‘We’re essentially pushing the pain down the road’: Trump’s order to extend payment freeze on some student loans leaves ‘many unanswered questions’

President Donald Trump extended the pause on payments and interest for some federal student loans as part of a slew of pandemic-related executive actions issued Saturday, but questions remain about how exactly the pause will be implemented and some borrower advocates say it doesn’t go far enough in providing meaningful relief.

The memo states that the payment pause and interest waiver on student loans held by the Department of Education will continue until Dec. 31, 2020. Outstanding questions Those questions include, for example, whether the paused payments will count towards the 120 needed for borrowers to qualify for Public Service Loan Forgiveness, a program that allows public servants to have their federal student loans forgiven after 10 years of payments. During the payment pause period covered by the CARES Act, borrowers who are in a qualifying repayment plan are receiving credit as if they were making on time monthly payments.

At the outset of the CARES Act, these companies faced challenges implementing the payment pause and borrower advocates were already worried they’d struggle to deal with a crush of borrowers looking to change repayment plans as the pause lifted. For the past several weeks, these companies have been preparing to transition borrowers back into repayment.

The Republican-led Senate proposed a coronavirus relief package last month that included a provision which would allow borrowers with no income to stay current on their loans without making payments, an option that is already available in the student-loan program. The Democratic-led House of Representatives passed the HEROES Act in May, which extended the CARES Act payment pause until 2021 and provided $10,000 of student debt cancellation for some borrowers.

A little is better than nothing. Right?

Did Betsy Devos ever comply with this court order?

Of course it is kicking the can because it is after the election and it doesn't matter what happens then to the administration, as long as they stay in power

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Trump extends student loan relief through year's endPresident Donald Trump on Saturday signed an executive order extending relief to student loan borrowers through the end of the year it means nothing. it was a shitshow of lies and self aggrandizement, and illegal measures. it was truly shameful steping in the foots of the late great president benjamin franklin 😍 keep fighting donald your a brave men and class act these comments about to be salty af
Source: politico - 🏆 381. / 59 Read more »

Here's how Trump's weekend executive actions will impact student loansA new executive action will extend some student loan relief, but approximately 9 million Americans who have private loans are excluded. MakeIt MakeIt It won’t because he has no authority MakeIt SC gave him the way after they said Obama could go around Congress on DACA. Even Obama said he couldn’t do it but later walked that back as said “Sue Me”. So ppl saying it unconstitutional are probably in error at this point.
Source: CNBC - 🏆 12. / 72 Read more »

Here’s What To Do If Congress Doesn’t Extend Student Loan ReliefCongress is at an impasse, and millions of student loan borrowers may pay the price. “President Trump recently suggested his administration could extend the CARES Act’s student loan relief unilaterally, without Congress. But he has provided no details, or a firm commitment.” Not sure how that made it past the editor, but that seems to be a problem these days. Don’t pay 🤷🏻‍♂️ You start reading Ayn Rand. Who will explain it all !
Source: Forbes - 🏆 394. / 53 Read more »