Adam S. Minsky
@AdamSMinsky
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Attorney, writer, speaker, and national voice on student loan law. Licensed only in MA + NY + VT. Senior contributor at . Trekkie. He/him.
Joined November 2011
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Clients excitedly sending me copies of their loan forgiveness letters and screenshots showing $0.00 balances is a true joy and it does not get old.
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Really is wild that the Biden administration has *still* not made any announcement about the payment pause or an extension. We are two weeks out.
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The results of the Biden admin’s efforts to fix PSLF have been staggering. In just a few years, the program went from a 99% rejection rate and only a few thousand approvals to nearly 900,000 borrowers receiving over $60 billion in forgiveness.
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A federal court has dismissed a legal challenge to one of President Biden’s key federal student loan forgiveness plans. Over 800,000 borrowers are set to receive relief.
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Another city just called on Biden to forgive the student loan debt of millions of borrowers.
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BREAKING: The Supreme Court has denied a request to delay $6 billion in student debt relief under an approved settlement, paving the way for the Education Department to continue to discharge the debts of hundreds of thousands of borrowers.
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A group of House Democrats is calling on the Biden administration to release a long-awaited memo outlining whether the President has legal authority to
#Cancelstudentdebt
on a mass scale.
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A new poll released this week found pretty broad support for at least some student debt cancellation across a number of demographics --
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9 in 10 student loan borrowers say they are not ready to begin repaying their loans in October. via
@forbes
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A top White House official suggested that President Biden is considering a further extension of the ongoing pause on student loan payments, and that more student loan cancellation may be coming.
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New economic data released on Friday showing record levels of inflation is adding additional pressure on President Biden to extend the soon-to-expire student loan payment pause.
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Hmm I wonder what will happen if student loan payments turn back on. 🫠
NEW: An alarming number of Americans are already struggling, even if they have jobs
20.5 million are behind on utility payments
Nearly 25 million people are behind on their credit card, auto loan or personal loan payments. We haven't seen that since 2009
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A+ to Solicitor General Elizabeth B. Prelogar, I don't think she could have done better. If SCOTUS issued a ruling based solely on who best handled the oral arguments, it would be 9-0 in favor of the government.
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“Borrowers enrolled in the SAVE Plan will be placed in an interest-free forbearance while our Administration continues to vigorously defend the SAVE Plan in court,” said Cardona.
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As President Biden continues to consider a broad student loan forgiveness initiative, a huge coalition of advocacy organizations is urging him to cancel more than $10k in student loan debt, with some calling $10k a "slap in the face."
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Nearly half a million people have been approved for federal student loan forgiveness under the PSLF Waiver. And more is on the way.
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Biden admin to 8th Circuit: "So, hey, this legal challenge is about the SAVE plan, but it looks like you've blocked basically all student loan forgiveness, way beyond just SAVE. Can you clarify?"
8th Circuit: "No."
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Legal challenges and court orders are causing chaos across the federal student loan system, jeopardizing payment plans and loan forgiveness for millions. I don't think I've ever seen the system in such disarray.
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Doh. That's it, no student loan forgiveness decision today. But, FWIW, we now have multiple decisions where SCOTUS has found that states don't have standing to challenge a federal law or Biden admin policy...
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While this was widely expected to be the final few months of the student loan pause, the legal battles surrounding Biden’s student loan forgivenes initiative is putting pressure on the administration to extend the pause yet again.
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A coalition of over 130 organizations wrote to President Biden on Thursday, urging him to extend temporary student loan forgiveness initiatives and the student loan pause that are set to end within a matter of weeks.
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No student loan forgiveness decision from SCOTUS today.
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Been hearing a lot about insane call hold times at MOHELA. Really not good as hundreds of thousands of borrowers try to do exactly what
@usedgov
is telling them to do -- apply for PSLF under the Limited PSLF Waiver, which ends in 28 days.
When you currently try to call
@MOHELA
you just get message that says "Welcome to Verizon Wireless. Your call could not be completed as the called party is temporarily unavailable. Please try again later"
@FSACOO
@UnderSecKvaal
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The Dept. of Ed has updated its guidance on the new loan forgiveness plan expected to launch this fall. ED says no application will be required, relief will be automatic.
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Advocates for student loan borrowers are redoubling their efforts to convince President Biden to cancel student loan debt in the face of an increasingly unsettled federal student loan servicing system.
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Student Loan Nightmare: Millions See Payment Errors as Biden Administration Punishes Servicer
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Former Secretary of Education
@JohnBKing
is the latest high-profile official to call on President Biden to enact widespread student loan cancellation.
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2.7 Million Student Loan Borrowers To Be Compensated For Servicer Problems -- and guess what legal authority they're using? 👀
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The Biden administration announced on Friday that it will retroactively waive student loan interest for thousands of current and former active-duty military service members.
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Senator Elizabeth Warren grilled the CEOs of two student loan servicing giants at a Senate hearing today on the student loan crisis. Here are the highlights. via
@forbes
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website still not functioning properly due to high traffic. Not exactly what you want to see as ED is about to implement a massive new initiative.
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Just had another client get issued a Notice of Wage Garnishment by
@usedgov
for defaulted
#studentloans
. Her spouse is on unpaid leave, so a wage garnishment would be devastating for their family. All garnishments MUST be suspended NOW.
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Several signs point to another extension of the student loan payment pause. But without concrete information from the White House and ED, borrowers are in the dark about what to expect in the coming months.
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As millions of borrowers barrel towards the end of the student loan payment pause, a key Senate Democrat is calling on President Biden to permanently eliminate federal student loan interest.
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The current state of student loan interest exemplifies the chaotic environment borrowers have to navigate right now. Here are the latest updates.
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Another one bites the dust. This fall is going to be an absolute mess for borrowers.
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BREAKING - the 8th Circuit has temporarily blocked the SAVE plan, which could have major ramifications for borrowers.
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As student loan payments resume, the Biden administration has launched several student loan forgiveness and repayment initiatives. But the system appears to be buckling.
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A coalition of student loan borrower advocacy orgs filed a lawsuit this week against the Biden administration, accusing officials of delaying the processing of a group discharge request for borrowers who were defrauded by their school.
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Student Loan Forgiveness And Repayment Plans At Major Risk As Problems Worsen.
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SCOTUS just found that states don't have standing to sue Biden in another case 👀
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PSLF is not subject to current legal challenges, although PSLF borrowers are nevertheless being impacted by them. Even the 8th Circuit concedes PSLF is a legit program. But the ultimate fate of PSLF may hinge on the outcome of the upcoming elections.
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The Harvard student newspaper pointed out that the vast majority of students graduating from Ivy League schools are not graduating with debt, so it makes no sense to cite these schools as a reason to limit student loan forgiveness.
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Biden -- again -- falsely suggested that mass student loan cancellation would primarily benefit Ivy League students. Students and borrower advocates have pushed back.
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25 Million Borrowers Will Get Student Loan Forgiveness Emails This Week As Biden Takes Next Debt Relief Step --
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BREAKING -- The Biden admin on Tuesday announced sweeping reforms for income-driven repayment programs. Over 3.6 million borrowers are expected to benefit, according to ED, with at least 40,000 borrowers receiving immediate student loan forgiveness.
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BREAKING -- ED announced sweeping new executive actions today to transform the Public Service Loan Forgiveness (PSLF) program. Nearly 600,000 borrowers will get closer to student loan forgiveness as a result. Here are the details.
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Would be great if
@usedgov
would look into this and provide more clarity on what the heck is going on here. cc:
@SecCardona
@FSACOO
@UnderSecKvaal
. This is very alarming, and borrowers deserve an actual clear explanation.
🚨 Some borrowers have started to receive notices that their student loan forgiveness has been reversed, and their balances reinstated. There's a lot we still don't know, but here's what we do know so far.
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The Dept. of Ed released new guidance this week on the impacts of the SAVE plan legal challenges on borrowers seeking loan forgiveness via IDR or PSLF. Tl;dr -- not great at all for borrowers.
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A settlement agreement that would provide $6B in student loan relief to nearly 200,000 borrowers has not been fully implemented by a court-ordered deadline. A legal group representing impacted borrowers is now asking a federal court to step in.
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I am seeing more and more borrowers with double-digit interest rates on variable-rate private student loans. Absolutely insane. And given current rates, even borrowers w/ high income + great credit (which is rare) may still see very high rates on fixed-rate refi's.
We have to talk about private student loans—which hasn’t gotten relief since COVID.
This is one of our members, who can’t find an interest rate under 14%. This is only 1 of her loans. She’s been paying nonstop for almost a decade and it’s about to double.
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With the return of student loan repayment in a few weeks, borrowers are already encountering significant problems with online applications, loan servicing, and accessing key benefits.
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BREAKING -- The Biden administration announced an extension of a critical student loan forgiveness deadline, which will provide more time for borrowers who need to consolidate.
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It's been great hearing from all the folks getting their loans forgiven through PSLF during the last year. Still lots of problems and more work to do, but it's so much better than it was just a couple of years ago.
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The Education Department has released significant new details on how a massive new payment pause will impact student loan forgiveness and repayment plan programs, including for PSLF.
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With Biden’s signature student loan forgiveness program blocked by federal courts, millions of borrowers remain in stuck in limbo and are left wondering — how will this end? Here are some possibilities.
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I don't know if many folks fully appreciate the potential broad implications of the 8th Circuit's recent order blocking SAVE. If SCOTUS adopts the 8th Circuit's reasoning, loan forgiveness under *other* IDR plans could also be called into question, too.
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“We successfully halted their first two illegal student loan cancellation schemes; I have no doubt we will secure yet another win to block the third one.” -The AG of Missouri, who mentioned MOHELA 55 times in the latest suit to halt debt relief.
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The PSLF Waiver is providing very real, tangible relief for some borrowers. But many others are struggling to navigate a clumsy student loan bureaucracy and conflicting information. It's getting messy.
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Beta testing is over, the application is fully live now. And a whopping 8 million people have already applied (wow).
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🚨 “Interviews with a half dozen people involved in the rollout of the plan, commonly known as SAVE, reveal ED and the student loan servicers… are contending with administrative errors that have produced inaccurate payment amounts.”
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It's official -- the student loan pause is extended to May 1, 2022.
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Four years after borrowers first became eligible for loan forgiveness, PSLF still has a 98% denial rate.
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Millions of student loan borrowers may be receiving bills for payment amounts that are higher than what they should be. Here's why.
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Many borrowers may not realize that enrolling in a new Biden initiative when student loan payments resume could wind up cutting them off from other loan repayment plans.
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The 5 Wildest Student Loan Repayment Errors Derailing Forgiveness Right Now (some of these are bonkers...)
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It's great to hear all the good news about student loan forgiveness under the new PSLF waiver -- and I love hearing success stories from my clients and others -- but that doesn't mean things are going swimmingly.
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The Education Department just released draft regulations containing eligibility criteria and proposed student loan forgiveness amounts for Biden's new plan. Here are the key details.
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Had to say goodbye to this little guy over the weekend. Hug the ones you love, including your fur friends.
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Borrowers are being placed into administrative forbearances on a mass scale due to servicing problems. Will this count toward student loan forgiveness? The Dept. of Ed says some will, but questions remain.
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BREAKING -- A federal judge issued a scathing rebuke to Education Secretary Betsy DeVos for issuing mass denials of
#studentloan
forgiveness applications.
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If approved, several student loan companies may have to pay millions of dollars in penalties and other compensation for alleged servicing failures.
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House Republicans have unveiled sweeping legislation that would roll back President Biden’s student loan forgiveness and repayment initiatives.
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A major student loan relief program is winding down this month. And there could be credit report, collections, and student loan forgiveness implications.
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The Biden administration has begun sending student loan forgiveness emails to borrowers in a second wave of approvals under a temporary account adjustment.
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Millions of borrowers were notified this week that they will not have to make a student loan payment in July in anticipation of payments getting reduced under the SAVE plan. Here are key details.
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When I work with clients on PSLF matters, I often have to warn them in advance of the erroneous or panic-inducing letters they are likely to receive (I even call one specifically the “Do Not Panic Letter”). Just the most bizarre part of my job.
The number of panicked 3 am messages we receive is intense
People understandably freak out when MOHELA tells them they don’t qualify, or that after 10+ years only 3 payments count. All erroneous info
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Seeing lots of borrowers getting PSLF approval letters, truly life-changing stuff.
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The Consumer Financial Protection Bureau (CFPB) has issued a $1 million penalty to a major student loan servicer for allegedly misleading borrowers about student loan forgiveness. Here’s an overview.
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The longer the pause remains in effect, the more borrowers may ultimately get their loans forgiven. Here's why.
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BREAKING -- The Education Department announced that it is extending the ongoing student loan pause into 2023 in response to legal challenges over President Biden's student loan forgiveness program.
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The Education Department would be directly impacted by a federal government shutdown, and it could not come at a worse time for borrowers.
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An explosive new report released today by
@theSBPC
and
@AFTHigherEd
sheds new light on the U. S. Department of Education’s role in mismanaging the troubled Public Service Loan Forgiveness program. via
@forbes
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President Biden told reporters today that he is considering taking executive action to broadly cancel student loan debt, and a decision may be imminent. But sounds like it will be under $50k. No word on income limits. What are your predictions?
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5 Student Loan Forgiveness Updates As On-Ramp Begins And Problems Worsen
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🚨 Some borrowers have started to receive notices that their student loan forgiveness has been reversed, and their balances reinstated. There's a lot we still don't know, but here's what we do know so far.
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Millions of borrowers will receive student loan forgiveness credit for administrative forbearance periods as broad loan servicing problems continue.
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Congressional Republicans announced a new effort to try to repeal President Biden’s new income-driven repayment plan. via
@studentloantrav
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Understandable that the $10k/$20k one-time cancellation is dominating the news, but the Limited PSLF Waiver ends in two weeks (!!)... The programs aren't mutually exclusive, so you can apply for both, and FFELP loans can still benefit from the waiver.
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If you get a phone call about being "pre-qualified" for student loan forgiveness, it's a scam. Frankly, if you receive any phone call about loan forgiveness, it is almost certainly a scam.
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This week, the department added yet another deadline for borrowers as student loan payments resume. Critical dates are beginning to stack up, leading to potential confusion.
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A bit of whiplash here — a victory (albeit not necessarily a permanent one) for the Biden admin as lower payment under SAVE can go back into effect.
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If passed, the bill would result in dramatically accelerated student loan forgiveness for borrowers who have devoted their careers to public service work.
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Most hostile to Biden's loan forgiveness plan: Roberts, Thomas, Alito
Less hostile, but not favorable; murkier on standing: Gorsuch, Kavanaugh
More favorable towards the program, most hostile towards the standing of the challengers: Kagan, Sotomayor, Jackson, Barrett
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It's been another crazy week in what may be the craziest year for borrowers -- here's where things stand with student loan forgiveness under the SAVE plan, other IDR plans, PSLF, and a new plan that could arrive in just weeks.
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