Latest news with #financialaid
CNET
2 days ago
- Business
- CNET
Your Social Security Benefits Won't Be Garnished if Your Student Loans Are in Default -- for Now
The Trump administration paused its plan to garnish Social Security benefits for defaulted federal student loans. Pla2na/Getty Images/CNET In another recent turn of student loan news, the Department of Education announced it would pause wage garnishment efforts on Social Security benefits for borrowers whose loans are in default. In April, the Department of Education warned borrowers whose student loans were in bad standing that wage garnishment efforts would begin this summer. A borrower's tax return or up to 15% of their paycheck or Social Security benefits could be withheld. Monday evening's announcement came just hours before June's first round of Social Security checks were deposited. Checks are expected on June 3, 11, 18 and 25 -- depending on your birthday. If your student loans are in default, you should expect to get your full payment. However, Mark Kantrowitz, a student loan and financial aid expert, says that the pause could only be temporary. "Borrowers are still at risk of having Social Security disability and retirement benefit payments offset in the future," Kantrowitz said. For now, the federal government can still offset your paycheck or income tax refund if you have defaulted student loans. Here's what you can do to hopefully avoid garnishment and get your student loans in good standing. What you can do if your student loans are in default If your loans are in default, Kantrowitz said that it's still very likely that the Department of Education will reverse the pause because it's the Treasury Offset Program's most effective way of collecting defaulted student loans. So it's best to take action sooner rather than later. "The US Department of Education may have paused the Social Security offsets because it conflicts with the administration's assertions that they aren't cutting Social Security," he said. Borrowers in default have options. You could consider loan rehabilitation, where you'll make nine consecutive on-time payments to get out of default, or loan consolidation, which can help you get your loans onto an income-driven repayment plan, potentially lowering your monthly payment. To explore all of your options, contact the US Department of Education's Default Resolution Group.
The Sun
3 days ago
- Business
- The Sun
Families on Universal Credit can apply for free £300 vouchers this month – check if you're eligible
THOUSANDS of households can apply for free vouchers from their local council this month. This is through the Government's Household Support Fund, which has given £742million to councils across the country to help struggling residents. 1 Local authorities can choose how they use the funds to help people in their area, and the latest to reveal its plans is City of Doncaster Council. It says it will be providing one-off payments worth up to £300 to residents on certain benefits. You'll be eligible if you receive: Housing benefit Local Council Tax Reduction Universal Credit which includes the housing element Means-tested free school meals. Families can get £100 vouchers towards the cost of food if they have one dependent child. Households with two dependent children will get £200, while families with three or more will get £300. City of Doncaster Council says it classes children as dependent if you receive Child Benefit for them. Other eligible households - including those without children - can get £100 towards the cost of energy bills. The council is also putting £150,000 into supporting local food banks and its hygiene bank. Hundreds of thousands have been set aside to support community hubs helping vulnerable households and people in crisis. 6 Easy Water-Saving Gadgets That Can Save You £100s How can you get the payment? If you've already received help from the Household Support Fund before and you still meet the criteria, you won't need to apply. Instead the payment should land in your bank account automatically. You will need to contact the council if your bank details have changed, though. If you were paid by cheque previously, you'll receive the payment by cheque again unless you contact the council and provide it with your bank details. You can contact the council to change your details by emailing householdsupportfund@ You'll need to provide your name, National Insurance Number, full address, bank sort code, account number and the name of the account holder. If the council can't verify that you're still eligible for the payment but you think you are, you will need to reapply. Households that haven't received a payment previously will need to submit an application. You can do that using the link here. Make sure you apply before the applications close in July. When will the payment be sent? Households with children will get their food vouchers on or around July 15. Those who are receiving help with their energy bills will get their vouchers much later. These will come through on or around December 15. Can you get help if you live outside Doncaster? Most likely, yes. Councils across the country have been given money through the Household Support Fund scheme. They can choose to distribute the money how they want so you should check what your local council is doing. However the aim is to help households cover essentials such as energy or water bills and food costs. Some councils have not yet revealed how they are planning to spend the money, but others have shared details on their websites. For example, households in Redcar & Cleveland can get support worth up to £230. Those in Leeds can get payments of up to £150. Councils have until March 31, 2026 to allocate their share of the fund to residents. If you're struggling with bills or on benefits, it's likely you'll be able to get support. You should contact your local council or check its website to see what it's offering and whether you might be eligible. You can find what council area you fall under by using the government's council locator tool - Some offer supermarket vouchers while others are sending direct cash payments. It's worth noting that any help you receive via the Household Support Fund won't affect your benefit payments.
CBS News
3 days ago
- Business
- CBS News
Best private student loans for fall 2025
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. Before you borrow money for college, make sure you're considering the best options for your unique needs. Getty Images College tuition costs aren't slowing down anytime soon, and neither are the financial pressures that come with earning a degree. Even with scholarships, grants and federal student loans, many students still face funding gaps that need to be filled. After all, the average cost of college has more than doubled in the 21st century, according to the latest data from the Education Data Initiative, and the average cost of attendance at a four-year college is now sitting at over $38,000 per year. That's a lot more than the average person can pay out of pocket, and those high costs have led many students to turn to private student loans to bridge the gaps. The good news is, though, that the student lending landscape has become more competitive, with private lenders offering increasingly flexible terms, better borrower benefits and targeted loans for specific student populations. Whether you're an undergraduate with no credit history, a graduate student pursuing a professional degree or an international student navigating U.S. education, there's likely a private loan that can meet your needs. Not all private student loans are created equal, though, and the fine print matters. From interest rate structures to cosigner requirements and repayment flexibility, choosing the right lender can have a lasting impact on your financial health. To help you do that, we've rounded up top-rated private student loan lenders below — each standing out for a particular category — to help you make a smarter borrowing decision this year. Best private student loans for fall 2025 Here are some of the top private student loan providers, categorized by their standout features, to help you identify the best fit for your needs: Best for flexible repayment options: College Ave College Ave is a standout among private student lenders for its customizable approach to repayment. The company allows borrowers to choose from a wide variety of loan terms ranging from five to 15 years and offers four repayment plans: full principal and interest payments, interest-only payments, flat payments or full deferment while in school. This flexibility is especially helpful for borrowers who may be juggling part-time work, internships or other financial responsibilities during their college years. One of the biggest advantages of College Ave is that the lender also offers a shorter-than-average application process and quick decisions on approval, making it easier to secure funds when you need them. College Ave loans come with fixed or variable interest rates and borrowers can apply with a cosigner to potentially qualify for better rates. Compare your loan options with College Ave now. Best for specialized loans: Sallie Mae Sallie Mae is one of the most well-known private student loan providers, and for good reason. The company offers a broad array of loan products that go beyond the standard undergraduate and graduate offerings. In particular, it caters to students pursuing specific programs like law school, medical school, dental school and even non-degree or certificate programs. This makes Sallie Mae a strong choice for borrowers with unique or niche educational paths that may not be covered by other lenders. In addition to its wide range of loan options, Sallie Mae offers numerous borrower perks, like free access to credit score monitoring through their partnership with Experian and a multi-year approval process, which allows returning students to secure funding for future academic years with less paperwork and fewer credit checks. With flexible repayment options and the ability to choose from fixed or variable interest rates, Sallie Mae tends to be a good match for students looking for tailored solutions. Compare your loan options with Sallie Mae now. Best for no-cosigner loans: Ascent For students who don't have access to a qualified cosigner, Ascent offers one of the few private student loan options that doesn't always require one. This is especially important for independent students or those whose parents are unable or unwilling to co-sign. Ascent's non-cosigned credit-based loans consider factors like the borrower's GPA, expected graduation date, school and future earning potential rather than relying solely on credit history or income for approval. Ascent also provides a variety of borrower incentives that set it apart from other lenders. For example, students can earn cash back when they graduate and make use of a number of interest rate reduction opportunities. This lender also offers a unique scholarship program and free financial wellness resources. In turn, Ascent may be particularly appealing to upperclassmen and graduate students who have already established some financial independence or a strong academic record. Compare your loan options with Ascent now. Best for member benefits: SoFi SoFi is more than just a lender. It's a holistic financial platform that supports borrowers beyond their student loans. When you take out a private student loan through SoFi, you gain access to a suite of member benefits that includes career coaching, resume help, financial planning and even networking events. These services can be especially valuable for recent graduates who are entering the workforce and looking for guidance on building their careers and managing their finances. SoFi's private student loans are also known for having no fees, meaning no origination fees, late fees or prepayment penalties. This can save borrowers hundreds or even thousands of dollars over the life of the loan. Borrowers can choose from fixed or variable rates, and the company offers multiple repayment options, including deferment while in school or making interest-only payments. Compare your loan options with SoFi now. Best for international students: MPOWER Financing International students often face steep barriers when it comes to accessing private student loans in the U.S., chiefly because most lenders require a U.S.-based cosigner and established credit history. MPOWER Financing eliminates those obstacles. The company specifically caters to international students by offering loans that don't require a cosigner or credit score. Instead, MPOWER evaluates applications based on the borrower's school, academic progress and career potential. MPOWER also offers fixed interest rates on student loans, which can provide added predictability in long-term budgeting. Borrowers can further benefit from interest rate discounts by enrolling in autopay or completing free financial literacy courses offered by the company. Loans are available to students in more than 400 schools across the U.S. and Canada, and the funding can be used to cover tuition, housing and other living expenses. The bottom line Private student loans can be a valuable resource when federal aid doesn't suffice, but they come with varying terms and conditions — and certain lenders could be a better fit than others depending on your unique needs. That's why it's essential to assess your financial situation, credit history and educational goals when choosing a lender. Consider factors like the interest rates you're being offered, along with repayment flexibility and borrower benefits. And, be sure to always exhaust your federal loan options first, as they typically offer more favorable terms and protections. By carefully evaluating your options, you can select a private student loan that supports your educational journey without compromising your financial future.
The Sun
7 days ago
- Business
- The Sun
Full list of Universal Credit freebies and discounts you can claim in June worth up to £10,221
FAMILIES on Universal Credit can now cash in on a bumper haul of freebies and discounts worth up to £10,221 this June. From food vouchers to help with bills and even cheap days out, there's a treasure trove of support on offer. 1 Here's the full list of what you could be claiming this month. Household Support Fund – worth £500 The Household Support Fund has been extended until March 2026 – and it's dishing out direct payments of up to £500. Local councils like Birmingham are offering £200 payments, while others are handing out food or fuel vouchers. Each council sets its own rules, so check your local authority's website to see what's on offer and how to apply. Find your council via or visit for Birmingham-specific help. Where is the HSF available? Plymouth - up to £740 Plymouth City Council said eligible residents can receive a maximum of £740 in vouchers. This includes £240 in supermarket vouchers for either Asda, Morrisons, Tesco, Sainsburys, Aldi, or Iceland, and £200 in energy vouchers. It also includes an essential item of household furniture or white goods or £300 of clothing vouchers. Blackpool - up to £300 Households with one or two people - including children - will see £200 paid directly to their energy provider. Those with three or more will get £300 paid towards their energy costs. Middlesbrough - up to £70 People in the area who claim benefits and do not have children can apply for a £50 voucher. Those living alone will get up to £37.50 and couples will get £50. If there are children in your household, you'll get a voucher for £70 per child. Leicestershire - up to £300 Households in Leicestershire can apply for £300 per household, which will be paid in the form of vouchers to support with gas, electricity and food. The payment can be delivered as a Post Office voucher, which can be redeemed for cash to help with gas, electricity or water, or an e-voucher to help with food costs that can be converted to a gift card for major supermarkets. Leeds - up to £100 Residents of Leeds who receive council tax support with dependent children can claim up to £100, while those without children could receive £25. Eligible households will have received letters featuring a barcode that can then be taken to the post office along with ID to claim the cash. Bracknell Forest - up to £315 Applicants could be eligible for a one-off £105 payment per child between now and September, if applicants meet the qualifying benefits. Cambridgeshire County - up to £220 Low-income households in Cambridgeshire can apply for a financial award of £110 per household. Residents can apply twice for support between now and September 30, meaning each household could receive as much as £220. The funds can be paid in a lump sum of £110 or as vouchers. Falkirk - up to £470 The amount residents can get under the HSF depends on the number of people in their household. A single adult will receive £110, with an additional £90 payment made for every further resident. For example, a couple with no dependent children would receive £200. Stockport - up to £315 Stockport Council is giving out vouchers worth £105 to families struggling to pay for essentials. The fund is paid per child, so if you have three children you would be entitled to £315 worth of supermarket vouchers. Food Vouchers – worth £150 Camden Council is dishing out £150 food vouchers in June to families with kids on free school meals. No application is needed - around 5,200 children will be sent the vouchers automatically. Healthy Start food help – worth £442 a year New parents or expectant mums can get up to £442 annually for essentials like fruit, veg and baby formula. The Healthy Start scheme gives you a prepaid card loaded with funds every four weeks. Apply online if you're on benefits like Universal Credit or Child Tax Credit. Cheap days out – save £101 If you're on Universal Credit, you can unlock serious savings on days out across the UK: London Transport Museum: Entry for just £1 – usually £21 Yorkshire museums: Free entry, saving up to £17 per adult ZSL London Zoo: Entry for £3 – a £31.50 saving Tower of London & Hampton Court: £1 entry instead of £33.60 In total you could save up to £101 on these days out. Help to Save – get £1,200 bonus cash The government's Help to Save scheme gives you a 50% top-up when you put away cash. Save £50 a month and you could get up to £1,200 over four years. Open to those on Universal Credit or Working Tax Credit – even small savers will see rewards. Water bill help – worth £400 You could slash your water bill by hundreds through social tariffs or the WaterSure scheme. The support is aimed at low-income families or those who use lots of water due to disability or large households. Contact your supplier directly and ask what help is available. Some firms even offer free water-saving devices like shower timers and cistern bags to bring your usage down. Free prescriptions and healthcare – up to £119 If you're on Universal Credit, you might be eligible for free NHS prescriptions, saving you £9.90 a pop – that's nearly £120 a year. You could also get: Free dental checks Free eye tests Travel reimbursement for medical appointments Free wigs or glasses Use the NHS online checker to see what you can get. Discounted broadband and mobile contracts – worth £370 If you're on Universal Credit, social tariffs could save you a fortune. Some providers offer deals as low as £12.50 a month, slashing the average annual cost by £170. Mobile contracts are also covered – total savings could hit £370 across both. Check Ofcom's full list of providers, or use The Sun's free broadband checker. Council tax support – up to £2,280 Those struggling with council tax could get a major discount – or even have the bill wiped completely. Council Tax Support varies by area, but if you're on a low income or receiving Universal Credit, you could save up to £2,280 a year. Head to to check your eligibility. Energy bill help – up to £2,000 Energy firms like British Gas are offering hardship grants worth up to £2,000. Other suppliers are dishing out energy-saving gadgets and fuel vouchers. If you don't qualify through your supplier, charities like Turn2Us have searchable databases to help you find other grants. The Household Support Fund also covers energy costs – reach out to your council now. Pregnancy grant – worth £500 Mums expecting their first child could claim a one-off £500 Sure Start Maternity Grant. It's available to those on Universal Credit or other qualifying benefits. You must apply within 11 weeks of the due date or six months after the baby is born. Print off the SF100 form online and get it signed by a midwife before posting. Support with travel and job applications – worth £150 Claimants can get a Jobcentre Plus Travel Discount card, cutting public transport costs by 50% across the UK. The card lasts for three months and is fre, you just need to be actively job hunting. There's also the Flexible Support Fund, which can cover costs like: Travel to interviews Job training (up to £150) Uniforms, work tools, and childcare Apply at your local JobCentre. Cheap gym memberships – worth £240 Some leisure centres offer Universal Credit claimants gym memberships from as little as £5 a month. That's a £20 saving every month or £240 a year. Everyone Active and Better Leisure both offer discounted rates. Access is often off-peak and varies by location, so check with your nearest centre. Free childcare – worth up to £1,769 a year Working parents on Universal Credit can now get up to 85% of childcare costs covered. The max payout is £1,031.88 a month for one child, or £1,768.94 for two or more – that's over £21,000 a year if claimed in full. You used to have to pay upfront, but now some parents get help before the bills are due. If you're unsure whether you qualify for any of these perks, it's worth checking or speaking to your local council. Don't miss out – the savings could seriously stack up.
CBS News
29-05-2025
- Business
- CBS News
How to qualify for student loan forgiveness now
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. There are numerous ways to pursue student loan forgiveness right now — and there are plenty of other options if you don't you have student loans, you've likely noticed just how much the rules around forgiveness have changed lately. From the restart of previously paused payments to sweeping overhauls of repayment plans, the past few years have completely reshaped the way borrowers approach student loan debt. These changes have added another layer of confusion to an already complex system, as programs that once seemed like a sure thing, or options that once seemed out of reach, now come with fine print that's easy to miss. These new rules, along with the shifting eligibility requirements and evolving repayment programs, have left many student loan borrowers feeling uncertain about where they stand and what options they actually have for having their student loan debt forgiven. For some, student loan debt forgiveness may still be within reach, but for others, the path has only gotten more difficult. And with so much noise about who qualifies and what's been rolled back, it's no wonder so many borrowers are left scratching their heads. If you're one of the many who's struggling to keep up with your student loan payments in today's tough economic landscape, a good place to start in today's landscape is to know your options, whether you're hoping to qualify for full cancellation or just want to find a more manageable way to repay what you owe. Below, we'll examine what it takes to qualify for student loan forgiveness right now — and what to do if you don't. Chat with a debt relief expert about how to better manage your debt today. How to qualify for student loan forgiveness now First, it's important to understand that federal student loan forgiveness programs only apply to federal student loans. If you have private student loans — those issued by banks, credit unions or online lenders — you're not eligible for federal forgiveness programs. So, knowing which type of loans you have is step one. You can find out by logging in to or checking your loan servicer's website. If you do have federal loans, here are the key forgiveness options available in 2025: Public Service Loan Forgiveness (PSLF) The Public Student Loan Forgiveness program is open to borrowers with direct federal loans who work full-time for a qualifying employer, typically government or nonprofit organizations. After making 120 qualifying monthly payments on an income-driven repayment (IDR) plan, you may be eligible to have your remaining balance forgiven. If your loans aren't already direct loans, you may need to consolidate to qualify. Find out more about your debt relief options online now. Income-Driven Repayment (IDR) Income-driven repayment plans like the Saving on a Valuable Education (SAVE) plan, Income-Based Repayment (IBR) plan, Pay As You Earn (PAYE) repayment plan and Income-Contingent Repayment (ICR) plan calculate your monthly payment based on your income and family size. If you make consistent payments for 20 or 25 years (depending on the plan), the remaining balance can be forgiven. Borrower Defense Loan Discharge program If your school misled you or committed certain legal violations, you may be eligible to have your federal loans forgiven through the Borrower Defense program. This is most relevant for borrowers who attended for-profit institutions that have since shut down or faced legal action. Teacher Loan Forgiveness (TLF) Teachers who work full-time in low-income schools for five consecutive years may qualify for up to $17,500 in federal student loan forgiveness through the Teacher Loan Forgiveness program. This only applies to certain federal loans and can interfere with PSLF eligibility, though, so it's worth weighing which option is more beneficial in the long term. Remember, though, that none of these apply to private student loans. If all your loans are private, you won't qualify for forgiveness, but that doesn't mean you're without options. What to do if you don't qualify for student loan forgiveness There are still ways to manage your student debt and reduce the financial pressure, even if you don't meet federal forgiveness criteria or your loans are private. Here's what to consider if you don't qualify: If you have federal student loans: Switch to an IDR plan: If you're struggling to afford payments, enrolling in an income-driven repayment plan could lower your monthly amount to something more manageable, and even drop your payments to $0 in some cases. So while you may not qualify for forgiveness now, IDR plans still offer forgiveness after a set number of years. If you're struggling to afford payments, enrolling in an income-driven repayment plan could lower your monthly amount to something more manageable, and even drop your payments to $0 in some cases. So while you may not qualify for forgiveness now, IDR plans still offer forgiveness after a set number of years. Consider loan consolidation: If you have older federal loans like FFEL or Perkins loans, consolidating them into a direct consolidation loan might give you access to IDR plans or PSLF, depending on your situation. If you have older federal loans like FFEL or Perkins loans, consolidating them into a direct consolidation loan might give you access to IDR plans or PSLF, depending on your situation. Review deferment or forbearance options: If you're facing a temporary financial hardship, you may qualify for a pause on payments through deferment or forbearance. Be aware, though, that interest may continue to accrue. If you have private student loans: Refinance for better terms: If your credit score refinancing your student loans If Explore lender-specific hardship options: Some private lenders offer hardship programs, temporary payment relief or interest-only payments to those who are struggling financially and need temporary relief. These options aren't widely advertised, though, so call your lender directly and ask what they offer. Some private lenders offer hardship programs, temporary payment relief or interest-only payments to those who are struggling financially and need temporary relief. These options aren't widely advertised, though, so call your lender directly and ask what they offer. Check for employer repayment assistance: Whether your loans are private or federal, more companies now provide student loan repayment benefits as part of their compensation packages. So, it's worth asking your HR department if this is something you can take advantage of. Learn more about your student loan refinance options here. The bottom line The student loan forgiveness landscape is shifting, but forgiveness may still be within reach if you have federal loans and meet specific requirements. But if your loans are private, or if you don't qualify for forgiveness, you aren't necessarily out of luck. There are still ways to make repayment more manageable, from income-driven repayment plans to refinancing and employer support. The key is to know your loan type and take action based on the options available to you.
