SBA cuts staff by 43%, to manage $1.6tn student loans
#StudentLoans #USPoliticsThe Small Business Administration is cutting half its workforce while taking on managing the $1.6 trillion student loan portfolio, a move announced by President Trump. Critics warn of chaos with the Department of Education dismantling. read more
AFT Sues Education Department Over Student Loan Repayment Program Suspension
#AFT #studentloansUnion President Randi Weingarten led a rally in Washington addressing a lawsuit against the Trump administration for stopping student loan repayment plans. The lawsuit accuses the administration of violating federal law, impacting over 12 million borrowers. read more
Trump Considers Dismantling Education Department, Impacting Student Loans
#DepartmentOfEducation #StudentLoansPresident Trump is reportedly planning to close down the Department of Education, which manages a $1.7 trillion loan portfolio. If this happens, federal student loans will still need to be repaid as they are an agreement between borrowers and the government. read more
Republican Budget Resolution Threatens Student Loan Programs and Borrowers
#GOPbudget #studentloansUnder a new GOP budget plan, US student loan repayments may increase by $200 on average as part of a $2 trillion federal spending cut, impacting the 42 million Americans with student loan debt. read more
"Trump Administration Freezes Federal Grants and Loans, Sparks Concern"
#FederalAid #StudentLoansThe Trump administration temporarily froze federal loans and grants, causing panic among those who rely on federal aid. A judge halted the freeze, clarifying that federal student aid, including Pell Grants and direct loans, will not be impacted. read more
#studentloans #Bidenplan
Nearly 20 million people are not making payments on their student loans totaling $1.6 trillion, leading to delinquent or paused accounts, the highest rate since 2016. President Biden proposed canceling $400bn in loans, but it was ruled unconstitutional; his SAVE plan aims to offer debt relief. read more