Student-loan borrowers are set to resume payments this year, and President Joe Biden wants to make sure it goes as smoothly as possible.
This budget release also comes in a time of significant uncertainty for student-loan borrowers. Millions of borrowers are waiting to hear whether Biden's plan to cancel up to $20,000 in student debt broadly will be upheld by the Supreme Court, and if they will have to resume student-loan payments this year without relief.
"This additional funding is needed to provide better support to student loan borrowers, especially as they return to repayment," the budget said."This increase would allow FSA to implement critical improvements to student loan servicing, continue to modernize its digital infrastructure, and ensure the successful administration of its financial aid programs through a simplified and streamlined process for students and borrowers.
In the budget Congress approved late last year, FSA did not get any increased funding, which administration officials had previously told reporters is problematic given the vast amount of programs — like debt relief and reforms to targeted repayment plans — that are on the Education Department's plate for implementation this year.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Is imitation crab healthy? Surimi meat nutritional valueInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Source: BusinessInsider - 🏆 729. / 51 Read more »
A 27-year-old home flipper rehabbed rundown 3 homes — see insideSee how a 27-year-old real-estate investor bought 3 homes — one for as little as $65,000 — and flipped them for profit
Source: BusinessInsider - 🏆 729. / 51 Read more »
Elon Musk says Twitter could become cash-flow positive next quarterElon Musk says it's been 'a very difficult four months' at Twitter, but the company has 'a shot' at becoming cash-flow positive next quarter
Source: BusinessInsider - 🏆 729. / 51 Read more »
3 reasons why student-loan lender SoFi wants to end payment pause3 reasons why a major student-loan lender thinks millions of borrowers should be thrown back into repayment, with or without debt relief
Source: BusinessInsider - 🏆 729. / 51 Read more »
Ex-Twitter manager said 'cruelty is the worst' in apparent dig at MuskA laid-off Twitter manager, who was one of Elon Musk's most loyal employees, tweeted 'cruelty is the worst' in an apparent dig at the tech mogul A Rede Social Meta Facebook também está postando mensagens subliminares contra negros, gays, nordestinos e povo indígenas no Brasil tem que haver uma investigação profunda nestas Rede Sociais, a Meta está agindo igual a propaganda nazista de Josef Goebbels. Not cruelty, it‘s his respect and belief in their ability. Long Live Elon Loyal apparatchik, slapped down by imperious Rex. Not enough simping and extra super extreme hardcore coding.
Source: BusinessInsider - 🏆 729. / 51 Read more »