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BIDEN ERASES $127 BILLION IN STUDENT DEBT DESPITE COURT RULING

By PYMNTS  |  November 12, 2023
 | 



The federal government has erased more than $127 billion in student loans since
2021.

That debt forgiveness came from changes to existing programs, Bloomberg News
reported Saturday (Nov. 11), freeing up some borrowers in spite of a Supreme
Court ruling blocking President Joe Biden’s student loan forgiveness program.

The report notes that many of these borrowers had applied for forgiveness only
to be denied. More than 3.6 million people, Bloomberg said, have had their
student loan debt erased since Biden took office.

Bloomberg’s report focuses on one of those borrowers, New York City-based public
interest attorney Justin La Mort, who had about $150,000 of law school debt
forgiven after 10 years of payments via the Public Service Loan Forgiveness
(PSLF) program.

Even that process wasn’t easy, said La Mort, who had to wait for his loans to be
consolidated, and submit his application several times. Still, he says he’ll be
able to begin saving, including for his own children’s education. 

“I’ll still be doing public interest work,” he said. “But now I no longer have
to worry if my work is eligible for the program.”

The report noted that there had long been a steep rate of denial — as high as
99% at one point — for borrowers applying for PSLF and Income-Driven Repayment
(IDR) plans, as well as widespread confusion about IDR plans.

According to Bloomberg, the administration has forgiven about $93 billion
through PSLF and IDR plans, as well as $11.7 billion in loans for those with a
total and permanent disability after allowing a data match with the Social
Security Administration, and $22.5 billion for borrowers who saw their schools
close or were “cheated” by them.

As noted here last month, borrowers who still need to repay their loans have
faced their own challenges, from incorrect bills and to hourslong wait times on
the phone.

“It’s a challenging environment,” Scott Buchanan, executive director of the
Student Loan Servicing Alliance, a federal student loan servicers trade group,
told CNBC. “Sometimes there are incredibly divergent call-hold times from what
we’d like to see.”

In August, the Biden administration unveiled the Saving on a Valuable Education
(SAVE) plan, which offers an income-driven repayment model that calculates
monthly payments based on a borrower’s income and family size, instead of their
loan balance.

As PYMNTS wrote, the plan also offers loan forgiveness after a specified number
of years, and cuts undergraduate loan payments in half, lowering the burden from
10% to 5% of discretionary income.

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WAGE STAGNATION AND RISING INTEREST RATES ARE CONSUMERS TOP CONCERNS

By Ashley McLeod  |  February 3, 2024
 | 



It seems United States consumers expect little reprieve from inflation-fueled
rising prices of goods and services moving into 2024. Although consumers report
feeling somewhat better about their current finances, data shows that optimism
for 2024 remains lukewarm.

As of December 2023, 60% of consumers lived paycheck to paycheck, with 19%
struggling to pay their monthly bills. These shares have dropped compared to
December 2022, suggesting that the average consumer could cope with the
additional stress of holiday spending without a sizeable impact on their
financial standing — as it did when inflation was higher this time last year.

These are some of the findings detailed in this edition of “New Reality Check:
The Paycheck-to-Paycheck Report,” a PYMNTS Intelligence report. The Pessimism
About Pay Rises Offsets the Effect of Falling Inflation edition examines U.S.
consumers’ financial lifestyles and explores their economic outlook and
confidence that wages will keep up with inflation in 2024. This edition draws on
insights from a survey of 4,380 U.S. consumers conducted from Dec. 12, 2023, to
Dec.18, 2023, and an analysis of other economic data.

Other key findings from the report include:


WORKERS ARE LOWERING EXPECTATIONS FOR INFLATION-MATCHING WAGES IN A TOUGHER JOB
MARKET.

Paycheck increases in most sectors have lagged inflation in the past two years.
Leisure and hospitality workers were the only segment who saw wages grow on par
with inflation. It is little surprise that just 38% of wage earners expect a
comparable increase in their earnings in 2024, down from 43% in 2023. Among wage
earners living paycheck to paycheck with issues paying bills, 29% expect income
increases comparable to inflation this year, while 40% said the same in 2023.


LOWER INTEREST RATES COULD BE CENTRAL TO CONSUMERS’ FINANCIAL HEALTH.

Debt remains a common driver of financial uncertainty, with 23% of U.S.
consumers experiencing debt-related financial distress. Just 23% of credit
holders expect lower rates in the coming year. In contrast, 42% of credit users
expect the interest rates for their loans to increase in 2024. Consumers who
live paycheck to paycheck report concerns about interest rates at significantly
higher rates.


DESPITE INFLATION RATES, MOST CONSUMERS EXPECT TO END 2024 WITH INCREASED
SAVINGS.

Even though the inflation rate remains high by historical standards, 59% of
consumers expect their savings to increase this year. In 2023, consumers’
average readily available savings balances increased 13% in real terms from
December 2022. Consumers who were not living paycheck to paycheck drove this
increase. Now, few consumers expect that tapping their savings for discretionary
purchases in the next year will lead to a lower savings balance.

Paycheck-to-paycheck consumers do their best to manage spending to live within
their means, yet have had to temper their 2024 expectations due to inflationary
pressures and stagnate wage growth. Download the report to learn
paycheck-to-paycheck consumers’ outlook for 2024.

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See More In: consumer finance, Consumer Spending, Featured News, inflation, job
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PYMNTS News, PYMNTS Study, savings, wage increases, wages


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