A promised negotiated rulemaking provides an important opportunity to restore important protections for people with federal student loans. Although the SAVE Plan (Saving on a Valuable Education) is ending, the Department of Education should consider restoring regulatory provisions that apply to all IDR plans that could dramatically improve repayment options for borrowers. Background In 2023,…
States, counties, and local governments can help protect immigrants, their families, and communities from financial exploitation and other consumer abuses.
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More than 13 million people rely on Income-Driven Repayment (IDR) plans to repay their federal student loans. IDR plans provide borrowers who cannot afford standard, fixed payments with an alternative way to repay based on their income and family size and to become student debt-free by making up to 25 years of payments.
Parent PLUS loans are federal loans made to parents to help pay for their children’s college education. There are currently over 3.6 million people with Parent PLUS loans. A significant portion of today’s parent borrowers are very low-income and are struggling with repayment. Currently, they can access lower payments to help avoid distress and default…
This short issue brief provides the top four ways rolling back the 2022 Borrower Defense Rule will make it harder for scammed students to receive relief.
This one pager explains why the Closed School Discharge program is essential to preserve as federal lawmakers consider cuts to federal student loan programs.
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NCLC will pursue common-sense regulatory and legislative reforms to ensure fairness, fight fraud, and protect consumers in 2025.
A new fact sheet from NCLC and the New America Foundation examines the problem and provides policy solutions to protect the financial security of older adults with student loan debt.
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This paper starts by grounding readers in the consequences of student loan default, who is in default and why, and why so many borrowers remain in default for years. It then identifies legal authority, under existing regulations, that empowers the Secretary of Education to compromise student loan debts and so end collection from defaulted borrowers where such efforts would be futile or unreasonable. Now—before the suspension of federally-held student loan collection ends next year—is the time to act on that authority.
This Chapter Summary explains how older borrowers can prepare for when the federal student loan repayment pause ends. This Chapter Summary accompanies a presentation Kyra Taylor, Abby Shafroth, and Alpha Taylor did for the National Center on Law and Elder Rights on March 28, 2023.
Published 12/12/2022; Updated 2/15/24 A new Guidance from the Department of Justice (Department), issued in coordination with the Department of Education (Education), has the potential to change bankruptcy practice dramatically. Until now, attorneys have not thought of bankruptcy as a way to help clients struggling with student loan debt. If the Guidance is implemented as…
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