A federal judge has temporarily blocked the Biden administration’s latest student debt relief plan, a decision that could benefit student loan providers like SoFi, Navient, and SLM. The ruling comes after a lawsuit filed by seven Republican-led states, who argued the Education Department lacked the authority to cancel student loans.
Maldives President Mohamed Muizzu expressed gratitude to India for its financial support in easing the island nation’s debt repayment, while also seeking to strengthen ties and potentially sign a free trade agreement. He commended India’s role as the Maldives’ closest ally and highlighted ongoing negotiations for currency swap agreements with both India and China.
Pakistan’s Finance Minister Muhammad Aurangzeb traveled to Beijing to discuss debt relief for the power sector with Chinese officials, alongside structural reforms recommended by the IMF. This comes as Pakistan seeks to address its mounting debt burden and implement economic reforms, particularly in the energy sector, to meet the conditions of the IMF’s $7 billion bailout.
Three GOP-led states, Alaska, Texas, and South Carolina, are appealing to the Supreme Court to halt the implementation of President Biden’s SAVE plan for student loan relief. This plan aims to lower monthly payments and provide a path to forgiveness for millions of borrowers. The states argue that the SAVE plan is unlawful and that the Biden administration is flouting the Supreme Court’s previous ruling on student loan debt cancellation. The Supreme Court could grant emergency intervention and block the plan, potentially delaying its implementation.
Borrowers with multiple student loans have until April 30 to apply for a loan consolidation. This move can accelerate debt forgiveness under the Biden administration’s temporary policy. By consolidating loans, borrowers can combine their multiple repayment timelines and potentially qualify for forgiveness quickly. Consolidating loans can also benefit borrowers who have been paying for over 20 years and may be eligible for complete debt cancellation. The process is straightforward and takes around 15 minutes to complete.
