Thank you for asking Jon. Jon Fansmith: Well, there's a couple, sorry to Sarah's point earlier about the 98. But since the process was not previously automated, only a small proportion of eligible service members were able to access the benefit, with only about 4, 800 of them getting relief in 2019. And a very special thank you to the producers who help pull this podcast together. Even with many scholarships, so many times over the years, I've been overwhelmed by my student loan debt and feeling like I was stuck between settling for a job I didn't truly love or having debt till I died for following my dreams. Sad sack student loan borrowers will get help. So it will expire, but I guess my point is like, I feel like this is something I feel like the administration should be really talking up.
Read More Statement August 24, 2022 Statement by ACE President Ted Mitchell on President Biden's Student Loan Debt Forgiveness Announcement News August 19, 2022 With the fall semester about to begin, the Biden administration is getting the word out to campuses on two key topics: Preparing for the latest phase of COVID-19 and the new challenge of monkeypox, and taking advantage of changes to PSLF ahead of Oct. 31. Despite this considerable impact, the plan is still limited. Now this is our collective chance. Senator Ben Sasse, Republican of Nebraska, said the plan "forces blue-collar workers to subsidize white-collar graduate students. Artie always dreamed of becoming an architect and borrowed big to pay for his education. So- Mushtaq Gunja: Was [crosstalk 00:18:29] advocating that as a strategy to borrowers? Student Debt Stories. So, that's not just a for-profit issue. And I think in a really important way that if you want to talk about. Since I have two more years to go, I will definitely graduate with student loans. And then on the other say, but really we're going to give you a few more months, but I do think that there's going to be some leniency here. Jon Fansmith: Fair point. With two car loans and two kids, we've had to prioritize and only replace stuff as it becomes unfixably broken. According to people familiar with his thinking, the president was concerned that loan cancellation would be seen as a giveaway that would be an affront to those who had paid their or their relative's tuition.
He is also seeking to have the government cover the monthly interest for those making payments — even if their payment is zero, because their income is low — so that balances will not balloon. Because Mr. Biden used executive action, rather than legislation, to forgive the loans, legal challenges are expected. Sad sack student loan borrowers repayment. "Look, I appreciate how much this will help other people. It was reaffirmed by Congress. Now, depending on whether you're using Department of Ed numbers or the New York federal reserve, we're talking somewhere in the neighborhood of 110 to 150 billion in benefits that have gone to all federal student loan borrowers through the pandemic.
Ms. Schaffer said she did her best to cut expenses. But her struggle was just beginning. His work involves representation before the U. S. Congress... Read More Co-host Jonathan Fansmith Senior Vice President Government Relations Mushtaq Gunja Executive Director, Carnegie Classification Systems and Senior Vice President Mushtaq Gunja serves as executive director of the Carnegie Classification systems and senior vice president at ACE, where he is in charge of running and reimagining the Carnegie framework. It is expected that the federal government will run out of money possibly on December 3rd and without an increase in the debt ceiling, we'll need to do... We'll essentially stop fulfilling their financial obligations, which can be very critical, right? "A small portion of my student loans are Pell Grants or other federal loans, so this will help a little bit with those. So if we were to take a snapshot, if we go back in time, this reminds me a little bit of a Christmas Carol and Mushtaq, we're going to do like the, the ghost of Christmas past here. In August, the Biden administration announced that they're moving ahead with plans to forgive up to $20, 000 in student loan debt for Pell Grant recipients and up to $10, 000 for other federal borrowers making less than $125, 000 a year. The Future of Student Loan Forgiveness. So Jon speaking of snow, it reminds us that it is December and December can either be an incredibly quiet time on the hill and in Washington, or it could be extremely exciting with pending deadlines and whatnot. 7% is criminal that requires $1000 monthly payments is a weight I carry. The Educational Credit Management Corporation is the product of a scandal that almost brought down the government's student loan program two decades ago.
Even a consolidation didn't help – rather than decrease the amount she owed, it more than doubled. And if I was one of the people and I don't know where ACE's exact position on this is, but if I was one of the people who was saying, I think the president should forgive all loan debt, I would say this whole sort of game of cat and mouse, where the president has said, well, we're exploring it. He's been in the financial aid world since 2002 in administering, interpreting, communicating, developing student financial aid policy. "And I have decided for myself that, yes, it would help me out, and I would be in a job that would sustain my life and pay for the debt, as well, " Bharathi said. Student loan forgiveness–experts weigh in on Biden’s plan –. It's basically indentured servitude. "Brave men and women in uniform serving our country can now focus on doing their jobs and coming home safely, not filling out more paperwork to access their hard-earned benefits, " FSA Chief Operating Officer Richard Cordray said in a statement.
Jon Fansmith: No, not a great way to do anything, but I think a bad solution is better than no solution. How do we hire servicers to treat borrowers well, while also trying to get money from them and this sort of intersection between market efficiency, let's get the most bang for our buck, but then also we want the best service around. It would give me time back, time that could be spent saving for a house or starting a family — which all seemed like things I wouldn't be able to do because of my loans. That's the pressure you have. "That's a lot of young people that are going to be able to have a sigh of relief, " Mr. Cárdenas said. Was that a preview of if the house flips in the midterms, the kind of agenda that we would see from the ed and labor ed and workforce committee under Republican leadership, for me, my perennial favorite issue section one, 17 was brought up, which is the foreign gift and contract reporting that I know Justin we've worked on together, which this Department of Education is still not kind of addressed anything or taken any steps beyond what was done in the previous administration. She found more than $10, 000 in financial errors Sallie Mae made in her account and asked for a complete accounting to ensure there weren't more and her request was denied. Can we use sort of the Republican questions as a precursor to what they would focus on if they were to retake the house next year? Sad sack student loan borrowers can start applying. We're going to roll back collection costs and fees. So I don't know if this politically staves off what happens almost in every midterm election, which is the president and his party have always historically taken a hit. Another proposal is now being considered, known as the revised pay-as-you-earn plan. Section 4 Content Left Section 4 Content Right Listen and Subscribe Section 5 Content Section 5 Content Left Section 5 Content Right Section 6 Content Section 6 Content Left Section 6 Content Right Button Content Tell Us What You Think Are you a regular dotEDU listener?
So, if you think about what's going on, on the PSLF side, and you think a little bit about those numbers of borrowers that are in either forbearance or are in default, at least some of that seems like it should be at the feet of the servicers, not all, but at least some of it, because we have an income based free payment program, that theoretically means that we should be in a zero default world, right. We have put so much work into this, and it is such a relief to suddenly owe $30K less as we start our lives together. Roughly five out of those 10 would be an active repayment. Catherine Ahmad: Of course, I do. Speaking of, the current PSLF program is laughable. So all of that to say is these things were backlogged because they were caught in these regulatory schemas and bureaucracy, just pushed through $12 billion in loan forgiveness. Read More News November 4, 2022 Education Department Issues Final Rules on Student Debt Relief, Other Programs Podcast October 13, 2022 Nasser Paydar, assistant secretary for postsecondary education at the Department of Education, joins the hosts to talk about what the department is doing to improve access and affordability for college students. But Educational Credit said Ms. Schaffer was spending too much on food by dining out. And maybe we'll have some areas of light friction. 50 an hour, receives food stamps and help from local charities to support herself. And Jon, once you agreed to come on our podcast over at NASFA, I felt like it would be in really poor taste to turn down this offer.
Podcast September 29, 2022 Jon Fansmith and Terry Hartle are back to give their predictions for what Congress will dive into this fall before they adjourn ahead of midterm elections, including a continuing resolution to fund the government through the end of the year. This is wonderful, which it is. The same month, White House Press Secretary Jen Psaki told reporters that Biden will ask the Justice Department to review his legal authority to cancel $50, 000 in student debt. I'm not, by the way. The White House sought to address the economic concerns by targeting the relief. "I don't qualify for the $10K, so I get until January 1 to sort my finances out. We don't pay interest on our debt service. We just keep layering on more and more complexity. For-profit institutions that shut down years ago, such as Corinthian Colleges and ITT Technical Institutes, were accused of violating federal law by persuading their students to take out loans, and Cardona's new policy helped approximately 72, 000 of those students receive $1 billion in loan cancellation in March. And I think you've probably... She says any additional money she earns will be garnished anyway, so she's lost all motivation in life, as well as her family and friends. On November 11, Cardona announced that a month after the reforms were announced, 10, 000 borrowers have already gotten $715 million in student debt wiped out, and 30, 000 borrowers will get $2 billion in relief in the coming weeks.
Our programs are complex. "And then we're here on the ground, months away from midterm elections, and people in these communities are wondering, 'Well, does my vote really matter? We're working with borrowers when the repayment starts. In August, nearly two months before the pause was set to expire, Education Secretary Miguel Cardona announced the pause would be extended through January 31, 2022.
Started a review of student-loan forgiveness programs. Other research found that increases in student borrowing can result in bigger tuition increases. And probably more on the way. Our payment universe, the number of options that are available to borrowers are tricky, I think, for our servicers to be able to explain. Although my oldest is a licensed driver and Mushtaq, I just got to tell you a game changer. When Ms. Hann took the issue to a New Hampshire court, the judge sanctioned Educational Credit, citing the lawyers' "violation of the Bankruptcy Code's discharge injunction. Cardona also said the department will consider further waiving the three-year monitoring period. But critics say widespread debt forgiveness is unfair to those who tightened their belts to pay for college. Justin Draeger: That's never stopped an administration for taking credit for previous administration.
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