Мобильный 1 Add news
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020November 2020December 2020January 2021February 2021March 2021April 2021May 2021June 2021July 2021August 2021September 2021October 2021November 2021December 2021January 2022February 2022March 2022April 2022May 2022June 2022July 2022August 2022September 2022
News Every Day |

Congress just made it possible for student-loan borrowers who combined their balances with a spouse to separate their debt and receive federal loan forgiveness

Rep. David Price and Sen. Mark Warner
Rep. David Price and Sen. Mark Warner.
  • Congress passed a bill to allow student-loan borrowers with spousal loans to separate their debt.
  • Until now, law prohibited the separation of spousal loans because Congress shuttered the program in 2006.
  • This barred those borrowers from accessing federal benefits like PSLF and broad loan forgiveness.

Student-loan borrowers with spousal loans can finally separate their balances and receive federal debt relief.

Congress shuttered the spousal joint consolidation loan program in 2006, which allowed married couples to combine their student debt balances with the idea that a single payment, with one interest rate, would be a more affordable repayment option. But once that program ended, those borrowers were stuck with the combined balances because law prohibited them from being separated, effectively blocking them from consolidating their debt into federal direct loans and taking advantage of federal relief, like the Public Service Loan Forgiveness (PSLF) program and blanket loan forgiveness.

Over a decade later, those borrowers are finally seeing relief. On Wednesday, the House passed the Joint Consolidation Loan Separation Act of 2021, which allows those with spousal loans to separate their balances. Sponsored by Sen. Mark Warner and Rep. David Price, this legislation will ensure the borrowers no longer have to keep paying off debt with a former partner that was abusive and will ensure that the borrowers that are still together can each apply for federal loan forgiveness.

"They will be immediately able to apply for the severance of their loan," Price told Insider in a Monday interview. "If a couple wants to wants to sever the loans for whatever reason, maybe they want to take advantage of a lower interest rate or maybe one of them is eligible for Public Service Loan Forgiveness, there may be various reasons that apply."

"The critical thing is that this bill also allows a disadvantaged spouse to apply," Price added. "If their spouse is unresponsive, abusive, or economically irresponsible, the spouse can apply for the severance of the loan, where his or her portion of it is assigned."

 

The bill passed the Senate unanimously in June, but faced a longer path in the House due to opposition from Republican leadership, including top Republican on the House education committee Virginia Foxx. During a Rules Committee discussion on Monday, Foxx said that while she supported what the bill was trying to accomplish, she had concerns with how the bill was worded and did not support the legislation in its current form.

On Tuesday, she even introduced the Simplified Joint Consolidation Separation Act as a counter to the original bill, saying in a statement that it would "help borrowers without handing Washington bureaucrats more control over the nation's student loan programs."

Still, the bill made it through House opposition and now heads to President Joe Biden's desk to be signed into law. Price noted that the bill is "far from" partisan, with some Republicans sponsoring the legislation, but due to committee leadership pushing back, the bill could not take the same route as the Senate, requiring it to be brought to the House floor through regular order.

The passage of this bill comes at a critical time for student-loan borrowers with spousal debt. They will now be able to apply for the PSLF waiver that expires on October 31, which allows past payments to count toward forgiveness progress, along with taking advantage of Biden's recently announced $20,000 in federal debt cancellation through an application form set to become live in early October.

Insider previously spoke to two couples with spousal loans who spent decades in public service but were prohibited from taking advantage of PSLF — and each of them expressed hopelessness that they would ever be able to get the debt relief they qualified for.

"If divorce allowed us to separate our loans, we would absolutely divorce and then remarry," one borrower said. "Because it's crazy to think, essentially, because you're a married couple, you're now being penalized."

Now, that can change.

"For too long, individuals have been tied to abusive or unresponsive ex-partners through joint student loans," Warner said in a statement. "This legislation offers financial freedom to those who have spent decades unfairly held liable for their former partner's debt. I am thrilled to see the House of Representatives pass this legislation and look forward to getting it in front of President Biden as quickly as possible to start offering relief to borrowers." 

Read the original article on Business Insider








Read also

How was the Queen’s death announced?

Man dies in Lake County Jail same day he was booked

Rammstein delivers a blazing concert at the Coliseum full of thunder, fire and flame


Прямой эфир РБК. Главные новости России и мира сегодня (Прямой эфир ежедневно)

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

How to invest in communications stocks, a sector that's huge, highly diversified, and growing — offering something for almost every type of investor

Today24.pro — latest news 24/7. You can add your news instantly now — here


News Every Day

Trump Claims He Declassified Documents Using Special Powers!



Sports today


Новости тенниса
Екатерина Александрова

Александрова и Самсонова вышли в финалы турниров в Азии, Месси оформил дубль



Спорт в России и мире
Москва

Сборные Киргизии и России могут провести товарищеский матч в Москве


Загрузка...

All sports news today




Загрузка...

Sports in Russia today

Москва

Названы способы не простудиться во время занятий спортом на улице осенью


Новости России

Game News

This cheery, Hexen-like FPS declares war on goblins


Russian.city


Настроение

Дивногорский мужской монастырь


Губернаторы России
Зенит

Питерский “Зенит” стал вторым финалистом Суперкубка Единой лиги ВТБ


Роман Савин подозревается в лоббировании интересов поставщика медоборудования

Завершился чемпионат Центрального округа Росгвардии по военно-прикладным видам спорта

Минобрнауки подтвердило отсрочку от мобилизации для аспирантов и ординаторов

Команда ГК «Медскан» и Hadassah Medical Moscow приняла активное участие в V Международном форуме онкологии и радиотерапии


В Тамбовской области определен лауреат премии имени Сергея Рахманинова

Фестиваль Олега Лундстрема в Zабайкалье станет регулярным

Продюсер Арифулина считает, что весь шоу-бизнес России держится на Тимати и Гагариной

Полина Гагарина спела песню «Колыбельная» за 7 млн рублей в Новосибирске


Самсонова пробилась в 1/4 финала турнира WTA-500 в Токио

В ФТР оценили перспективы Самсоновой в финале турнира WTA в Токио

Новак Джокович получил wild card на турнир ATP 500 в Астане

Ушла из жизни владимирский педагог Валентина Попова



Источник «360»: москвичка застряла в мусоропроводе на юге столицы

Дацику понадобилось всего 12 секунд для победы нокаутом над Емельяненко

Завершился чемпионат Центрального округа Росгвардии по военно-прикладным видам спорта

Емельяненко предложил Дацику провести бой-реванш сразу после поражения нокаутом


Игорь Маковский провел совещание с директорами филиалов Обществ и руководителями мобилизационных подразделений

Лавров уличил США в стремлении превратить весь мир в свой "задний двор"

Трамвай до Славянки «заскочит» в Пулково. Концессионер предлагает за 7 лет дотянуться до аэропорта

Вы принадлежите Google: аккаунты Fitbit заменят аккаунтами компании


Лавров заявил о желании Запада «расчленить слишком самостоятельную» Россию

Сборная Киргизии может получить матч-реванш с Россией в Москве в 2023 году

Андрей Канчельскис: Ждём дальнейших действий ФИФА и УЕФА

Проигрыш «Партизан» обеспечил «Зениту» выход в финал Суперкубка Единой лиги ВТБ



Путин в России и мире







Персональные новости
Russian.city

Певица

Певица Королева заявила, что ей потребовались лечебные процедуры в Кисловодске



News Every Day

The 31 most stunning photos across women's sports from the last month — Tennis, European Championships, and more




Friends of Today24


Загрузка...
Музыкальные новости
"Воскресенье " Олег Митяев



Персональные новости
Близкий друг Путина миллиардер Пугачев. Вся правда о Путине, его семье и деньгах. В гостях у Гордона (2021)

Навальный об уволенном за пост священнике (2021)

Slava Marlow – суперуспех и депрессия в 21 год / вДудь (2021)

Обнаглевшие дети путинской элиты (2021)

Дайте собакам мяса (новый звук) -Владимир Высоцкий

Группа "Рождество" - песня "Так хочется жить!" (Видео с концерта в Киеве группы "РОЖДЕСТВО" в 2011 году в Доме офицеров)

Adriano Celentano Любимая песня Челентано (высочайшая энергетика) talentTV


Moscow.media