Discover and read the best of Twitter Threads about #StudentLoan

Most recents (15)

This is my research into the Kafkaesque user experience offered by @FAFSA when chatting with the Federal Student Aid Information Center to find out very basic contact information for an incarcerated borrower. Image
This means that unless an incarcerated borrower is at the rare prison that has approved the 1-800 number for @usedgov or there is a prison staff who helps them call, they have no way to find out basic #studentloan info like servicer or balance, even if they have outside help
People in #prison don't have internet, most prisons don't allow 1-800 calls, @FAFSA doesn't have a non 1-800 number, there's no physical mailing address, and the Federal Student Aid Information Center said they wouldn't talk to someone else, even if they had a POA
Read 4 tweets
Did a deep dive into the new #StudentLoan forgiveness program. Some things I learned 🧵
First, there are still a LOT of unknowns. The program is as follows:

$20,000 in student loan debt for Pell Grant recipients


$10,000 for all other federal borrowers.

You must earn under $125,000 annually ($250,000 for households)
In addition to forgiveness for these loans..

Biden also extended the pause on student loan payments for the last time.

Borrowers will not need to pay their monthly loan bills until January 2023.
Read 9 tweets
In light of today’s #studentloanforgiveness news, I am thinking about @DarrickHamilton and the many Black economists and academics who have - for nearly 20 years - made the case and connected student loan debt to wealth inequity and racial and economic justice in the U.S. 1/x
Just 6 years ago, when I was freshly new research analyst in DC, I regularly attended events where panelists not only considered student loan debt cancellation a “dumb” idea and, thus, impossible, but that the framing of student loan debt as a “crisis” was overinflated. 2/x
Needless to say, the conversation and context has changed quite a bit since then. For history’s sake, we cannot underestimate the dramatic impact the global public health and economic crises have had on leading to this outcome at this time. 3/x
Read 12 tweets
This amazing @aarthiswami piece digs deep into a predatory lending scheme run by @LifeAtPurdue & some mysterious bankers. 👇

It's been a big few days of back-to-back scandals in the #studentloan market, but this one deserves special attention.

Here's why.

Mounting evidence shows that Purdue's attention-loving president @purduemitch- former Republican governor & party hack- sold out students to pursue a right-wing fever dream.

Unfortunately for Mitch, @LifeAtPurdue broke a bunch of laws on the way. Now the walls are closing in.
The family @aarthiswami profiles has a shocking story:

“Feldman's son took out a $10,373 [income-share agreement] for the 2018-19...year, and a $29,491 ISA for the 2019-2020 year...That $39,864 loan ballooned to $99,660.50 as of January 2022.”

Why would *anyone* take this deal?
Read 11 tweets
You know what would help Students that I know who are dealing with #StudentLoan/#StudentDebt?

Actually use #Executive Order & Abolish All #StudentLoanDebt with a swivel of a pen.

That's what would help them & strengthen the #Economy!

Seriously #Democrats, it's not hard to do!!
Seriously! The only time he Eliminated #StudentDebt was for #ForProfit College Scams & other stuff, yet he promised to eliminate $10,000 #StudentLoan Debt he didn't do! But put aside $10,000 to Abolish, We have $1.73 Trillion of Student Debt in America which can all be abolished.
The @POTUS can use #Executive Order to Eliminate #StudentDebt with ease to help Americans who are being held back from debt that's god knows how long.

So forget abolishing just $10,000 of #StudentLoan, abolish all $1.7 Trillion of the #StudentLoanDebt!
Read 7 tweets
1/ @POTUS @JoeBiden @DrBiden @FLOTUS @SpeakerPelosi @VP @SenWarren @SenSanders One simple but significant step toward achieving #studentloanrelief may come under the umbrella of bankruptcy reform. Someone should propose an immediate release of the #draconian requirement that
2/ #SL, comparable to any other debts, including #taxes, are more valuable & thus require a higher #burdenofproof to obtain relief compared to other bankruptcy discharges (Chap. 7) or debt reorganizations (Chap.13). No other debt requires what SL do. @FAFSA states that to receive
3/ #studentloan relief in a #Chapter7 or #Chapter13 case, one must "declare Chapter 7 or Chapter 13 bankruptcy & demonstrate that repayment would impose undue hardship on you & your dependents. This must be decided in an adversary proceeding in bankruptcy court. Your creditors
Read 7 tweets
BREAKING: @JoeBiden says he is unlikely to use executive action to #cancelstudentdebt despite unprecedented support from lawmakers, experts, and the public.…
We joined a diverse coalition of 237 civil rights and consumer protection organizations, including the @NAACP and several national labor unions, to send a letter to @JoeBiden urging him to use executive authority to #cancelstudentdebt.
“Earlier in the day, @JoeBiden had reaffirmed his general support for broad #studentloan forgiveness, but suggested that he would support a smaller amount of $10,000.” @forbes @AdamSMinsky
Read 5 tweets
STATEMENT: #Studentloan reform advocates hopeful as Education Secretary Betsy DeVos set to be replaced by Miguel Cardona @teachcardona.…
We join our supporters in taking a collective sigh of relief knowing that @BetsyDeVosED will no longer head @usedgov. Student loan advocates are optimistic that @JoeBiden’s nominee, @teachcardona, will be a stronger champion for 45 million Americans carrying #studentdebt.
@Usedgov faces major challenges in the months ahead, but we cannot ignore the #studentdebtcrisis for a second longer. We expect @teachcardona to immediately work to enact broad-based student debt cancellation.
Read 9 tweets
#STUDENTDEBTxCOVID REPORT: Most people are not financially secure to resume student loan payments and economic challenges disproportionately harm people of color and older people.…
.@DebtCrisisOrg, the nation’s largest student debt advocacy organization, and @BySavi, a social impact technology company working to help solve the crisis, completed a nationwide #STUDENTDEBTxCOVID survey last week with 58,733 #studentloan borrowers.
Even with the recent announcement of a short-term extension suspending #studentloan payments and interest until January 31, 2021, the #STUDENTDEBTxCOVID survey findings are bleak, underscoring that student loan borrowers are worse off now than in the spring.
Read 11 tweets
(THREAD) @ImpactAlpha challenges #impact investors to scale up their efforts 10X. To which I say: Yes! #Investors can do more, but there’s also #policy and #civics to consider. I want to share some ways at @_BlueHaven we’re addressing the #pandemic.
1/ On the #investment side, we’re checking in with #entrepreneurs and orgs we support, helping them keep their teams intact, thinking through costs, etc. (Check out @LaurenSCochran’s conversation with @annefieldonline:
2/ Bridge loans to #impact companies can also help. We’re excited about our investment in the Open Road Alliance Fund (@openroadtweets), which offers these to orgs affected by #COVID19 all over the world.
Read 14 tweets
Did you know that nearly a quarter of District residents are under the strain of #StudentLoanDebt, with a median balance that is 44% higher than the national average? Image
Former students struggling to pay off their debt are acutely vulnerable to predatory #StudentLoan servicers that make it harder to access debt repayment options—and drive too many residents, especially those in communities East of the River, into delinquency.
Our office strongly supports @cmdgrosso's proposal to strengthen protections for #StudentLoan borrowers.

We also remind debt collectors and servicers that our lawyers are ready to #ProtectBorrowers against unlawful practices:
Read 3 tweets
Brandon Frere, the CEO of Sonoma County Ameritech Financial (a student loan debt repayment company) pleaded guilty to wire fraud and money laundering.

Frere also owned and operated two other companies:

- Financial Benefits Center (AFBC)

- Financial Education Benefits Center (FEBC)
He used all 3 companies to market student loan document preparation services for people applying for loans through the Dept of Ed.

He then preyed on them by also selling "financial education benefits programs," which turned out to be things like roadside assistance & Lifelock.
Read 5 tweets
1/ Democrats solutions on #studentloan crisis in my opinion is completely off base. This isn't a thread bashing the Democratic party so hold on if you are looking for a partisan based tweet. This is a systemic government, moral and economic problem.
2/ #1 the government, yes the government, is the primary reason it costs so much to go to college in the first place. When you put trillions of dollars into financial aid and student loan guarantees, our educational institutions are going to raise prices.
3/ The supply of money, the demand for education and the shifting of the equilibrium price based on subsidies causes rising costs. Many colleges are for profit institutions. Even non-profit colleges have revenue raising incentives. You need to fund research, pay professors,
Read 15 tweets
Hey twitter, catch up time! 😁 Last week @TomSteyer released a new plan that I’m honored to have worked on proposing the largest peacetime expansion of national service in the history of the US. Warning: Long, Enthusiastic Thread //1
@TomSteyer This plan goes big: How big is big? With $50B in new Federal investment, national service programs would scale to enable 💡ONE MILLION 💡 people to serve their communities each and every year by the end of Tom’s first term. //2
That’s 1 million - young and old, from all towns, of any documented immigration status - fighting #climatechange, caring for the sick and elderly, running after school programs, building trails for @nps and @USForestService, tackling #Poverty, and making America better. //3
Read 12 tweets
Something's not right.

The Public Service Loan Forgiveness program offers #studentloan borrowers debt relief for their public service, but only 864 of the 76,000+ #PSLF applications have been approved.

That’s a dismal 1% approval rate!
We need to figure out why #PSLF isn't working, but @usedgov refuses to fully cooperate.

I'm demanding answers so that we can help our hard-working #studentloan borrowers who have dedicated their career to giving back: ImageImageImageImage
@usedgov If you are trying to manage your loans or see if you qualify for the Public Service Loan Forgiveness program, here are five tips that can help: #PSLF
Read 3 tweets

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