As the Trump administration overhauls the federal student loan repayment system, borrowers may soon find it difficult to keep up with their monthly payments, consumer advocates said. The SAVE, or Saving on a Valuable Education, plan, touted by the Biden administration as the most affordable repayment program ever, is now defunct. President Donald Trump’s “big…
A March 2025 Empower study found that 55% of respondents felt further away from financial success than they did the previous year. While rising costs and uncertainties about the economy can make you feel out of control and unconfident about your money, you can focus on taking the right steps — and avoiding the wrong…
Advice for students to navigate job market stress and student loan struggles for recent grads – CBS News Watch CBS News As young Americans struggle with job prospects and loan repayment, CBS News business analyst Jill Schlesinger shares tips to ease financial stress and stay on track. Be the first to know Get browser notifications…
Student loan advocate says payment system is in “complete disarray” – CBS News Watch CBS News Millions of Americans are facing a major expense they previously thought was in their rearview mirror. The federal government is resuming collections on defaulted student loans. Lana Zak reports on loan holders already struggling to make ends meet. Be…
The Department of Education says federal student loan borrowers who do not pay on time could damage their credit scores and even have their wages garnished beginning today, May 5 — causing challenges for some of the more than 5 million borrowers who are in default and struggling to get answers about their loans. “I don’t…
Millions of student loan borrowers could face a wake-up call Monday as the Department of Education resumes collecting on school loans. The restart of collections comes as data from a recent analysis shows delinquency rates among people with student debt are at an all-time high. After nearly five-years since the U.S. government first paused federal…
Republican lawmakers on Monday introduced a proposal to overhaul the nation’s student loan system, including eliminating a popular repayment plan that had helped millions save money on their debt payments. The proposal, which was released by the House Committee on Education and the Workforce, would save more than $330 billion, according to a statement by…
Washington — The Education Department will soon begin collecting payments for student loans that are in default, including through wage garnishment for potentially millions of borrowers, the department announced Monday. Beginning May 5, the Education Department will begin involuntary collections through the Treasury Department’s offset program, which claws back delinquent debts by withholding payments such…
President Trump plans to sign an executive order on Thursday instructing Education Secretary Linda McMahon to begin dismantling the agency, according to two White House officials. The department cannot be closed without the approval of Congress, which created it. But the Trump administration has already taken steps to narrow the agency’s authority and significantly cut…
A security guard walks past the U.S. Department of Education headquarters in Washington, D.C., March 12, 2025. Nathan Howard | Reuters A group of Democratic state attorneys general filed a lawsuit against the Trump administration Thursday over its moves to dismantle the U.S. Department of Education and its termination of nearly half the agency’s staff….