Public Service Loan Forgiveness

ADP Teams Up with Summer to Support SECURE 2.0 Student Loan Retirement Match

Retrieved on: 
Thursday, March 28, 2024
Retirement, PSLF, Pressure, IDR, Public Service Loan Forgiveness, ADP, Financial adviser

NEW YORK, March 28, 2024 /PRNewswire-PRWeb/ -- Today, Summer and ADP announced an integration to support student loan benefits offerings. This relationship will make it possible for all of ADP's retirement plan clients to offer Student Loan Retirement Matching and additional student debt tools through Summer's platform.

Key Points: 
  • NEW YORK, March 28, 2024 /PRNewswire-PRWeb/ -- Today, Summer and ADP announced an integration to support student loan benefits offerings.
  • This relationship will make it possible for all of ADP's retirement plan clients to offer Student Loan Retirement Matching and additional student debt tools through Summer's platform.
  • Even when student loan payments were paused, many student loan debt holders reported they delayed saving for retirement due to that debt, and with payments now resumed, employees may feel increased pressure to prioritize paying down debt over saving for retirement.
  • The SECURE 2.0 Act helps alleviate this savings challenge by allowing employers to treat student loan payments as qualifying contributions toward retirement plans.

Research from WGU Labs and Savi Shows Impact of Student Loans on Key Personal, Financial, and Educational Milestones

Retrieved on: 
Wednesday, January 10, 2024
Ageing, Student, Woman, University, Insurance, Marriage, Forgiveness, Public Service Loan Forgiveness, Grammatical mood, Retirement, Education, Latinx, Bank

This current student loan debt crisis has broad ramifications but has disproportionately impacted those least able to realize the benefits of higher education.

Key Points: 
  • This current student loan debt crisis has broad ramifications but has disproportionately impacted those least able to realize the benefits of higher education.
  • WGU Labs and Savi identified four key findings from the survey:
    Of all borrowers, 43% reported struggling with student loans before the payment pause.
  • With tuition costs continuing to rise, students are borrowing more in student loans and taking longer to pay them off,” said Dr. Betheny Gross, Research Director, WGU Labs.
  • “These survey findings point to the deep and broad impact the student loan crisis is having on millions of Americans’ lives and prosperity.

NCLA Asks Appeals Court to Block Unlawful Biden Scheme Trying to Cancel Student Loan Debt

Retrieved on: 
Tuesday, October 10, 2023
Congress, Mackinac Center for Public Policy, Joe Biden, Law of the United Kingdom, Public Service Loan Forgiveness, Democracy, Forgiveness, Same-sex marriage in the Sixth Circuit, Education, Cato, Organization, Court, United States Court of Appeals for the Sixth Circuit, Administration, Cato Institute, Bangladesh Technical Education Board, IDR, Greenhouse effect (United States Supreme Court), Constitution, NCLA, Public policy, Supreme court, Administrative Procedure Act (United States), Fiat, Policy, PSLF, Ink

Moving on an accelerated schedule to deter court review, the Department of Education announced the unlawful plan in July before the ink was dry on the Supreme Court opinion striking down its old $430 billion student loan debt cancellation plan.

Key Points: 
  • Moving on an accelerated schedule to deter court review, the Department of Education announced the unlawful plan in July before the ink was dry on the Supreme Court opinion striking down its old $430 billion student loan debt cancellation plan.
  • On October 4, President Biden announced an additional $9 billion in student loan debt cancellation, including $5.2 billion for PSLF borrowers and $2.8 billion for IDR borrowers.
  • NCLA released the following statements:
    “The Supreme Court has declared unlawful the Administration’s $430 billion student loan program to cancel student loan debt by administrative fiat without involving Congress.
  • The Department of Education’s ongoing campaign to cancel billions of dollars of student loans by rewriting statutes is disgraceful and despotic.”

NCLA Asks Appeals Court to Block Unlawful Biden Scheme Trying to Cancel Student Loan Debt

Retrieved on: 
Tuesday, October 10, 2023
Congress, Mackinac Center for Public Policy, Joe Biden, Law of the United Kingdom, Public Service Loan Forgiveness, Democracy, Forgiveness, Same-sex marriage in the Sixth Circuit, Education, Cato, Organization, Court, United States Court of Appeals for the Sixth Circuit, Administration, Cato Institute, Bangladesh Technical Education Board, IDR, Greenhouse effect (United States Supreme Court), Constitution, NCLA, Public policy, Supreme court, Administrative Procedure Act (United States), Fiat, Policy, PSLF, Ink

Moving on an accelerated schedule to deter court review, the Department of Education announced the unlawful plan in July before the ink was dry on the Supreme Court opinion striking down its old $430 billion student loan debt cancellation plan.

Key Points: 
  • Moving on an accelerated schedule to deter court review, the Department of Education announced the unlawful plan in July before the ink was dry on the Supreme Court opinion striking down its old $430 billion student loan debt cancellation plan.
  • On October 4, President Biden announced an additional $9 billion in student loan debt cancellation, including $5.2 billion for PSLF borrowers and $2.8 billion for IDR borrowers.
  • NCLA released the following statements:
    “The Supreme Court has declared unlawful the Administration’s $430 billion student loan program to cancel student loan debt by administrative fiat without involving Congress.
  • The Department of Education’s ongoing campaign to cancel billions of dollars of student loans by rewriting statutes is disgraceful and despotic.”

Research from WGU Labs and Savi Shows Student Loan Borrowers Are Unaware of Government Programs as Repayment Begins

Retrieved on: 
Wednesday, September 27, 2023
University, Public Service Loan Forgiveness, Research, SALT, Public sector, Ageing, Forgiveness, PSLF, Bank, Credit, Western Governors University, Gallup

This seems to be particularly true for borrowers who have less than a bachelor’s degree and borrowers living on limited income.

Key Points: 
  • This seems to be particularly true for borrowers who have less than a bachelor’s degree and borrowers living on limited income.
  • “With 43 million student loan borrowers across the country holding $1.6 trillion of federal debt, student debt and repayment is a national concern,” said Dr. Betheny Gross, Research Director, WGU Labs.
  • “We are committed to reaching these communities, to give them the support they need to successfully navigate this complicated process."
  • WGU Labs and Savi surveyed a nationally representative sample of 3,406 student loan borrowers aged 21 to 50 to learn more about what they owe, how they are navigating repayment, and how the debt they carry shapes their personal, professional, and financial choices.

NCLA Suit for Cato and Mackinac Center Contests Biden’s New Student Loan Debt Canceling Scheme

Retrieved on: 
Friday, August 4, 2023
Bangladesh Technical Education Board, IDR, Cato, Office of Inspector General, U.S. Department of Health and Human Services, Public policy, Mackinac Center for Public Policy, Administrative Procedure Act (United States), Nonsense, Public Service Loan Forgiveness, Cato Institute, Ink, Organization, Treasury, Congress, District court, O'Hara, U.S. Treasury, Administration, Complaint, Supreme court, Law of the United Kingdom, NCLA, Forgiveness, PSLF, Douglas v. U.S. District Court ex rel Talk America, Constitution, Security (finance), Lease

The plan would cancel even more debt prematurely at taxpayer expense for another 2.8 million IDR borrowers in the future.

Key Points: 
  • The plan would cancel even more debt prematurely at taxpayer expense for another 2.8 million IDR borrowers in the future.
  • The plan thus directly harms non-profit organizations that benefit from PSLF like Cato and the Mackinac Center and undermines Congress’ goals in enacting the PSLF program.
  • NCLA made similar standing arguments in its successful Biden v. Nebraska amicus curiae brief , in a now-closed federal lawsuit with the Cato Institute against the previous student loan debt cancellation plan, and in a continuing Mackinac Center suit challenging the Department of Education’s repeated student loan payment suspensions.
  • No amount of nonsense changes the essential fact Congress required debtors to make payments before receiving debt relief.”

Annals of Family Medicine: Papers illustrate ways in which federal and insurance policies may negatively influence primary care practice

Retrieved on: 
Tuesday, July 25, 2023
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ANN ARBOR, Mich., July 25, 2023 /PRNewswire/ -- Two papers published in the July/August issue of Annals of Family Medicine address federal policy impact on Family Medicine practice.

Key Points: 
  • ANN ARBOR, Mich., July 25, 2023 /PRNewswire/ -- Two papers published in the July/August issue of Annals of Family Medicine address federal policy impact on Family Medicine practice.
  • The first documents differences in how federal medical school loan repayment programs support doctors who want to practice in rural and underserved areas.
  • The second describes the impact of differences in insurance reimbursement rates for identical care based on specialty and the implications of these differences on patient access to care.
  • Complete editorial content and interactive discussion groups for each published article can be accessed free of charge on the journal's website, www.AnnFamMed.org .

Guild’s Student Debt Prevention Impact Expands to Include Debt Optimization through Partnership with Candidly, Helping America’s Workforce Reduce Existing Student Loan Debt

Retrieved on: 
Wednesday, July 12, 2023
Technology, Personal Finance, Human Resources, Professional Services, Continuing, Training, University, Education, Artificial Intelligence, Workplace, Workforce, Growth, Supreme, Partnership, Guild, Public Service Loan Forgiveness, Tutoring, Bank, Nursing, Management, Candidly Nicole

Today, Guild , the leader in opportunity creation for America’s workforce, announced its new partnership with Candidly , an AI-driven student debt and savings optimization platform.

Key Points: 
  • Today, Guild , the leader in opportunity creation for America’s workforce, announced its new partnership with Candidly , an AI-driven student debt and savings optimization platform.
  • By design, Guild prevents the rise of new student debt through access to tuition-free education and learning programs, and now through its partnership with Candidly, the company is helping to reduce debt incurred prior to utilizing Guild.
  • Through the partnership, Guild expands the wraparound support services it provides to its members to now include student loan benefits.
  • Among Guild members with student loans, a notable 80% expressed their intention to stay longer with employers who offer student loan benefits.

American Federation of Teachers and Summer Reach $22 Million in Realized Student Loan Forgiveness

Retrieved on: 
Wednesday, May 31, 2023
Professional Services, Education, Finance, Other Education, Consulting, Banking, IDR, Partnership, Public Service Loan Forgiveness, AFT, Joe Biden, Pell, SCOTUS, American Federation of Teachers, AFL–CIO, Nursing, Forgiveness, PSLF, Tutoring, Summer

The American Federation of Teachers , an affiliate of the AFL-CIO that represents more than 1.7 million members, in partnership with Summer , a Certified B Corporation whose digital education assistance solution empowers individuals to reach their financial goals, today announced it has helped nearly 25,000 teachers with their student debt, connecting borrowers to $22 million in realized student loan forgiveness.

Key Points: 
  • The American Federation of Teachers , an affiliate of the AFL-CIO that represents more than 1.7 million members, in partnership with Summer , a Certified B Corporation whose digital education assistance solution empowers individuals to reach their financial goals, today announced it has helped nearly 25,000 teachers with their student debt, connecting borrowers to $22 million in realized student loan forgiveness.
  • “While the Biden Administration’s student loan forgiveness plan hangs in the balance at SCOTUS, we continue to fight to keep the promise of Public Service Loan Forgiveness for America’s teachers, nurses and all public employees,” said Randi Weingarten, President of AFT.
  • Through the Public Service Loan Forgiveness (PSLF) program, Summer has helped AFT members see $22 million in student loans canceled to date.
  • Additionally, AFT members enrolled in an Income-Driven Repayment plan through Summer are anticipating an average of nearly $53,000 over the lifetime of their loan.

Mackinac Center Asks Federal Court to Immediately Halt ED’s Unlawful Student Loan Payment Pause

Retrieved on: 
Thursday, May 11, 2023
Mackinac Center for Public Policy, Employment, Public policy, United States Department of Education, HEROES Act, Public Service Loan Forgiveness, Lawyer, Judgement, Education Act, Government, Congress, District court, COVID-19, Motion, NCLA, United States Department of the Treasury, PSLF, Douglas v. U.S. District Court ex rel Talk America, Security (finance), Education

This unauthorized, backdoor form of debt reduction disproportionately benefits high-income earners with larger loans, such as doctors and lawyers.

Key Points: 
  • This unauthorized, backdoor form of debt reduction disproportionately benefits high-income earners with larger loans, such as doctors and lawyers.
  • Congress suspended monthly payment obligations and interest accrual on federal student loans by law for six months in response to the Covid-19 pandemic.
  • This unlawful ongoing student-loan payment pause fits a familiar pattern that already played out in the context of the federal eviction moratorium.
  • First, Congress enacts a temporary economic-relief program, then an administrative agency extends that program indefinitely, and finally courts step in to halt the unlawful scheme.”