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2023 Is Here -- and The Big Questions on Student Debt Still Loom
Advertiser disclosure You're our first priority. Every time. We believe that every person should be able to make financial decisions without hesitation. While our website doesn't contain every company or financial product on the market We're pleased of the advice we offer as well as the advice we provide as well as the tools we design are independent, objective simple, and completely free. So how do we make money? Our partners compensate us. This could influence the types of products we review and write about (and where those products appear on the site) However, it doesn't affect our suggestions or recommendations that are based on hundreds of hours of research. Our partners are not able to be paid to ensure positive ratings of their goods or services. .
2023 is Here -- And The Big Questions on Student Debt Still Loom
As 2023 unfolds, big questions remain regarding new repayment plans and bankruptcy regulations and much more.
by Eliza Haverstock Lead Writer | Student loan repayment, college alternatives Eliza Haverstock is a lead writer for NerdWallet's students loans team, which focuses on loan repayment and alternative options for traditional degrees that require four years of study. Previously, she reported on billionaires investing, personal finance, and fintech-related fraud in Forbes on the streets of New York, and she also covered private markets for PitchBook in Seattle. Eliza got started at her college newspaper at the University of Virginia and interned for Bloomberg and Bloomberg, where she worked for an entire summer writing a feature story on plastic straws. She lives within Washington, D.C.
January 4, 2023
Editor: Karen Gaudette Brewer Assigning Editor Public policy, student loans Karen Gaudette Brewer joined NerdWallet with 20 years of experience working in newsrooms and leading editorial teams. She most recently served as executive editor for HealthCentral. She launched her journalism career at The Associated Press and later worked for The (Riverside) Press-Enterprise, The Seattle Times, PCC Community Markets and Allrecipes.com. She has had her writing recognized by the Society for Features Journalism and the Society of Professional Journalists. She's written two books about the Pacific Northwest.
A majority of the products we feature are from our partners who pay us. This impacts the types of products we review as well as the place and way the product is featured on the page. However, this does not affect our assessments. Our views are our own. Here is a list of and .
From the introduction of new repayment policies to a comprehensive single-time debt forgiveness program 2022 was an eventful year for student loans.
However, questions have surrounded some of the loan statements, but the answers are scarce and difficult to find. We don't yet know the exact date, time, or when certain changes are going to develop into.
As 2023 approaches with the dawn of 2023, here are the most pressing questions about students' loans -- and what the borrowers can do amid the uncertainty.
Is student debt cancellation still happening?
Lawsuits have paused the rollout of President Biden's program for qualified applicants and for $20,000 for Pell grant recipients. Although 16 million borrowers have been approved to participate in the program however, they will not be able to see any debt forgiven unless the White House succeeds in court.
For now, borrowers should save money to cover the cost of repaying their full student loan and avoid taking on unneeded expenses, advises Scott Buchanan, executive director of the Student Loan Servicing Alliance.
"If the loan forgiveness comes, then great, you have a windfall in some respects and extra money that now you can use for other expenses," the expert says.
>> MORE:
When will forbearance end?
The date for the expiration of forbearance -- the interest-free pause on students' loan payments that started in March 2020 -- depends on the legal consequences from Biden's debt-relief strategy.
We're not sure when it will end under the latest guidelines. In November, the White House . Repayment is now scheduled to resume 60 days after the lawsuits that challenge the comprehensive debt forgiveness plan are resolved or 60 days following July 30, 2023- whichever comes first.
This means that the interest-free pause may last until August, if not earlier however, borrowers need to prepare to pay back loans earlier. The Supreme Court will hear oral arguments in February. an expedited decision expected to follow in the cases blocking implementation of Biden's debt-relief plan.
When can I sign up for the new income-driven plan for repayment?
When the White House announced the $10,000-per-borrower student debt forgiveness program in August, it announced a program that received fewer headlines but could help thousands of borrowers in the longer term: a brand new repayment plan that is based on income. The White House stated that the new plan will set monthly payments to student loans at "5% of a borrower's discretionary income," less than half of the amount in current IDR plans.
There's no specific timeline for when borrowers can sign up. It's unclear how the proposed IDR plan will appear in its final form, which borrowers will qualify and when applications will be open. The draft rules for the plan could come out within the next six months or even six months from now According to Betsy Mayotte, president and the founder of The Institute of Student Loan Advisors.
"The draft rules can differ significantly from draft to final but we'll at least have a better picture of what this new IDR plan might be like when we receive the draft," says Mayotte.
>> MORE:
Can I discharge my student loans in bankruptcy now?
In bankruptcy, people have long been able to request their student loan debt to be erased but this has typically been more challenging than releasing other debts of the consumer, such as medical or credit card bills. The reason is that borrowers must demonstrate to a judge their student loan debt caused them undue hardship, which is a difficult test for relief.
That changed in November, when both the Departments of Justice and Education jointly unveiled new guidelines that aimed to uniformize how to define "undue burden." Judges in bankruptcy can still make a final decision in each case.
"Today's guidance provides a more efficient, fairer, more transparent process for student loan people who are in bankruptcy," stated Vanita Gupta an associate attorney general with the Justice Department, in a press announcement.
Borrowers can file bankruptcy cases under the new guidelines now however Stanley Tate, an attorney who is a specialist in student loans and borrowers, suggests that those who have been paying over a period of at least twenty years think about waiting until the is applied into their bank accounts by July prior to taking any action. (The White House unveiled the one-time IDR waiver in a separate announcement from the new IDR plan, on April 20, 2022. The waiver will count every month you've paid in installments or on pause since you left school towards forgiveness, bringing some borrowers closer to the finish line.)
"It may turn out your loan is wiped out automatically ... therefore there's not much benefit of going that bankruptcy route," says Tate.
What's happening with the Joint Consolidation Loan Separation Act?
In October, Biden announced his Joint Consolidation Loan Separation Act into law. It will allow people who have previously had consolidated their student loans with a spouse -in a program that was in operation from 1993 until the year 2006 -- to segregate them. It will also allow couples with consolidated loans to access , like the Public Service Loan Forgiveness when they have separated their debt.
For those with consolidated loans, this new law will provide "freedom from financial and domestic misuse, the ability to regulate their own financial future, and freedom to receive the exact benefits that other borrowers throughout the country," said Sen. Mark Warner (D-Va.) the bill's sponsor in an announcement to the press.
The Education Department holds at least 13,000 joint consolidation loans, according to the office of Warner. We do not know how long it will take for the new law to actually be implemented, or what the process for applying will look like, or what documents it will require.
Get updates from to receive information from the Education Department about how and when to apply.
About the writer: Eliza Haverstock is a principal writer on the NerdWallet's Student loan team, which covers loan repayment and alternatives to traditional four-year degrees.
On a similar note...
Dive even deeper in Student Loans
Find your saving opportunities
See your spending breakdown to show your top spending trends and where you could cut back.
If you loved this article and you would like to obtain a lot more info pertaining to $255 payday loans online same day direct lender (https://onuwra.ru/credit-fsb.ru&$255%20Payday%20Loans%20Online%20Same%20Day/) kindly go to our own website.
Advertiser disclosure You're our first priority. Every time. We believe that every person should be able to make financial decisions without hesitation. While our website doesn't contain every company or financial product on the market We're pleased of the advice we offer as well as the advice we provide as well as the tools we design are independent, objective simple, and completely free. So how do we make money? Our partners compensate us. This could influence the types of products we review and write about (and where those products appear on the site) However, it doesn't affect our suggestions or recommendations that are based on hundreds of hours of research. Our partners are not able to be paid to ensure positive ratings of their goods or services. .
2023 is Here -- And The Big Questions on Student Debt Still Loom
As 2023 unfolds, big questions remain regarding new repayment plans and bankruptcy regulations and much more.
by Eliza Haverstock Lead Writer | Student loan repayment, college alternatives Eliza Haverstock is a lead writer for NerdWallet's students loans team, which focuses on loan repayment and alternative options for traditional degrees that require four years of study. Previously, she reported on billionaires investing, personal finance, and fintech-related fraud in Forbes on the streets of New York, and she also covered private markets for PitchBook in Seattle. Eliza got started at her college newspaper at the University of Virginia and interned for Bloomberg and Bloomberg, where she worked for an entire summer writing a feature story on plastic straws. She lives within Washington, D.C.
January 4, 2023
Editor: Karen Gaudette Brewer Assigning Editor Public policy, student loans Karen Gaudette Brewer joined NerdWallet with 20 years of experience working in newsrooms and leading editorial teams. She most recently served as executive editor for HealthCentral. She launched her journalism career at The Associated Press and later worked for The (Riverside) Press-Enterprise, The Seattle Times, PCC Community Markets and Allrecipes.com. She has had her writing recognized by the Society for Features Journalism and the Society of Professional Journalists. She's written two books about the Pacific Northwest.
A majority of the products we feature are from our partners who pay us. This impacts the types of products we review as well as the place and way the product is featured on the page. However, this does not affect our assessments. Our views are our own. Here is a list of and .
From the introduction of new repayment policies to a comprehensive single-time debt forgiveness program 2022 was an eventful year for student loans.
However, questions have surrounded some of the loan statements, but the answers are scarce and difficult to find. We don't yet know the exact date, time, or when certain changes are going to develop into.
As 2023 approaches with the dawn of 2023, here are the most pressing questions about students' loans -- and what the borrowers can do amid the uncertainty.
Is student debt cancellation still happening?
Lawsuits have paused the rollout of President Biden's program for qualified applicants and for $20,000 for Pell grant recipients. Although 16 million borrowers have been approved to participate in the program however, they will not be able to see any debt forgiven unless the White House succeeds in court.
For now, borrowers should save money to cover the cost of repaying their full student loan and avoid taking on unneeded expenses, advises Scott Buchanan, executive director of the Student Loan Servicing Alliance.
"If the loan forgiveness comes, then great, you have a windfall in some respects and extra money that now you can use for other expenses," the expert says.
>> MORE:
When will forbearance end?
The date for the expiration of forbearance -- the interest-free pause on students' loan payments that started in March 2020 -- depends on the legal consequences from Biden's debt-relief strategy.
We're not sure when it will end under the latest guidelines. In November, the White House . Repayment is now scheduled to resume 60 days after the lawsuits that challenge the comprehensive debt forgiveness plan are resolved or 60 days following July 30, 2023- whichever comes first.
This means that the interest-free pause may last until August, if not earlier however, borrowers need to prepare to pay back loans earlier. The Supreme Court will hear oral arguments in February. an expedited decision expected to follow in the cases blocking implementation of Biden's debt-relief plan.
When can I sign up for the new income-driven plan for repayment?
When the White House announced the $10,000-per-borrower student debt forgiveness program in August, it announced a program that received fewer headlines but could help thousands of borrowers in the longer term: a brand new repayment plan that is based on income. The White House stated that the new plan will set monthly payments to student loans at "5% of a borrower's discretionary income," less than half of the amount in current IDR plans.
There's no specific timeline for when borrowers can sign up. It's unclear how the proposed IDR plan will appear in its final form, which borrowers will qualify and when applications will be open. The draft rules for the plan could come out within the next six months or even six months from now According to Betsy Mayotte, president and the founder of The Institute of Student Loan Advisors.
"The draft rules can differ significantly from draft to final but we'll at least have a better picture of what this new IDR plan might be like when we receive the draft," says Mayotte.
>> MORE:
Can I discharge my student loans in bankruptcy now?
In bankruptcy, people have long been able to request their student loan debt to be erased but this has typically been more challenging than releasing other debts of the consumer, such as medical or credit card bills. The reason is that borrowers must demonstrate to a judge their student loan debt caused them undue hardship, which is a difficult test for relief.
That changed in November, when both the Departments of Justice and Education jointly unveiled new guidelines that aimed to uniformize how to define "undue burden." Judges in bankruptcy can still make a final decision in each case.
"Today's guidance provides a more efficient, fairer, more transparent process for student loan people who are in bankruptcy," stated Vanita Gupta an associate attorney general with the Justice Department, in a press announcement.
Borrowers can file bankruptcy cases under the new guidelines now however Stanley Tate, an attorney who is a specialist in student loans and borrowers, suggests that those who have been paying over a period of at least twenty years think about waiting until the is applied into their bank accounts by July prior to taking any action. (The White House unveiled the one-time IDR waiver in a separate announcement from the new IDR plan, on April 20, 2022. The waiver will count every month you've paid in installments or on pause since you left school towards forgiveness, bringing some borrowers closer to the finish line.)
"It may turn out your loan is wiped out automatically ... therefore there's not much benefit of going that bankruptcy route," says Tate.
What's happening with the Joint Consolidation Loan Separation Act?
In October, Biden announced his Joint Consolidation Loan Separation Act into law. It will allow people who have previously had consolidated their student loans with a spouse -in a program that was in operation from 1993 until the year 2006 -- to segregate them. It will also allow couples with consolidated loans to access , like the Public Service Loan Forgiveness when they have separated their debt.
For those with consolidated loans, this new law will provide "freedom from financial and domestic misuse, the ability to regulate their own financial future, and freedom to receive the exact benefits that other borrowers throughout the country," said Sen. Mark Warner (D-Va.) the bill's sponsor in an announcement to the press.
The Education Department holds at least 13,000 joint consolidation loans, according to the office of Warner. We do not know how long it will take for the new law to actually be implemented, or what the process for applying will look like, or what documents it will require.
Get updates from to receive information from the Education Department about how and when to apply.
About the writer: Eliza Haverstock is a principal writer on the NerdWallet's Student loan team, which covers loan repayment and alternatives to traditional four-year degrees.
On a similar note...
Dive even deeper in Student Loans
Find your saving opportunities
See your spending breakdown to show your top spending trends and where you could cut back.
If you loved this article and you would like to obtain a lot more info pertaining to $255 payday loans online same day direct lender (https://onuwra.ru/credit-fsb.ru&$255%20Payday%20Loans%20Online%20Same%20Day/) kindly go to our own website.
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