Stories tagged: "student loans"
About 45 million borrowers in the US collectively owe $1.6 trillion in student loan debt, a burden that has left millennials worse off than their parents, delayed marriages and children, widened the racial wealth gap, and had devastating mental health consequences.
Over the weekend, the Department of Education began reminding borrowers via texts and email that their monthly payments will resume on Jan. 1.
Senators introduce a resolution that calls on Trump and Education Secretary Betsy DeVos to use executive authority to eliminate some federal student loan debts.
The coalition of attorneys general say DeVos violated federal rules by issuing her policy without justification, and they say her rules fail to create a meaningful process for defrauded students to get their federal loans forgiven.
Student debt cancellation has grown in both popularity and political viability over the past year, and particularly so amid the coronavirus crisis.
The move will affect most borrowers—an estimated 92% of student loans are owned by the U.S. Department of Education.
“She made it extremely difficult for these students to get any relief. These schools take the money and run, and the students end up holding the bag with massive debts."