According to a statement made by the Education Department on May 14, federal student loan interest rates would soar to unprecedented levels for the 2024–25 academic year, driving up the cost of college for borrowers. However, thousands of college students and their families will have to wait until after the…
There are two main types of student loans: federal and private. Read on and find out about your options. Key takeaways There are two main types of student loans: federal and private. Federal student loans have unique repayment options and are the only avenue for loan forgiveness programs. Private student…
College is expensive, and it isn’t getting any cheaper. Whatever you can do to help your child save money for college will be beneficial, regardless of their age. According to the National Center for Education Statistics, the average cost of tuition and fees at public institutions in the 2022-23 school year…
In another blow to the Biden administration’s plan to lower payments and forgive student loan debt, a court blocked a new repayment plan. The Department of Education had implemented a new agency rule to create the SAVE program. The U.S. Court of Appeals for the 8th Circuit granted a request…
Key takeaways This month, the Department of Education pauses student loan payments for three million SAVE borrowers. The forbearance period gives the DOE time to recalculate new monthly payment formulas. Despite two lawsuits filed by Republican-led groups, payment cuts can move forward following a ruling by a US appeals court….
Americans owe about $1.7 trillion in student debt. That’s more than for any other category of loans aside from mortgages. While the total owed has skyrocketed over the past three decades, new student debt has actually been receding in recent years. Indeed, the annual amount students take on in debt…
WASHINGTON, DC – JANUARY 02: Student loan borrowers gathered at the Supreme Court today to tell the … [+] court that student loan relief is legal on January 02, 2023 in Washington, DC. (Photo by Larry French/Getty Images for We, The 45 Million) Last week, the Education Department announced yet…
The U.S. Department of Education just announced interest rates for student loans will be 6.53% for 2024-25—the highest rate in a dozen years. The rate for graduate students will be even steeper, 8.08%, up from 7.05%. I’m always concerned about any development that could prevent promising students from getting the…
Every year on June 1, student debt in Australia is indexed to inflation. In 2023, high inflation pushed the indexation rate to 7.1%, the highest since 1990. This year, if there is no policy change, student debt balances will be increased by 4.7%. After sustained community pressure to change the…