Latest Student financial aid News

Democratic presidential candidate Sen. Elizabeth Warren, D-Mass., speaks during a campaign event, Sunday, Jan. 12, 2020, in Marshalltown, Iowa. (AP Photo/Patrick Semansky)

Warren vows to cancel college debt without awaiting Congress

Jan. 14, 2020 9:01 AM EST

WASHINGTON (AP) — Presidential candidate Elizabeth Warren says she'd order her secretary of education to cancel up to $50,000 in college debt for about 95% of student borrowers on her first day in office, effectively erasing outstanding loans for about 42 million Americans. The Democratic senator from...

FILE - In this Dec. 11, 2019, file photo Virginia Tech students walk across the Drillfield in the snow in Blacksburg Va. Income-driven repayment plans help more than 8 million federal student loan borrowers afford their monthly payments. But these borrowers can still run into trouble if they don’t update, or recertify, their income information on time annually. (Matt Gentry/The Roanoke Times via AP, File)

8 million student loan borrowers must do this in 2020

Jan. 9, 2020 11:00 AM EST

More than 8 million federal student loan borrowers use income-driven repayment plans. These plans can drop payments to $0 based on a borrower’s income and family size. And after 20 or 25 years — 10 if you work in public service — any remaining balance is forgiven. But to stay on these plans,...

FILE - In this June 5, 2018, file photo, Education Secretary Betsy DeVos testifies during a Senate Subcommittee on Labor, Health and Human Services, Education, and Related Agencies Appropriations in Washington. Facing a federal lawsuit and mounting pressure to act, Education Secretary Betsy DeVos on Friday, Nov. 8, 2019, said she will forgive loans for more than 1,500 borrowers who attended a pair of for-profit colleges that shut down last year.  (AP Photo/Carolyn Kaster, File)

Democrats, DeVos clash in fiery hearing that turned personal

Dec. 12, 2019 5:43 PM EST

House Democrats clashed with Education Secretary Betsy DeVos in a Thursday hearing that nearly spun out of control when one lawmaker called DeVos “the most unpopular person in our government" and said she's “out to destroy public education.” DeVos was facing the House’s education...

Congress finalizes bill restoring black college funding

Dec. 10, 2019 8:47 PM EST

After months of negotiation, Congress gave final approval Tuesday for a bill promising to restore more than $250 million a year to the nation's historically black colleges and universities, along with other institutions that teach large shares of minority students. The House voted 319-96 in favor of the...

Secretary of Education Betsy DeVos follows President Donald Trump as they leave NCAA Collegiate National Champions Day at the White House, Friday, Nov. 22, 2019, in Washington. (AP Photo/ Evan Vucci)

DeVos: Defrauded students may only get partial loan relief

Dec. 10, 2019 6:41 PM EST

Students who are cheated by their colleges will receive full loan forgiveness only if they end up earning far less than their peers, while others will receive relief between 25% and 75% of their debt under new rules unveiled Tuesday by the U.S. Education Department. The policy is a departure from the Obama...

FILE - In this March 14, 2019, file photo people walk on the Stanford University campus in Santa Clara, Calif. Seven percent of employers offer student loan repayment assistance as a benefit. For most companies, this benefit means making a direct payment to eligible employees’ loan. (AP Photo/Ben Margot, File)

Correction: NerdWallet-These Employers Pay story

Dec. 6, 2019 3:38 PM EST

In a story Nov. 14 about companies’ student loan repayment help, The Associated Press — in an article supplied by the personal finance website NerdWallet — reported erroneously what Raytheon employees can receive through the program. The program does not allow employees to use the company...

FILE - In this Sept. 18, 2017, file photo, suggestion boxes are set up during the White House Summit on Historically Black Colleges and Universities at the White House complex in Washington. The Senate has passed a bipartisan deal that would permanently restore funding to historically black colleges and universities and other schools that serve large shares of minority students. (AP Photo/Andrew Harnik, File)

Senate passes bill to save funding for black colleges

Dec. 5, 2019 6:23 PM EST

The Senate on Thursday passed a bipartisan deal that would permanently restore funding to historically black colleges and universities and other schools that serve large shares of minority students. The legislation also would simplify the federal form used to apply for student financial aid. Although the amended...

FILE - In this Oct. 21, 2019, file photo, Education Secretary Betsy DeVos listening to President Donald Trump during a Cabinet meeting in the Cabinet Room of the White House in Washington. DeVos is calling on Congress to consider splitting her department’s financial aid operation into a separate federal agency with the flexibility to operate like a private bank. (AP Photo/Pablo Martinez Monsivais, File)

DeVos calls for making financial aid unit a separate agency

Dec. 3, 2019 4:24 PM EST

Education Secretary Betsy DeVos says Congress should consider splitting her department’s financial aid operation into a separate federal agency with the flexibility to operate like a private bank. DeVos made the comments Tuesday in Reno, Nevada, at an annual conference hosted by the Education...

FILE - In this Nov. 6, 2019, file photo, Sen. Rand Paul, R-Ky., responds to reporters at the Capitol in Washington. Paul wants to combat the rising debt load for college students by allowing them to dip into retirement accounts to help pay for school or pay back loans. (AP Photo/J. Scott Applewhite, File)

Sen. Paul offering bill to combat student loan debt

Dec. 3, 2019 3:24 PM EST

FRANKFORT, Ky. (AP) — U.S. Sen. Rand Paul wants to combat the rising debt load engulfing college students by allowing families to use their retirement savings to pay off their loans. The Kentucky Republican introduced federal legislation late Monday that would allow students to dip into retirement accounts...

This undated photo provided by NerdWallet shows Liz Weston, a columnist for personal finance website NerdWallet.com. Three-quarters of U.S. households owe money, but the vast majority pay their bills on time and have debt loads that are reasonable given their incomes. (NerdWallet via AP)

Liz Weston: It’s time to let go of shame over your debt

Dec. 2, 2019 11:19 AM EST

Many of us feel bad about our debt. Most of us probably shouldn’t. Three-quarters of U.S. households owe money, but the vast majority pay their bills on time and have debt loads that are reasonable given their incomes. But many people still report being embarrassed about owing money. In one study, nearly...