A recent 9th Circuit Court ruling concludes a seven-year class-action lawsuit, Sweet v. McMahon, ensuring debt erasure for nearly half a million federal student loan borrowers defrauded by colleges. The settlement, the largest ever against the U.S. government, will provide over $23 billion in relief.
Hundreds of thousands of U.S. student loan borrowers are receiving $23 billion in debt forgiveness through a class-action settlement with the Department of Education. This relief follows claims that schools misled students and the Trump administration delayed Borrower Defense applications.
The U.S. Department of Education's new Repayment Assistance Plan (RAP) offers benefits like interest waivers and principal matching, but only if payments are made on time. Late payments, even by one day, result in the loss of these valuable benefits and do not count towards loan forgiveness.
Student borrowers in the SAVE plan must transition to a new repayment option within 90 days of notification due to a federal appeals court order. Failure to do so may result in placement on a more expensive plan or loan default, with potential wage garnishment.
A new study suggests that borrowers who expected student loan forgiveness under the Biden administration's thwarted plan made financial decisions leading to increased distress, including reduced payments and delayed durable purchases, resulting in higher costs.
Millions of federal student loan borrowers face significant changes starting July 1, including the end of the SAVE plan and new limits on graduate and Parent PLUS loans. These changes are expected to increase monthly payments for many, with some facing auto-enrollment in standard plans if they don't switch.
Mortgage demand remained flat last week, with total application volume up 0.04%, as interest rates held steady. Borrowers are shying away from riskier adjustable-rate mortgages, which hit their lowest share since January.
The U.S. Department of Education, under a Trump administration policy, is offering eligible federal student loan borrowers a 1 percentage point interest rate reduction for enrolling in autopay by Sept. 30, 2026. This temporary relief, starting July 1, lasts until June 30, 2028, aiming to help borrowers with rising living costs.
The Trump administration will offer federal student loan borrowers a 1% interest rate reduction if they sign up for autopay, starting July 1. Borrowers have until Sept. 30 to enroll for the discount, which lasts until June 30, 2028.
Tens of thousands of Americans with federal student loans are facing technical issues and misinformation as major changes to repayment and relief options under the One Big Beautiful Bill Act take effect July 1. Advocates report problems with accessing plans like PAYE and inaccurate payment estimates, complicating the transition for millions.
Millions of US student loan borrowers face significant changes to repayment plans starting July 1. The Biden-era Save plan is ending due to a court ruling, replaced by stricter, less forgiving options under policies influenced by the Trump administration. New plans like RAP and the tiered standard plan offer different structures for borrowers.
A new federal student loan repayment plan, the Repayment Assistance Plan (RAP), starts July 1. Borrowers can lower monthly bills by reducing their pretax income through 401(k) contributions, HSAs, or FSAs. Each dependent claimed can reduce the bill by $50.
Kakao Bank announced it has provided an additional KRW 1.2 trillion in loans to low-to-mid credit borrowers by utilizing an alternative credit scoring model based solely on non-financial data. This model, developed in-house, has enabled the bank to approve loans for approximately 12% of borrowers who would have been rejected by traditional methods.
Starting July 1, significant changes to US student loans include the end of the SAVE plan, introduction of new Republican-designed repayment plans, and stricter borrowing limits for graduate students and parents. The article details various repayment options and eligibility criteria.
Coinbase and Better Home & Finance will allow qualified borrowers to use Bitcoin or USDC as collateral for down payments on Fannie Mae-backed mortgages starting summer 2026. This initiative follows a 2025 FHFA directive to consider crypto in mortgage risk assessments.
Lenders assess new-to-credit applicants based on existing bank relationships, job stability, income, and cash flow. Building creditworthiness involves FD-backed cards, co-applicants, and small-ticket loans, with timely repayment being crucial.
New federal student loan rules under Trump's 'One Big Beautiful Bill Act' take effect July 1, impacting repayment and forgiveness options for 'new borrowers.' Existing 'legacy borrowers' retain more favorable plans like IBR, while new borrowers face limited choices and fewer relief options.
Global interest rate hikes are increasing the burden on South Korea's vulnerable households and marginal firms, with household debt nearing 2,000 trillion won. Rising rates threaten to curb household consumption, potentially leading to domestic demand slowdown.
Mortgage rates climbed last week, reducing loan demand and pushing consumers toward riskier adjustable-rate mortgages. Total applications fell 2.3%, with 30-year fixed rates hitting a 7-week high of 6.56%.
Recent and upcoming changes to U.S. income-driven repayment (IDR) plans will impact student loan debt cancellation for millions. Borrowers must evaluate options like IBR, RAP, and PSLF for optimal debt forgiveness strategies.
Student loan defaults are showing up on consumers' credit reports for the first time since the Covid pandemic, a new blog by the New York Fed shows.
Financial Stability Board report reveals tech, healthcare and services sectors as the biggest borrowersThe private credit industry’s role in fuelling the AI boom could backfire, with a sharp correction leading to “sizeable” losses, the Financial Stability Board has warned.A new report into private credit by the global watchdog, which monitors financial authorities including central banks in 24 countries, found that the healthcare, services, and tech sectors have become the biggest borrowers of private credit. Continue reading...
The data blockchain securing onchain finance projects looks to provide lenders and borrowers with agreement-specific collateral solution.
New TransUnion data reveals the K-shaped economic recovery is intensifying, with superprime borrowers (credit scores 780+) becoming more stable while subprime consumers (below 600) face rising debt burdens. Average credit card balances hit $6,519, up 2.3% year-over-year, with lower-income households hardest hit since pandemic-era subsidies expired in 2023.
