borrowers $20,000 in loan forgiveness for balances that have grown due to unpaid interest since entering repayment, regardless of income. Those who qualify for the SAVE IDR plan would get the full balance of their...

Yesterday afternoon, Joe Biden visited Wisconsin and announced a new student loan bailout program, “a proposal that would cancel at least some debt” for more than 30 million borrowers.Then, last night, Alexandria Ocasion-Cortez joined Stephen Colbert on the Late Show to discuss the move, applauding Biden’s gift of “hope” for college graduates who will now have the opportunity to… “travel abroad” on trips they would have been otherwise unable to afford if they were held to the original stipulations of the loan.By passing the debt onto people who didn’t incur it—er, I mean, by implementing loan “forgiveness,” Biden is buying...

On Monday’s broadcast of CBS’s “Late Show,” Rep. Alexandria Ocasio-Cortez (D-NY) stated that the student loan plan announced by President Joe Biden earlier in the day is “hope” for those who benefit from the plan to be able to do different things, including traveling abroad. Ocasio-Cortez said, “Actually, I’m going to be one of the few” that doesn’t get any benefits from the program, “I’m a member of Congress. I’m a little bit outside the threshold and bounds. But, if I wasn’t, just a few years ago, waitress me, five years ago, would have benefited from it. Congresswoman me will...

The Social Security Administration (SSA) is capping clawbacks of benefit overpayments at 10% of benefits checks instead of 100% after being criticized for draconian repayment plans that left some beneficiaries destitute. Social Security Commissioner Martin O'Malley said in a statement that the agency would cease "the heavy-handed practice of intercepting 100% of an overpaid beneficiary's monthly Social Security benefit" if they failed to respond to a demand for repayment. Additionally, the Social Security Administration will extend repayment plans to 60 months, up from its limit of 36 months, giving recipients an additional two years to repay the money. The changes...

The Biden administration will soon roll out a sweeping new student loan forgiveness proposal that could impact millions of Americans. Despite its smaller scope than President Joe Biden’s first education debt relief plan that the Supreme Court ultimately blocked, this new aid package could still forgive the debt for as many as 10 million Americans, according to one rough estimate by higher education expert Mark Kantrowitz. Biden is planning to provide details of his new debt forgiveness plan during a speech Monday in Madison, Wisconsin, The Wall Street Journal reported on Friday. The president likely wants to start forgiving debt...

Trump raised the idea of providing US aid to Ukraine via loan so that it might get paid back. But Republicans on Capitol Hill are skeptical that will happen. "I just think a loan ends up being a grant," said one House Republican. There's a relatively new idea floating around the political world, and it's being pushed by former President Donald Trump: What if Ukraine aid came in the form of a loan?

CHICAGO (WLS) -- Student loan burrowers could be missing out on a break through the Department of Education's Saving on a Valuable Education, or SAVE, plan. "I have both loans for my graduate and undergraduate degree but if it can help me lower my payment that would be helpful," said borrower Peace Odili. The Department of Education said more people like Odili could be eligible for early loan forgiveness if they try to qualify for the SAVE plan. "It is very strenuous for a lot of people and finding resources like this to help us pay for it would be...

Hunter Biden business associate Eric Schwerin never noted a purported $40,000 loan from President Biden to his younger brother James — despite having access to the now-president’s checking and corporate accounts as his bookkeeper and tax preparer, a congressional interview transcript released Monday shows. Schwerin, 54, said during the Jan. 30 deposition with House impeachment investigators that “I don’t recall” Joe Biden having loaned out any money between 2009 and 2016, during which Schwerin helped the then-vice president prepare tax and financial disclosure forms. “Certainly through the 2016 tax period, I don’t recall any loans that he made,” said Schwerin,...

Joe Biden got a $40,000 check in 2017 from China funds that originated from a Biden family deal with a CCP-linked company, CEFC China Energy Co., James Biden admitted to the House impeachment inquiry on February 21, according to a transcript reviewed by Breitbart News. The acknowledgment raises questions about Joe Biden’s previous claims that his family never made money from China.

California could allow undocumented residents to qualify for new state backed home loan program

History demonstrates that attempts to “cure” a problem by exceeding the federal government’s constitutional powers generally lead to more and worse problems... “A rage ... for an abolition of debts ... or for any other improper or wicked project ....” — James Madison, Federalist No. 10.. The courts, in the exercise of what is called “equity jurisdiction,” have long excused borrowers from obligations incurred through fraud, duress, and other forms of creditor unfairness.. In addition, federal bankruptcy laws (authorized in the Constitution by Article I, Section 8, Clause 4) offer a path to safety for debtors who get in over...

President Joe Biden Wednesday said he would never stop fighting for hardworking Americans as he put the spotlight on his debt cancellation efforts and ramps up his reelection campaign. He slammed MAGA Republicans and said even the Supreme Court could not stop him for helping hundreds of thousands of people saddled with years of debt. And he said he was not worried about further court challenges to his massive forgiveness program.

The Biden administration released its proposal for which struggling borrowers should qualify for its new student loan forgiveness plan. It said that receiving a Pell Grant, a disability and age could be factors signaling hardship.

Student-debt relief through a reform to the SAVE plan is coming in February. Those who originally borrowed $12,000 or less and made at least 10 years of payments could see relief. Borrowers not enrolled in the SAVE plan will need to do so to make use of the benefit. More student-loan borrowers can expect debt relief starting this month through a new repayment reform. In early January, the Education Department announced that borrowers enrolled in the SAVE income-driven repayment plan who originally borrowed $12,000 or less would begin to see their loans forgiven in February if they made at least...

A Hilton hotel in San Francisco has defaulted on its mortgage, missing its $97 million loan payment - in the latest in the 'doom loop' crisis for the liberal city. The city’s hospitality sector is faltering alongside the rise in rampant crime, debilitating homelessness, and dangerous public drug use - with fewer people wanting to visit San Fran compared to before the pandemic. According to a securities filing, the owner of the Hilton Financial District, a 544-room hotel, said it defaulted on a loan last Wednesday. It was warned that its lenders could potentially seek to foreclose on the property...

Nearly 5,000 voters in seven swing states all prefer Donald Trump over President Joe Biden in a damning new survey that shows the ex-president could re-flip states that went against him in 2020. On average, 47 percent of voters in the battleground states would cast their ballot for Trump if a general election against Biden were held today compared to the president's 42 percent support, according to a Bloomberg/Morning Consult poll released on Thursday. Arizona, Georgia, Michigan, Pennsylvania, Wisconsin, North Carolina and Nevada were included in the poll, which only has a margin of error of 1 percentage point when...

Wells Fargo received an official notice on problems with its use of mortgage rate discounts from the Consumer Financial Protection Bureau, sources said. Wells Fargo hired a law firm to grill mortgage bankers whose sales included high levels of the discounts, said the sources. Several banks received MRAs about lending practices last year, the CFPB said without naming any of the institutions. In their industry review, regulators found “statistically significant disparities” in the rates in which Black and female borrowers got pricing exceptions compared to other customers.