Private Equity's $29 Trillion Seizure of Retirement Funds Exposed
In a recent development, the Department of Education has temporarily suspended student loan forgiveness under the Income-Based Repayment (IBR) plan in the United States [1][2][3][4]. This move comes as the department updates its systems and recalculates borrower payments, a decision partly driven by the need to recalculate payment counts for borrowers.
The IBR plan, created by Congress under a different statutory authority than other income-driven repayment plans like SAVE, PAYE, and ICR, has its loan forgiveness temporarily halted [1][2][3]. Forgiveness under IBR occurs after borrowers have made either 20 or 25 years of qualifying monthly payments (usually around 300 payments) depending on the loan type and borrower circumstances [1][4].
The pause stems from the need to recalculate payment counts, especially since the court injunction on other plans interrupted the counting of certain payments and forbearances that could count toward forgiveness [3]. Borrowers who have already made sufficient payments toward forgiveness should continue making payments. The Education Department has indicated it will refund any overpayments made while forgiveness is paused once processing restarts [3].
However, some borrowers eligible for forgiveness under IBR have reported that they are still being billed despite meeting the 20- or 25-year threshold due to this administrative pause, raising concerns among advocates about honoring federal law on loan cancellation [4].
It's important to note that forgiveness under IBR remains legally intact and separate from the court-blocked plans. Borrowers are advised to continue payments and remain in communication with their loan servicers. Forgiveness will resume, but the exact timing is currently uncertain [1][2][3][4].
Meanwhile, in other news, Venus Williams, a seven-time major champion, recently defeated fellow American and world No. 35 Peyton Stearns, making her the oldest player to win a WTA singles match since 2004 [5]. Krispy Kreme, on the other hand, is not experiencing atypical gains this week, contrary to some reports [6].
References:
- Education Department Pauses Student Loan Forgiveness under Income-Based Repayment Plan
- IBR Student Loan Forgiveness Paused: What Borrowers Need to Know
- Student Loan Forgiveness under Income-Based Repayment Plan Paused
- Borrowers Left in Limbo as Student Loan Forgiveness under Income-Based Repayment Plan is Paused
- Venus Williams Defeats Peyton Stearns to Become Oldest Player to Win WTA Match since 2004
- Krispy Kreme is Not a Meme Stock
- In the realm of career development and personal-finance, student loan debt poses a considerable challenge for many, even impacting figures like female entrepreneurs and women entrepreneurs, such as Jean Hynes, Jennifer Love Hewitt, and Venus Williams who might have educational loan debts to manage alongside their professional pursuits.
- Amidst financial concerns, it's crucial for women entrepreneurs to prioritize investing in education-and-self-development opportunities, given the competitive business landscape faced by small business owners.
- On a positive note, resilience and burnout management skills, which are vital for entrepreneurs and students alike, can be fundamental aspects of personal-growth and career-development, helping individuals navigate through challenges and thrive in their professional lives.
