Student Loans

Known as a global leader in STEM, the Massachusetts Institute of Technology's financial aid programme addresses student debt in the US, which surpassed $1.6 trillion in 2020

Rs 3,600 crore outlay outlined for the scheme till FY31

Whether it's tuition fees, books, or even a laptop, education loans help cover the costs and make education more affordable

The new credit guarantee scheme has now also been extended to NBFCs, MFIs and SFBs

A federal appeals court blocked the implementation of the Biden administration's student debt relief plan, which would have lowered monthly payments for millions of borrowers. In a ruling Thursday, the 8th Circuit Court of Appeals granted a motion for an administrative stay filed by a group of Republican-led states seeking to invalidate the administration's entire student loan forgiveness programme. The court's order prohibits the administration from implementing the parts of the SAVE plan that were not already blocked by lower court rulings. The ruling comes the same day that the Biden administration announced another round of student loan forgiveness, this time totalling $1.2 billion in forgiveness for roughly 35,000 borrowers who are eligible for the Public Service Loan Forgiveness programme. The PSLF program, which provides relief for teachers, nurses, firefighters and other public servants who make 120 qualifying monthly payments, was originally passed in 2007. But for years, .

Another group of Republican-led states is suing to block the Biden administration's new student loan repayment plan, which offers a faster path to cancellation and has already been used to forgive loans for more than 150,000 borrowers. Seven states led by Missouri filed a federal lawsuit Tuesday challenging Biden's SAVE Plan, which has become a new legal target for conservative opponents after the Supreme Court toppled the Democratic president's first attempt at student loan cancellation. It largely mirrors another suit filed last month by Republican attorneys general in 11 states, led by Kansas. Yet again, the President is unilaterally trying to impose an extraordinarily expensive and controversial policy that he could not get through Congress, according to the new suit. Filed just a day after Biden trumpeted a new proposal to cancel student loans for millions of borrowers, the lawsuit sets the stage for one legal battle and foreshadows another. The suit doesn't directly challenge

A group of Republican-led states is suing the Biden administration to block a new student loan repayment plan that provides a faster path to cancellation and lower monthly payments for millions of borrowers. In a federal lawsuit filed Thursday, 11 states led by Kansas argue that Biden overstepped his authority in creating the SAVE Plan, which was made available to borrowers last year and has already cancelled loans for more than 150,000. It argues that the new plan is no different from Biden's first attempt at student loan cancellation, which the Supreme Court rejected last year. "Last time Defendants tried this the Supreme Court said that this action was illegal. Nothing since then has changed," according to the lawsuit. Biden announced the SAVE repayment plan in 2022, alongside a separate plan to cancel up to USD 20,000 in debt for more than 40 million Americans. The Supreme Court blocked the cancellation plan after Republican states sued, but the court didn't examine SAVE, which

The donation made by former Professor Ruth Gottesman stands as one of the largest charitable contributions to an educational institution in the United States

President Joe Biden said Wednesday that while a college degree was still a ticket to a better life, that ticket is often too expensive, as he announced he was cancelling federal student loans for nearly 153,000 borrowers. Biden, who is in the midst of a three-day campaign swing through California, made the announcement as part of a new repayment plan that offers a faster path to forgiveness, putting the spotlight on his debt cancellation efforts as he ramps up his reelection campaign. Too many Americans are still saddled with unsustainable debt in exchange for a college degree, he said from a local library, before he went on to campaign-related events. Loan relief helps the greater economy, he reasoned, because "when people have a student debt relief, they buy homes. They start businesses, they contribute. They engage. The administration began sending email notifications on Wednesday to some of the borrowers who will benefit from what the White House has called the SAVE program. The

The Biden administration is moving toward a narrower student loan relief plan that would target specific groups of borrowers those with soaring interest, for example rather than a sweeping plan like the one the Supreme Court rejected in June. The Education Department on Monday released a draft of new federal rules paving the way for a second attempt at student loan relief. The proposal targets groups that are seen as especially vulnerable, focusing on those who owe so much, or make so little income, that they otherwise may never repay their loans. Though full details are likely months away, the department says it wants to cancel some or all student debt for: borrowers whose balances exceed what they originally owed; those who have loans that entered repayment 25 or more years ago; those who used loans to attend career-training programs that led to unreasonable debt loads or insufficient earnings; those who are eligible for other loan forgiveness programs but did not apply. A fifth

The Himachal Pradesh government has implemented a new scheme this financial year to provide educational loans to eligible students of the state at an interest rate of one per cent, Chief Minister Sukhvinder Singh Sukhu said on Monday. The government is committed to providing quality education and the 'Dr Y S Parmar Vidyarthi Rin Yojna' will ensure that no youngster of the state is deprived of higher or professional education due to financial constraints, he said in a statement. In his Budget speech in March, Sukhu announced that education loans would be provided at the rate of one per cent to students of the state. Students from families having an annual income of less than Rs 4 lakh are eligible to avail loans under this scheme, he said. The age limit to avail of the loan has been fixed at 28 years as of registration and admission date. Sukhu said a corpus will be maintained at the level of the deputy commissioner in the districts for cases in which the money is required to be ...

The company stated that it has funded over 7,500 students across over 900 universities in over 25 countries

The new plan counts more payments toward a forgiveness program that kicks in when borrowers have made the equivalent of either 20 or 25 years worth of payments

A sharply divided Supreme Court ruled Friday that the Biden administration overstepped its authority in trying to cancel or reduce student loans for millions of Americans. The 6-3 decision, with conservative justices in the majority, effectively killed the USD 400 billion plan, announced by President Joe Biden last year, and left borrowers on the hook for repayments that are expected to resume by late summer. The court held that the administration needs Congress' endorsement before undertaking so costly a program. The majority rejected arguments that a bipartisan 2003 law dealing with student loans provided the authority Biden claimed.

Be prepared to shell out 10-20% of the total cost out of your own pocket when you go abroad for studies

The Supreme Court agreed Thursday to decide whether the Biden administration can broadly cancel student loans, keeping the programme blocked for now but signalling a final answer by early summer. That's about two months before the newly extended pause on loan repayments is set to expire. The administration had wanted a court order that would have allowed the program to take effect even as court challenges proceed. The justices didn't do that, but agreed to the administration's fallback, setting arguments for late February or early March over whether the program is legal. President Joe Biden's plan promises USD 10,000 in federal student debt forgiveness to those with incomes of less than USD 125,000, or households earning less than USD 250,000. Pell Grant recipients, who typically demonstrate more financial need, are eligible for an additional USD 10,000 in relief. The Congressional Budget Office has said the program will cost about USD 400 billion over the next three decades. More

A federal appeals court has issued an administrative stay temporarily blocking President Joe Biden's plan to cancel billions of dollars in federal student loans. The Eighth Circuit Court of Appeals issued the stay late Friday while it considers a motion from six Republican-led states to block the loan cancellation programme. The stay ordered the Biden administration not to act on the programme while it considers the appeal. The order came just days after people began applying for loan forgiveness. It's unclear what the decision means for the 22 million borrowers who already applied for the relief. The Biden administration had promised not to clear any debt before October 23 as it battled the legal challenges, but the soonest it was expected to begin erasing debt was mid-November. The crucial question now is whether the issue will be resolved before January 1, when payments on federal student loans are expected to restart after being paused during the pandemic. Millions of America

President Joe Biden said nearly 22 million people have applied for federal student loan relief in the week since his administration made its online application available more than half of the number the White House believes are eligible for the programme. Speaking at Delaware State University, a historically Black university where the majority of students receive federal Pell Grants, Biden touted the first-week statistics since the application was beta-launched last Friday. He officially unveiled it at the White House on Monday. Biden's plan calls for USD 10,000 in federal student debt cancellation for those with incomes below USD 125,000 a year, or households that make less than USD 250,000 a year. Those who received federal Pell Grants to attend college are eligible for an additional USD 10,000. The plan makes 20 million eligible to get their federal student debt erased entirely. Biden highlighted the ease of the application, which doesn't require users to upload any forms or to

President Joe Biden's student loan forgiveness plan could lift crushing debt burdens from millions of borrowers, but the tax man may demand a cut of the relief in some states. That's because some states tax forgiven debt as income, which means borrowers who are still paying down student loans could owe taxes on as much as $10,000 or even $20,000 that was taken off their bill. In Mississippi, Minnesota, Wisconsin, Arkansas and North Carolina, forgiven student loans will be subject to state income taxes unless they change their laws to conform with a federal tax exemption for student loans, according to a tally by the Tax Foundation, a Washington, D.C.-based think tank. That dismays Cathy Newman, a Louisiana State University graduate who just took a job teaching freshman biology at the University of Southern Mississippi in Hattiesburg. She figures she could end up owing a few hundred dollars of money that she could have kept had she stayed in Louisiana. Newman said she can come up wit

According to Laurence Vance, a columnist and policy adviser for the Future of Freedom Foundation, "the government should not be in the student loan business in the first place."