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2023 is Here -- and the Big Questions about Student Debt Still Loom
Advertiser disclosure You're our first priority. Every time. We believe that everyone should be able make financial decisions without hesitation. Although our website does not include every financial or company product on the market however, we're confident of the advice we offer and the information we offer as well as the tools we design are independent, objective easy to use and completely free. So how do we make money? Our partners compensate us. This can influence the products we write about (and the way they appear on the site) However, it in no way affects our advice or suggestions that are based on many hours of research. Our partners do not promise us favorable review of their services or products. .
2023 is Here -- and the Big Questions about Student Debt Still Loom
As 2023 progresses, major questions remain regarding new repayment plans as well as bankruptcy regulations and much more.
Written by Eliza Haverstock Lead Writer | Student loan repayment, college alternatives Eliza Haverstock is a lead writer on the NerdWallet's student loans team, which is focused on loan repayment and alternative options for traditional degrees that require four years of study. Previously, she reported on billionaires, investing, personal finance and fraud in fintech for Forbes and Forbes.com in 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 which she then spent a year writing a on straws made of plastic. She is based within Washington, D.C.
Jan 4, 2023
Editor: Karen Gaudette Brewer Assigning Editor Public policy and student loans Karen Gaudette Brewer joined NerdWallet with over 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 with The Associated Press and later was employed by The (Riverside) Press-Enterprise The Seattle Times, PCC Community Markets and Allrecipes.com. Her writing has been praised by both the Society for Features Journalism and the Society of Professional Journalists. She's written two books about her experiences in the Pacific Northwest.
The majority or all of the products we feature are provided by our partners who compensate us. This influences which products we write about as well as the place and way the product appears on a page. But, it doesn't affect our assessments. Our views are our own. Here's a list of and .
From the introduction of new repayment policies to a massive one-time debt forgiveness policy 2022 was an eventful one for student loans.
However, questions have surrounded some of the loan news, while answers are few and far between. We do not know for sure the exact date, time, or when any of these changes will take form.
As 2023 approaches in 2023, here are the top concerns about student loans as well as what borrowers can do to prepare in the face of uncertainty.
Is student debt cancellation still happening?
The rollout of the plan has been halted due to legal issues. of President Biden's for qualifying borrower and $20,000 for qualified Pell Grant recipients. While sixteen million of borrowers had been approved for the plan however, they will not be able to see any debt forgiven unless they are successful in court. White House succeeds in court.
At present, borrowers must save money in the same way as if they were to repay the full amount of their student loan and stay clear of unneeded expenses, advises Scott Buchanan, executive director of the Student Loan Servicing Alliance.
"If you are able to get loan forgiveness happens in the near future, then congratulations, you'll have a win in a few ways and additional cash that you can use for various other costs," the expert says.
>> MORE:
When will forbearance end?
The expiration date of forbearance -- also known as the interest-free pause on student loan payments that started in March 2020 -- is contingent on the legal outcome from Biden's debt-relief strategy.
We're not sure when it will end under the most recent guidelines. In November, the White House . Repayment will now begin 60 days following the lawsuits challenging the broad debt forgiveness plan are resolved or 60 days following July 30, 2023 -depending on when that happens.
This means that the interest-free pause could last until August, if not earlier however, borrowers must be prepared to pay back loans sooner. In the meantime, the Supreme Court will hear oral arguments in February, with an urgent decision likely to follow in the case of the lawsuits that have blocked implementation of Biden's debt-relief plan.
When can I sign up for the new income-driven plan for repayment?
In the event that the White House announced the $10,000-per-borrower student debt forgiveness program in August, it also announced a program that received fewer headlines but could help thousands of borrowers in the longer time: a new repayment plan that is based on income. The White House declared that the new program will set monthly payments to students with undergraduate loans at "5% of a individual's disposable income" half the rate of existing IDR plans.
But there's no precise time frame for when the borrowers will be able to apply. We don't yet know exactly how the proposed IDR plan will look in its final form, which borrowers will be eligible, and when applications will open. The rules in the draft plan could be published in the next few days or within six months, says Betsy Mayotte, president and founder of The Institute of Student Loan Advisors.
"The draft rules may differ significantly in between the draft version and the final, however, we'll be able to get an idea of how this new IDR plan could look like once we get the draft," says Mayotte.
>> MORE:
Can I discharge student loans in bankruptcy?
People who are in bankruptcy have for a long time been able to request to have their school loan debt to be eliminated however, it has historically been more challenging than discharging other consumer debts , like credit card and medical bills. The reason is that borrowers must demonstrate to a judge the student loan was a source of hardship, a tough test to be able to get relief.
The situation changed in November when both the Departments of Justice and Education jointly announced new guidelines that aimed to uniformize the definition of "undue burden." A bankruptcy judge is still able to make a final decision in each individual case.
"Today's guidance outlines a better, fairer, more transparent procedure for student loan borrowers in bankruptcy" said Vanita Gupta an associate attorney general with the Justice Department, in a press release.
In bankruptcy, borrowers can file under the new guidelines now, but Stanley Tate, an attorney who is a specialist in student loans, suggests that borrowers who've been paying for at least 20 years, consider abstaining until the funds are applied into their bank accounts by July before making any decisions. (The White House unveiled the one-time IDR waiver in a separate announcement from the proposed new IDR plan, beginning in the month of April, 2022. The waiver will count every month that you've been in repayment or on pause since you left school, and will move some people closer to the finish line.)
"It could be that your loan is automatically wiped out ... therefore there's not much benefit of going that bankruptcy route," says Tate.
What's going on with the Joint Consolidation Loan Separation Act?
Then, in October of this year Biden made his Joint Consolidation Loan Separation Act into law. This law will permit people who have previously had consolidated the student loans with a spouse -- through a program that ran from 1993 until 2006 . finally split them. 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 with consolidation loans, this new law will ensure "freedom from financial and domestic abuse, freedom to control their own financial future and the freedom to enjoy the same rights as other borrowers across the nation," said Sen. Mark Warner (D-Va.) who is the bill's co-sponsor, in a press release.
It is estimated that the Education Department holds at least 13,000 joint consolidation loans according the Warner's Office. However, we still aren't sure how long it will take for the new law to be implemented, or what the application process will look like or which documents will be required.
Get updates announcements 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 identify your top spending trends as well as areas you can cut back.
If you have any kind of questions pertaining to where and the best ways to make use of 255 payday loans (all-about-money.site), you can contact us at our web site.
Advertiser disclosure You're our first priority. Every time. We believe that everyone should be able make financial decisions without hesitation. Although our website does not include every financial or company product on the market however, we're confident of the advice we offer and the information we offer as well as the tools we design are independent, objective easy to use and completely free. So how do we make money? Our partners compensate us. This can influence the products we write about (and the way they appear on the site) However, it in no way affects our advice or suggestions that are based on many hours of research. Our partners do not promise us favorable review of their services or products. .
2023 is Here -- and the Big Questions about Student Debt Still Loom
As 2023 progresses, major questions remain regarding new repayment plans as well as bankruptcy regulations and much more.
Written by Eliza Haverstock Lead Writer | Student loan repayment, college alternatives Eliza Haverstock is a lead writer on the NerdWallet's student loans team, which is focused on loan repayment and alternative options for traditional degrees that require four years of study. Previously, she reported on billionaires, investing, personal finance and fraud in fintech for Forbes and Forbes.com in 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 which she then spent a year writing a on straws made of plastic. She is based within Washington, D.C.
Jan 4, 2023
Editor: Karen Gaudette Brewer Assigning Editor Public policy and student loans Karen Gaudette Brewer joined NerdWallet with over 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 with The Associated Press and later was employed by The (Riverside) Press-Enterprise The Seattle Times, PCC Community Markets and Allrecipes.com. Her writing has been praised by both the Society for Features Journalism and the Society of Professional Journalists. She's written two books about her experiences in the Pacific Northwest.
The majority or all of the products we feature are provided by our partners who compensate us. This influences which products we write about as well as the place and way the product appears on a page. But, it doesn't affect our assessments. Our views are our own. Here's a list of and .
From the introduction of new repayment policies to a massive one-time debt forgiveness policy 2022 was an eventful one for student loans.
However, questions have surrounded some of the loan news, while answers are few and far between. We do not know for sure the exact date, time, or when any of these changes will take form.
As 2023 approaches in 2023, here are the top concerns about student loans as well as what borrowers can do to prepare in the face of uncertainty.
Is student debt cancellation still happening?
The rollout of the plan has been halted due to legal issues. of President Biden's for qualifying borrower and $20,000 for qualified Pell Grant recipients. While sixteen million of borrowers had been approved for the plan however, they will not be able to see any debt forgiven unless they are successful in court. White House succeeds in court.
At present, borrowers must save money in the same way as if they were to repay the full amount of their student loan and stay clear of unneeded expenses, advises Scott Buchanan, executive director of the Student Loan Servicing Alliance.
"If you are able to get loan forgiveness happens in the near future, then congratulations, you'll have a win in a few ways and additional cash that you can use for various other costs," the expert says.
>> MORE:
When will forbearance end?
The expiration date of forbearance -- also known as the interest-free pause on student loan payments that started in March 2020 -- is contingent on the legal outcome from Biden's debt-relief strategy.
We're not sure when it will end under the most recent guidelines. In November, the White House . Repayment will now begin 60 days following the lawsuits challenging the broad debt forgiveness plan are resolved or 60 days following July 30, 2023 -depending on when that happens.
This means that the interest-free pause could last until August, if not earlier however, borrowers must be prepared to pay back loans sooner. In the meantime, the Supreme Court will hear oral arguments in February, with an urgent decision likely to follow in the case of the lawsuits that have blocked implementation of Biden's debt-relief plan.
When can I sign up for the new income-driven plan for repayment?
In the event that the White House announced the $10,000-per-borrower student debt forgiveness program in August, it also announced a program that received fewer headlines but could help thousands of borrowers in the longer time: a new repayment plan that is based on income. The White House declared that the new program will set monthly payments to students with undergraduate loans at "5% of a individual's disposable income" half the rate of existing IDR plans.
But there's no precise time frame for when the borrowers will be able to apply. We don't yet know exactly how the proposed IDR plan will look in its final form, which borrowers will be eligible, and when applications will open. The rules in the draft plan could be published in the next few days or within six months, says Betsy Mayotte, president and founder of The Institute of Student Loan Advisors.
"The draft rules may differ significantly in between the draft version and the final, however, we'll be able to get an idea of how this new IDR plan could look like once we get the draft," says Mayotte.
>> MORE:
Can I discharge student loans in bankruptcy?
People who are in bankruptcy have for a long time been able to request to have their school loan debt to be eliminated however, it has historically been more challenging than discharging other consumer debts , like credit card and medical bills. The reason is that borrowers must demonstrate to a judge the student loan was a source of hardship, a tough test to be able to get relief.
The situation changed in November when both the Departments of Justice and Education jointly announced new guidelines that aimed to uniformize the definition of "undue burden." A bankruptcy judge is still able to make a final decision in each individual case.
"Today's guidance outlines a better, fairer, more transparent procedure for student loan borrowers in bankruptcy" said Vanita Gupta an associate attorney general with the Justice Department, in a press release.
In bankruptcy, borrowers can file under the new guidelines now, but Stanley Tate, an attorney who is a specialist in student loans, suggests that borrowers who've been paying for at least 20 years, consider abstaining until the funds are applied into their bank accounts by July before making any decisions. (The White House unveiled the one-time IDR waiver in a separate announcement from the proposed new IDR plan, beginning in the month of April, 2022. The waiver will count every month that you've been in repayment or on pause since you left school, and will move some people closer to the finish line.)
"It could be that your loan is automatically wiped out ... therefore there's not much benefit of going that bankruptcy route," says Tate.
What's going on with the Joint Consolidation Loan Separation Act?
Then, in October of this year Biden made his Joint Consolidation Loan Separation Act into law. This law will permit people who have previously had consolidated the student loans with a spouse -- through a program that ran from 1993 until 2006 . finally split them. 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 with consolidation loans, this new law will ensure "freedom from financial and domestic abuse, freedom to control their own financial future and the freedom to enjoy the same rights as other borrowers across the nation," said Sen. Mark Warner (D-Va.) who is the bill's co-sponsor, in a press release.
It is estimated that the Education Department holds at least 13,000 joint consolidation loans according the Warner's Office. However, we still aren't sure how long it will take for the new law to be implemented, or what the application process will look like or which documents will be required.
Get updates announcements 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 identify your top spending trends as well as areas you can cut back.
If you have any kind of questions pertaining to where and the best ways to make use of 255 payday loans (all-about-money.site), you can contact us at our web site.
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