The newly signed law adds caps on federal graduate student loans, expands Pell grants to cover workforce training and changes the college endowment tax, potentially giving millions in relief to small Maine colleges.
student loans
Posted inLocal & State, News, Politics, Schools and Education
Mainers worry about repaying student loans as Education Department resumes collection
Nearly 190,000 borrowers in Maine hold a collective $6.5 billion in student loan debt that the federal government is now taking steps to collect by garnishing tax returns and Social Security benefits, among other possible moves.
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Posted inNation & World, News, Schools and Education
Biden’s latest plan for student loan cancellation moves forward
The broadest forgiveness category would help borrowers who owe more than they originally borrowed because of runaway interest.
Posted inNation & World, News, Politics
Biden promotes ‘life-changing’ student loan relief in Wisconsin as he tries to rally young voters
The plan is smaller and more targeted than Biden’s original plan, which was killed by the Supreme Court last year.
Posted inNation & World, News
Republican states file lawsuit challenging Biden’s student loan repayment plan
In a federal lawsuit filed Thursday, 11 states led by Kansas argue that President Biden overstepped his authority in creating the SAVE Plan, which was made available to borrowers last year.
Posted inLocal & State, Nation & World
White House announces plan to cancel $5.3 million in student loan debt for 700 Mainers
The average debt relief in Maine is roughly $7,600 under the program to clear $1.2 billion in loans for 153,000 borrowers nationwide.
Posted inOp-Eds, Opinion
Opinion: Adopt these steps to relieve private student loan debt
Private student loans have few of the protections of government-issued loans. That has to change.
Posted inNation & World, Schools and Education
Biden administration cuts $2 million for student loan servicers after bungled return to repayment
The Education Department said Friday it will withhold payments from Aidvantage, EdFinancial and Nelnet for failing to meet their contractual obligations.
Posted inLocal & State, Schools and Education
Maine, federal student loan programs offer relief, even if it’s confusing for borrowers
Since the pandemic pause on payments has ended, programs like Maine’s Student Loan Repayment Tax Credit can offer some help, but many say navigating that and the federal options, while still getting notices from loan servicers, is often confusing.
Posted inNation & World, News, Schools and Education
Borrowers reassess their budgets as student loan payments resume after pandemic pause
Not yet clear is how millions of people suddenly having less discretionary income might affect the economy.