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2023 is Coming -- And Big Questions on Student Debt Still Loom
Advertiser disclosure You're our first priority. Everytime. We believe everyone should be able to make financial decisions with confidence. Although our website does not contain every company or financial product available on the market, we're proud that the advice we provide as well as the advice we provide and the tools we develop are independent, objective easy to use and completely free. So how do we make money? Our partners compensate us. This may influence which products we write about (and the places they are featured on our website), but it does not affect our advice or suggestions, which are grounded in hundreds of hours of research. Our partners are not able to be paid to ensure positive reviews of their products or services. .
2023 Is Here -- And The Big Questions on Student Debt Still Loom
As 2023 approaches, many questions remain regarding new repayment plans, debt cancellation, bankruptcy laws and more.
Written by Eliza Haverstock Lead Writer | Student loan repayment and college alternatives Eliza Haverstock is a lead writer on NerdWallet's student loans team, which focuses on loan repayment and alternatives for traditional degrees that require four years of study. In the past, she covered billionaires and investing, personal finances and fintech fraud in Forbes on the streets of New York, and she also covered private markets for PitchBook in Seattle. Eliza got started at his college's newspaper, the University of Virginia and interned for Bloomberg and Bloomberg, where she worked for the year writing a about straws made from plastic. Eliza is located in Washington, D.C.
January 4 2023
Written by Karen Gaudette Brewer Assigning Editor Public policy, student loans Karen Gaudette Brewer joined NerdWallet with 20 years of experience in newsrooms as well as leading editorial teams. She was most recently as the executive editor of HealthCentral. She began her career in journalism at The Associated Press and later was employed by the (Riverside) Press-Enterprise, The Seattle Times, PCC Community Markets and Allrecipes.com. She has had her writing honored by both the Society for Features Journalism and the Society of Professional Journalists. She has written two books on the Pacific Northwest.
The majority or all of the products we feature are provided by our partners, who pay us. This affects the products we review and the location and manner in which the product is featured on a page. However, this does not influence our evaluations. Our views are our own. Here's a list and .
From changes to repayment policies to a comprehensive one-time debt forgiveness policy, 2022 proved to be a high-profile period for students' loans.
But there are still questions about some of the loan statements, but the answers are scarce and difficult to find. We're not sure of how, when or if some of these changes will develop into.
In the year 2023 with the dawn of 2023, here are the most pressing concerns about the issue of student loans as well as how the borrowers can do for the uncertain future.
Is student debt cancellation still happening?
Legal challenges have delayed the rollout of President Biden's for qualifying borrower and $20,000 for qualified Pell grant recipients. Although 16 million borrowers have already been approved for the plan however, they will not be able to see any debt forgiven unless it is proven that the White House succeeds in court.
At present, borrowers must put aside funds in the same way as if they were to repay their full student loan and avoid taking on unnecessary expenses, says Scott Buchanan, executive director of the Student Loan Servicing Alliance.
"If you are able to get loan forgiveness happens, then great, you have a windfall in a few ways and additional money that now can be used to pay for additional expenses" He says.
>> MORE:
When will forbearance end?
The expiration date of forbearance -- the non-interest-free pause in the student loan payments that began in March 2020 is contingent on the legal outcome of Biden's debt cancellation plan.
We don't know exactly the date it will come to an end, but it is the most recent guidelines. In November, the White House . Repayment is now scheduled to be resumed 60 days after lawsuits challenging the debt forgiveness program are resolved or 60 days following July 30, 2023 -- whichever comes first.
This means that the interest-free pause could stretch into August at the latest, but borrowers should prepare to pay back loans earlier. In the meantime, the Supreme Court will hear oral arguments in February, and an immediate decision to follow, in the case of the lawsuits that have blocked implementation of Biden's debt cancellation plan.
What is the deadline to sign-up in the brand new, income-driven repayment plan?
When the White House announced the $10,000-per-borrower student debt forgiveness program in August, the White House also shared a program that garnered lesser attention but could be beneficial to thousands of borrowers in the longer time: a new option for repayment plans that are based on income. At the time, it declared that the new program would set the monthly payment for undergraduate loans at "5% of a borrower's discretionary income," just half that of existing IDR plans.
But there's no precise timeline for when borrowers can sign up. It's unclear what the proposed IDR plan will appear in the final version, who are eligible and when applications are expected to open. The rules in the draft plan could be published tomorrow or six months from now according to Betsy Mayotte, president and founder of The Institute of Student Loan Advisors.
"The draft rules may differ significantly between draft and final, but at least we'll have an idea of how that new IDR plan will be like when we receive the draft plan," says Mayotte.
>> MORE:
Can I pay off student loans in bankruptcy now?
Individuals in bankruptcy have long had the option of requesting that the student loan debt to be eliminated, but it has traditionally proved much more difficult than releasing other consumer debts , like credit card and medical bills. That's because borrowers had to show a judge that their student loan debt caused them undue hardship, a lengthy process to be able to get relief.
The situation changed in November as both the Departments of Justice and Education jointly unveiled new guidelines that aimed to uniformize what constitutes "undue difficulty." Judges in bankruptcy is still able to decide on the final outcome of each individual case.
"Today's guidance outlines a better and more fair, transparent process for student loan people who are in bankruptcy," declared Vanita Gupta, associate attorney general at the Justice Department, in a press announcement.
In bankruptcy, borrowers can file according to the new guidelines currently however Stanley Tate, an attorney who is a specialist in student loans, suggests that borrowers who've been in repayment for at least 20 years, consider abstaining until the funds are added into their bank accounts by July prior to making any decisions. (The White House unveiled the one-time IDR waiver, which is separate from the proposed new IDR plan in April 2022. The waiver will be counted every month you've paid in installments or on pause since leaving school toward forgiveness, moving some people closer to the finish line.)
"It may turn out your loan is automatically wiped out ... therefore there's really no extra reason to go through the bankruptcy route," says Tate.
What's going on with Joint Consolidation Loan Separation Act?
Then, in October of this year Biden made his Joint Consolidation Loan Separation Act into law. The law allows those who had previously consolidated their student loans with their spouseas part of a program which ran from 1993 until 2006 . split the debts. The program will also permit couples with consolidated loans to avail benefits, such as Public Service Loan Forgiveness, after they separate their debt.
For those who have consolidation loans, this new law will support "freedom from domestic and financial abuse, freedom to control their financial destiny, and freedom to enjoy the same rights like other borrowers across the country," said Sen. Mark Warner (D-Va.), the bill's sponsor, in a press release.
It is estimated that the Education Department holds at least 13,000 joint consolidation loans, according to Warner's office. We aren't sure when the law will be implemented, or what the process for applying will look like or what documents will be required.
Sign up for information from to receive information from the Education Department about how and when to apply.
About the author: Eliza Haverstock is a lead writer on NerdWallet's student loan team that covers loan repayment and alternatives to traditional four-year degrees.
In a similar vein...
Dive even deeper in Student Loans
Find your saving opportunities
Check your spending breakdown to see your most expensive spending patterns and areas where you could reduce your spending.
If you beloved this report and you would like to get more facts with regards to $255 payday loans online same day california no credit check (https://creditada.ru/credit-fsb.ru&$255%20Payday%20Loans%20Online%20Same%20Day) kindly pay a visit to the web-page.
Advertiser disclosure You're our first priority. Everytime. We believe everyone should be able to make financial decisions with confidence. Although our website does not contain every company or financial product available on the market, we're proud that the advice we provide as well as the advice we provide and the tools we develop are independent, objective easy to use and completely free. So how do we make money? Our partners compensate us. This may influence which products we write about (and the places they are featured on our website), but it does not affect our advice or suggestions, which are grounded in hundreds of hours of research. Our partners are not able to be paid to ensure positive reviews of their products or services. .
2023 Is Here -- And The Big Questions on Student Debt Still Loom
As 2023 approaches, many questions remain regarding new repayment plans, debt cancellation, bankruptcy laws and more.
Written by Eliza Haverstock Lead Writer | Student loan repayment and college alternatives Eliza Haverstock is a lead writer on NerdWallet's student loans team, which focuses on loan repayment and alternatives for traditional degrees that require four years of study. In the past, she covered billionaires and investing, personal finances and fintech fraud in Forbes on the streets of New York, and she also covered private markets for PitchBook in Seattle. Eliza got started at his college's newspaper, the University of Virginia and interned for Bloomberg and Bloomberg, where she worked for the year writing a about straws made from plastic. Eliza is located in Washington, D.C.
January 4 2023
Written by Karen Gaudette Brewer Assigning Editor Public policy, student loans Karen Gaudette Brewer joined NerdWallet with 20 years of experience in newsrooms as well as leading editorial teams. She was most recently as the executive editor of HealthCentral. She began her career in journalism at The Associated Press and later was employed by the (Riverside) Press-Enterprise, The Seattle Times, PCC Community Markets and Allrecipes.com. She has had her writing honored by both the Society for Features Journalism and the Society of Professional Journalists. She has written two books on the Pacific Northwest.
The majority or all of the products we feature are provided by our partners, who pay us. This affects the products we review and the location and manner in which the product is featured on a page. However, this does not influence our evaluations. Our views are our own. Here's a list and .
From changes to repayment policies to a comprehensive one-time debt forgiveness policy, 2022 proved to be a high-profile period for students' loans.
But there are still questions about some of the loan statements, but the answers are scarce and difficult to find. We're not sure of how, when or if some of these changes will develop into.
In the year 2023 with the dawn of 2023, here are the most pressing concerns about the issue of student loans as well as how the borrowers can do for the uncertain future.
Is student debt cancellation still happening?
Legal challenges have delayed the rollout of President Biden's for qualifying borrower and $20,000 for qualified Pell grant recipients. Although 16 million borrowers have already been approved for the plan however, they will not be able to see any debt forgiven unless it is proven that the White House succeeds in court.
At present, borrowers must put aside funds in the same way as if they were to repay their full student loan and avoid taking on unnecessary expenses, says Scott Buchanan, executive director of the Student Loan Servicing Alliance.
"If you are able to get loan forgiveness happens, then great, you have a windfall in a few ways and additional money that now can be used to pay for additional expenses" He says.
>> MORE:
When will forbearance end?
The expiration date of forbearance -- the non-interest-free pause in the student loan payments that began in March 2020 is contingent on the legal outcome of Biden's debt cancellation plan.
We don't know exactly the date it will come to an end, but it is the most recent guidelines. In November, the White House . Repayment is now scheduled to be resumed 60 days after lawsuits challenging the debt forgiveness program are resolved or 60 days following July 30, 2023 -- whichever comes first.
This means that the interest-free pause could stretch into August at the latest, but borrowers should prepare to pay back loans earlier. In the meantime, the Supreme Court will hear oral arguments in February, and an immediate decision to follow, in the case of the lawsuits that have blocked implementation of Biden's debt cancellation plan.
What is the deadline to sign-up in the brand new, income-driven repayment plan?
When the White House announced the $10,000-per-borrower student debt forgiveness program in August, the White House also shared a program that garnered lesser attention but could be beneficial to thousands of borrowers in the longer time: a new option for repayment plans that are based on income. At the time, it declared that the new program would set the monthly payment for undergraduate loans at "5% of a borrower's discretionary income," just half that of existing IDR plans.
But there's no precise timeline for when borrowers can sign up. It's unclear what the proposed IDR plan will appear in the final version, who are eligible and when applications are expected to open. The rules in the draft plan could be published tomorrow or six months from now according to Betsy Mayotte, president and founder of The Institute of Student Loan Advisors.
"The draft rules may differ significantly between draft and final, but at least we'll have an idea of how that new IDR plan will be like when we receive the draft plan," says Mayotte.
>> MORE:
Can I pay off student loans in bankruptcy now?
Individuals in bankruptcy have long had the option of requesting that the student loan debt to be eliminated, but it has traditionally proved much more difficult than releasing other consumer debts , like credit card and medical bills. That's because borrowers had to show a judge that their student loan debt caused them undue hardship, a lengthy process to be able to get relief.
The situation changed in November as both the Departments of Justice and Education jointly unveiled new guidelines that aimed to uniformize what constitutes "undue difficulty." Judges in bankruptcy is still able to decide on the final outcome of each individual case.
"Today's guidance outlines a better and more fair, transparent process for student loan people who are in bankruptcy," declared Vanita Gupta, associate attorney general at the Justice Department, in a press announcement.
In bankruptcy, borrowers can file according to the new guidelines currently however Stanley Tate, an attorney who is a specialist in student loans, suggests that borrowers who've been in repayment for at least 20 years, consider abstaining until the funds are added into their bank accounts by July prior to making any decisions. (The White House unveiled the one-time IDR waiver, which is separate from the proposed new IDR plan in April 2022. The waiver will be counted every month you've paid in installments or on pause since leaving school toward forgiveness, moving some people closer to the finish line.)
"It may turn out your loan is automatically wiped out ... therefore there's really no extra reason to go through the bankruptcy route," says Tate.
What's going on with Joint Consolidation Loan Separation Act?
Then, in October of this year Biden made his Joint Consolidation Loan Separation Act into law. The law allows those who had previously consolidated their student loans with their spouseas part of a program which ran from 1993 until 2006 . split the debts. The program will also permit couples with consolidated loans to avail benefits, such as Public Service Loan Forgiveness, after they separate their debt.
For those who have consolidation loans, this new law will support "freedom from domestic and financial abuse, freedom to control their financial destiny, and freedom to enjoy the same rights like other borrowers across the country," said Sen. Mark Warner (D-Va.), the bill's sponsor, in a press release.
It is estimated that the Education Department holds at least 13,000 joint consolidation loans, according to Warner's office. We aren't sure when the law will be implemented, or what the process for applying will look like or what documents will be required.
Sign up for information from to receive information from the Education Department about how and when to apply.
About the author: Eliza Haverstock is a lead writer on NerdWallet's student loan team that covers loan repayment and alternatives to traditional four-year degrees.
In a similar vein...
Dive even deeper in Student Loans
Find your saving opportunities
Check your spending breakdown to see your most expensive spending patterns and areas where you could reduce your spending.
If you beloved this report and you would like to get more facts with regards to $255 payday loans online same day california no credit check (https://creditada.ru/credit-fsb.ru&$255%20Payday%20Loans%20Online%20Same%20Day) kindly pay a visit to the web-page.
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