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College tuition is one of the foundations of American success, but many cannot afford it or become a victim of student loan debt. Many people wonder why college is so expensive here is why.

Enforcement action also bans co-founders from debt-relief payment processing industry. In an enforcement action this week, the Consumer Financial Protection Bureau (CFPB) ordered debt-relief payment processing company Account Management Systems (AMS) and the company's co-founders to cease operations and pay a total of $11 million in fines and customer refunds.

A local nonprofit has provided college scholarships to all third graders at an Arizona school. The full-ride scholarships will be awarded to 63 third-grade students at Bernard Black Elementary School, located in Phoenix.

The Pandemic caused the Federal Government to review a failed student loan system. Imagine making student loan payments for over 15 years, and instead of being cleared for the remaining balance you just continue making payments on your loan longer than you were supposed to. Well, that is exactly what has happened to millions of Federal Student Loan Borrowers.

On April 24, the Federal Student Aid division of the US Department of Education announced a further "pause" in loan payments and set interest rates to 0% for eligible federal student loans. The pause is set through Aug. 31, 2022.

Biden Administration announces debt relief for 40,000 student loan borrowers. The Biden Administration announced this week that it is taking action to provide debt relief for some 40,000 student loan borrowers who qualify for income driven repayment programs.

Stressed out studentPhoto by JESHOOTS.COM on Unsplash. On April 6, 2022, the U.S. Department of Education (ED) extended the student loan payment pause through Aug. 31, 2022. The pause includes the following relief measures for eligible loans:

A top Democratic Senator recently said that President Biden is more open to enacting widespread student loan forgiveness than ever before. According to Forbes, "Senate Majority Leader Chuck Schumer (D-NY) told a virtual gathering of student loan borrower activists on Wednesday that he is in active discussions with President Biden about initiating some form of wide-scale student loan forgiveness, and that Biden is increasingly receptive to the idea."

Amid reports of mismanagement, Senators call for investigation of Income Driven Repayment program. Following a report that student loan servicers are mismanaging the Income Driven Repayment (IDR) program for federal student loans - resulting in borrowers paying much more than they should - a group of U.S. Senators sent a letter to the Consumer Financial Protection Bureau (CFPB) calling for an investigation into loan servicers.

I know Minimalist living. I lived out of a carry-on suitcase and in a $650 Chrysler Town & Country minivan for three years. Nothing was left at my parent's house. I didn't pay for a storage unit. All I owned was my person, my thoughts, and what we could carry on our backs if the van broke down on the road and we had to walk to the next destination.

Photo Courtesy of Alexander-mils/UnsplashAlexander Mils. Millions of Student Loan Borrowers was on the edge preparing their monthly budgets to start including their student loan payments. Recently, the Biden Administration has extended no payments on Federal Student Loan Payments to August 31.

National Consumer Law Center says fine is a win for student loan borrowers. Advocates at the National Consumer Law Center (NCLC) applauded enforcement action taken by the Consumer Financial Protection Bureau (CFPB) against student loan servicer Edfinancial.

EdFinancial misled borrowers to pad profits, CFPB says. Knoxville, Tennessee-based student loan servicing company Edfinancial is facing sanctions and a $1 million fine for misleading student loan borrowers and failing to provide them with accurate information about loan repayment options. According to the Consumer Financial Protection Bureau (CFPB) the deceptive acts padded Edfinancial's profit margins while student loan borrowers repaid more than they should have.

Becoming a travel nurse can help you pay off your student loans. Not only do you receive a higher salary than you would as a staff nurse, but you also receive a housing stipend and per diem. You shop less when you travel due to less space, and working overtime is a great way to make extra money. All of these factors can help you pay off your student loans in no time.

Benefits won't be offset by student loans in default. The U.S. Department of Education announced this month that it will take steps to protect child tax credit benefits received by student loan borrowers - even if those borrowers are in default on their loans. Under the previous policy, borrowers with loans in default could see any tax credit benefits reduced to offset outstanding federal loan obligations.

66,000 Borrowers to have $1.7 Billion in Student Loan Debt Cancelled. In a settlement announced today, student loan servicer Navient has agreed to cancel $1.7 billion in student loan debt owed by 66,000 borrowers, NPR reports.

Welcome to The Philly Four, a daily recap of four of the top stories from the Philadelphia area, covering everything from local government to the Phillies bullpen. A one-stop shop for the most important news bites in the City of Brotherly Love.