Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

The <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> Tuesday deferred to November 5 the hearing on a batch of pleas relating to charging of interest on interest by banks on EMIs which were not paid by the borrowers who availed of the RBI <keyword id="6840678" type="UNKNOWN" weightage="20" keywordseo="loan-moratorium">loan moratorium</keyword> scheme in view of the COVID-19 pandemic. The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> and the Finance Ministry have already filed separate additional affidavits in the apex court saying that the banks, financial and non-banking financial institutions will credit into the accounts of eligible borrowers by November 5 the difference between compound and simple interest collected on loans of up to Rs 2 crore during the <keyword id="117489" type="PERSON" weightage="20" keywordseo="moratorium">moratorium</keyword> scheme period. A bench of Justices Ashok Bhushan, R Subhash Reddy and M R Shah was requested by Solicitor General Tushar Mehta that the hearing in the loan moratorium case be deferred as he would be busy arguing on behalf of the Centre in other matter relating to the Central Vista project. "These moratorium matters were listed yesterday but they came up today. I am requesting for an adjournment considering I have a case (Central Vista) where I will be arguing" the law officer said. A letter seeking deferment of the hearing in the case was also circulated by advocate-on-record Anil Katiyar for the Centre to the parties and the bench. The top court acceded to the request and adjourned the hearing on pleas including the one filed by Gajendra Sharma on November 5. The pleas pertained to charging of interest on interest by banks on EMIs which have not been paid by borrowers after availing the loan moratorium scheme of RBI during March 1 to August 31. Earlier, the RBI had filed the affidavit saying that it has asked all banks, financial and non-banking financial institutions to take "necessary actions" to credit into the accounts of eligible borrowers the difference between compound and simple interest collected on loans of up to Rs 2 crore during the moratorium scheme. Prior to this, the central government had told the apex court that lenders have been asked to credit into the accounts of eligible borrowers the difference between compound and simple interest collected on loans of up to Rs 2 crore during the RBI's loan moratorium scheme by November 5. The government had said that the ministry has issued a scheme as per which lending institutions would credit this amount in the accounts of borrowers for the 6-month loan moratorium period which was announced following the COVID-19 pandemic situation. On October 14, the apex court had observed that the Centre should implement "as soon as possible" the interest waiver on loans of up to Rs 2 crore under the RBI's moratorium scheme and had said that the common man's Diwali is in the government's hands. The RBI had on March 27 issued the circular which allowed lending institutions to grant a moratorium on payment of instalments of term loans falling due between March 1, 2020, and May 31,2020, due to the pandemic. Later, the moratorium was extended till August 31 this year. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/prajakta-koli-aka-mostlysane-advice-for-content-creators-on-the-fine-line-between-brand-collaborations-and-staying-honest-on-social-media/articleshow/79013162.cms">Prajakta Koli aka MostlySane’s advice for content creators on the fine line between brand collaborations and staying honest on social media</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-acquires-gaming-startup-mech-mocha-as-it-looks-to-tap-the-social-gaming-space-for-more-consumers/articleshow/79014466.cms">Flipkart acquires gaming startup Mech Mocha as it looks to tap the social gaming space for more consumers</a> <a href="https://www.businessinsider.in/india/news/covid-19-vaccine-updates-pfizer-moderna-to-roll-out-covid-19-vaccine-by-december/articleshow/78924143.cms">COVID-19 vaccine tracker: German CureVac shows an immune response, Aspen Pharmacare and J&amp;J sign pact to make vaccine in South Africa</a>

Supreme Court verdict on loan moratorium case deferred to November 5

Mumbai, Jun 17 () Interest rate waivers for bank loans during moratorium will harm the depositors, the All India Bank Depositors' Association (AIBDA) has said adding that interest waiver of any kind will dent the credit culture and also impact the financial health of banks. Bank depositors will be "severely hit" if a waiver on interest rates is allowed, as banks would inevitably seek to cover their potential or actual loss of interest income through further cutbacks in the deposit interest rates, it said. It further added that historically, the sovereign covered the loan interest waivers, but in the current situation, a shortfall in revenues both at the Centre and state level will not permit the same. Meanwhile, on June 12, the Supreme Court had asked the Centre and the Reserve Bank of India (RBI) to hold a meeting within three days to decide on waiver of interest on interest for deferred payments of instalments for loans during the moratorium period announced in wake of the coronavirus-induced lockdown. "Our query is very limited on whether there can be waiver of interest on interest," a bench of Justices Ashok Bhushan, S K Kaul and M R Shah had said, adding it will take a balanced view of the matter. The AIBDA said media reports on the Supreme Court observations have been "extremely unnerving" and added that the same prompted it to make the depositors' stance known. "We are greatly perturbed about the likely ramifications of the loan interest waiver on the banking sector, and on the prudential financial discipline of the borrowers," the association's secretary Amitha Sehgal said in the statement. The Supreme Court should dispose-off the petition, it recommended, adding that opting for interest waiver of any kind will dent the credit culture and also impact the financial health of banks. Credit demand has also gone down and will revive as the lockdown eases, it said, adding that the depositors' money is unlikely to be used for it as the low cost funds made available by the RBI will be deployed. As the depositors' money is unlikely to be used, "there is a case for protection of depositors' interest by way of freezing the deposit rates at the pre-COVID-19 level," it said, adding it is yet to hear from the RBI on this. AA DRR DRR

Interest rate waivers for bank loans during moratorium will harm depositors: AIBDA

<ul><li>State Bank of India (SBI), Axis Bank, HDFC Bank and other banking stocks are treading on the side of caution ahead of the <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword>’s hearing on moratoriums loans today. </li><li>ICICI Bank is the worst hit with its share price dipping by more than 2%.</li><li>The Supreme Court is yet to pass a verdict on whether the moratorium should be extended and if interest on interest should be charged. </li></ul>The Supreme Court is set to resume its hearing on waiving interest on loans that availed moratorium during the coronavirus pandemic today. The last time around, the bench headed by Justice Ashok Bhushan indicated that it was <a href="https://www.businessinsider.in/finance/banks/news/supreme-court-inclined-to-excuse-moratorium-interest-on-interest-as-it-gives-the-government-another-two-weeks-to-file-detailed-affidavit/articleshow/78033878.cms">‘inclined’ to excuse the ‘interest on interest.’</a> However, since then, the hearing has been postponed twice to give the government, <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) and other stakeholders more time to file their response. Banking stocks are cautious in trade ahead of the hearing, most of them in the red. <keyword id="4774972" type="PERSON" weightage="20" keywordseo="icici-bank-share-price">ICICI Bank share price</keyword> is down by as much as 2%, while others remain largely unchanged. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change in share price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.33% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India (SBI) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.06% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.03% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.42% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.0% </td></tr></tbody></table>Source: Share price as of 10:10am on BSE According to Solicitor General Tushar Mehta, a committee had been formed at the ‘highest levels’ to decide on moratorium extension, interest during the moratorium, interest on interest, and other issues related to the moratorium period. The RBI’s stance on loan moratorium In its affidavit, the RBI told the Supreme Court that extending the moratorium beyond six months will impact overall credit discipline and have a ‘debilitating impact’ on the credit creation process. On the issue of compound interest, the RBI asserted that waiver of the same would result in ‘significant economic costs’ for banks to absorb. The larger ripple effect may lead to implications for borrowers and undermine broader financial stability. Central government’s take on loan moratorium The central government asserted that it would waive compound interest (interest on interest) during the moratorium period for MSMEs and personal loans up to ₹2 crore in its affidavit filed ahead of the last hearing. However, Senior Advocate C. Aryama Sundaram argued that the real estate sector is completely left out of the scope. The bench was also not pleased, highlighting that the central government’s affidavit did not provide the necessary details regarding the questions asked by the court earlier. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/india-china-disengagement-looks-unlikely-with-more-chinese-troops-reportedly-being-deployed-at-the-border/articleshow/78632960.cms">Chinese PLA is reportedly rotating troops despite India's insistence on disengagement from friction points along the border</a> <a href="https://www.businessinsider.in/business/corporates/news/wipros-second-quarter-will-be-telling-of-how-its-new-ceo-is-steering-the-ship/articleshow/78623027.cms">Wipro's second-quarter will be telling of how its new CEO is steering the ship</a> <a href="https://www.businessinsider.in/policy/economy/news/sitharaman-offers-states-12000-crore-interest-free-for-the-next-50-years-if-they-can-spend-it-on-capital-projects-by-march-2021/articleshow/78616741.cms">Sitharaman offers states ₹12,000 crore interest-free for the next 50 years if they can spend it on capital projects by March 2021</a> <a href="https://www.businessinsider.in/science/space/news/mars-will-appear-bigger-redder-and-brighter-on-october-13-and-wont-get-this-close-to-earth-again-until-2035/articleshow/78556539.cms">Mars will appear bigger, redder, and brighter on October 13 — and won’t get this close to Earth again until 2035</a>

SBI, HDFC Bank, Axis Bank and other bank stocks tread caution as they wait with bated breath for Supreme Court verdict on moratorium

<ul class="summary-list"><li>Federal Student Aid unveiled an enforcement office to crack down on student-loan abuses.</li><li>The office will focus on investigating and penalizing schools who have engaged in misconduct.</li></ul>In President Joe <keyword id="60973" type="UNKNOWN" weightage="60" keywordseo="biden" source="Orion">Biden</keyword>'s latest action cracking down on the student-loan industry, his <keyword id="11897874" type="UNKNOWN" weightage="60" keywordseo="education-department" source="Orion">Education Department</keyword> established an Office of Enforcement to investigate and prevent abuses against students and student-loan borrowers.The department announced in a <a href="https://www.ed.gov/news/press-releases/us-department-education-establish-enforcement-office-within-federal-student-aid">press release</a> on Friday the establishment of the enforcement office, operated by the Federal Student Aid (<keyword id="12136822" type="UNKNOWN" weightage="60" keywordseo="fsa" source="Orion">FSA</keyword>) office. It will strengthen oversight of and enforcement actions against schools that participate in the federal-student loan program or distribute any federal grants. The office was first established in 2016, but the release said it was "deprioritized" under President Donald Trump's administration."Vigorously ensuring that schools are adhering to the federal student aid program rules and delivering quality education to students is critical in America's ability to build back better," Under Secretary James Kvaal said in a statement. "The Administration will prioritize Federal Student Aid's effective oversight and enforcement of postsecondary schools."The office will be made up of four divisions:<ol><li>The Administrative Actions and Appeals Services Group, which will suspend and fine schools found of wrongdoing;</li><li>The Borrower Defense Group, which will analyze claims from borrowers defrauded schools;</li><li>The Investigations Group, which will will investigate potential misconduct within schools;</li><li>And the Resolution and Referral Management Group, which will track and resolve complaints about schools.</li></ol>According to the release, the department will be led by Kristen Donoghue, who joined FSA in July as a senior advisor to the chief operating officer. Insider previously <a href="https://www.businessinsider.com/student-loan-debt-advocates-biden-federal-student-aid-cfpb-warren-2021-7">reported</a> that Donoghue was one of the growing number of hires joining Biden's ranks who are allies of prominent student-debt cancellation advocate Elizabeth Warren. Donoghue previously served at the Consumer Financial Protection Bureau (CFPB), which Warren created. She was one of the bureau's original employees in 2013 during which she pursued hundreds of investigations into misconduct within big banks.FSA director <keyword id="12136821" type="UNKNOWN" weightage="60" keywordseo="richard-cordray" source="Orion">Richard Cordray</keyword> said Donoghue's leadership will "drive greater accountability for schools and better educational outcomes for the students we serve."The establishment of this office is just the <a href="https://www.businessinsider.com/student-loan-debt-cancellation-payment-pause-borrowers-disabilities-defrauded-2021-6">latest crackdown</a> on the student-loan industry. On Wednesday, the Federal Trade Commission (FTC) <a href="https://www.businessinsider.com/biden-ftc-for-profit-schools-defrauded-misled-student-debt-penalties-2021-10">announced</a> that it is alerting 70 for-profit colleges of consequences for "false promises" they make about students' jobs and earnings. Those the agency finds are engaging in unlawful practices will be hit with a financial penalty, up to $43,792 per violation.And last week, Rohit Chopra was <a href="https://www.businessinsider.com/rohit-chopra-cfpb-student-loan-watchdog-elizabeth-warren-ally-2021-9">nominated</a> to lead the CFPB, suggesting the student-loan industry is set to face even more oversight. Chopra previously served in the CFPB as its first student-loan ombudsman, and during one of his confirmation hearings in March, he stressed the importance of protecting student-loan borrowers."We are at a critical moment when so many borrowers are going to have to restart their payments," Chopra said during the hearing. He added that he will ensure the restart is "happening lawfully so we can avoid an avalanche of defaults when any moratorium might end."

Biden's Education Dept. just announced a new office to 'vigorously investigate' schools' student-loan and federal aid abuses

<ul class="summary-list"><li>The Senate confirmed <keyword id="12217407" type="UNKNOWN" weightage="60" keywordseo="rohit-chopra" source="Orion">Rohit Chopra</keyword> to lead the Consumer Financial Protection Bureau.</li><li>Chopra helped create the bureau with <keyword id="11984291" type="UNKNOWN" weightage="60" keywordseo="elizabeth-warren" source="Orion">Elizabeth Warren</keyword> and cracked down on the student-loan industry.</li><li>He joins other Warren allies in Biden's ranks fighting for student-loan borrowers.</li></ul>Yet another ally of Massachusetts Sen. Elizabeth Warren - one of the biggest advocates for student-loan borrowers in Congress - joined President Joe Biden's ranks on Thursday.Before leaving for recess, the Senate confirmed Rohit Chopra to lead the Consumer Financial Protection Bureau (<keyword id="12055000" type="UNKNOWN" weightage="60" keywordseo="cfpb" source="Orion">CFPB</keyword>), the government's consumer protection and oversight agency. Chopra previously served in the CFPB as its first student-loan ombudsman, and he was with Warren when she created the agency in 2011 to ensure people across the country are being financially protected. Now, he joins CFPB as student-loan companies face more stringent regulations leading up to February's payment restart after more than a year's pause. In recent weeks, three servicers have said they'll be shutting down, leaving 16 million borrowers to transition to new companies.After Chopra's nomination was announced in January, Warren wrote on Twitter that she worked closely with him "to set up the CFPB and fight for America's children.""It's terrific that President-elect Biden picked Rohit to run the <a href="https://twitter.com/CFPB">@CFPB</a>," Warren wrote. "He's been a fearless champion for consumers at the FTC (Federal Trade Commission) and will be a fearless champion leading the consumer agency."Chopra left the CFPB in 2015 and was sworn in as a Federal Trade Commissioner in 2018, during which he worked to protect consumers from unfair business practices. But his work at the agency suggests the student-loan industry will be facing much stricter oversight from here on out.As the agency's first student-loan watchdog, he primarily focused on unearthing problems with student-loan companies and ensuring the millions of borrowers across the country were not being mistreated. Chopra helped President Barack Obama establish the Student Aid Bill of Rights, which improves how the companies interact with borrowers, and in 2013, he led the bureau in discovering that more than 7 million borrowers were in default on their debt.Since then, the CFPB has revealed a number of findings of student-loan abuses, and in some cases, has taken legal action against the companies. For example, the agency <a href="https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-nations-largest-student-loan-company-navient-failing-borrowers-every-stage-repayment/">sued</a> Navient, one of the biggest student-loan servicing companies in the US, in 2017 for "illegally failing borrowers at every stage of repayment," including causing borrowers to take on more debt than they could pay off. Now that Chopra is confirmed to lead the agency, he will likely continue enforcing fair student lending. During his March confirmation hearing, Chopra said he will focus on protecting Americans with debt and he acknowledged the challenges that will come in February when the <a href="https://www.businessinsider.com/student-loan-debt-cancellation-payment-pause-borrowers-disabilities-defrauded-2021-6">student-loan payment pause</a> lifts."We are at a critical moment when so many borrowers are going to have to restart their payments," Chopra said during the hearing. He added that he will ensure the restart is "happening lawfully so we can avoid an avalanche of defaults when any moratorium might end."<a href="https://www.businessinsider.com/student-loan-company-navient-asked-permission-to-shut-down-2021-9">Three</a> <a href="https://www.businessinsider.com/public-service-student-loan-forgiveness-pheaa-elizabeth-warren-2021-7">student-loan</a> <a href="https://www.businessinsider.com/student-loan-company-shutting-down-granite-state-management-pheaa-borrowers-2021-7">companies</a> have already announced their plans to shut down their services at the end of this year, bringing additional administrative hurdles to the already substantial burden the Education Department has with resuming payment collections for 43 million borrowers. And <keyword id="12136821" type="UNKNOWN" weightage="60" keywordseo="richard-cordray" source="Orion">Richard Cordray</keyword>, the head of the Federal Student Aid office and <a href="https://www.businessinsider.com/elizabeth-warren-richard-cordray-student-loan-debt-cancelation-fsa-cfpb-2021-5">another Warren ally</a>, <a href="https://www.businessinsider.com/student-loan-companies-shut-down-accountability-richard-cordray-debt-oversight-2021-9">suggested</a> in a conference earlier this month that those shutdowns are occurring because those companies do not want to be held to higher accountability standards under Biden.Insider <a href="https://www.businessinsider.com/student-loan-debt-advocates-biden-federal-student-aid-cfpb-warren-2021-7">reported</a> in July on the student-loan advocates that have joined Biden's ranks, and with Chopra now leading the government's consumer watchdog agency, more reforms to the student-loan industry are likely to come.

The student-loan industry could face a crackdown as yet another Elizabeth Warren ally takes a top oversight job for Biden

<ul class="summary-list"><li>SoFi CEO Anthony Noto told Yahoo Finance he doesn't support broad plans to cancel student debt.</li><li>He said borrowers who can afford to pay back their loans should resume repayment.</li></ul>The leader of a major student-loan lender thinks it's time borrowers get back to paying off their debt.After releasing SoFi's fourth quarter earnings results this week, CEO Anthony Noto <a href="https://finance.yahoo.com/video/student-loan-business-declined-meaningfully-170249299.html" target="_blank" rel="noopener">joined</a> Yahoo Finance to discuss the results, along with his outlook for the student-loan industry. He's not a fan of broad proposals like President Joe Biden's <a href="https://www.businessinsider.com/biden-cancels-student-loan-debt-100000-people-making-125k-income-2022-5?esd">plan</a> to cancel up to $20,000 in student debt for federal borrowers making less than $125,000."The programs that we don't support are widespread programs that give to the rich or give to the wealthy or give to the people that are fully capable of paying back their student loans," Noto <a href="https://finance.yahoo.com/video/student-loan-business-declined-meaningfully-170249299.html" target="_blank" rel="noopener">told</a> Yahoo Finance.At the moment, Biden's plan remains blocked due to two conservative-backed lawsuits, and millions of borrowers are entering a year of uncertainty with the Supreme Court <a href="https://www.businessinsider.com/when-is-supreme-court-hearing-student-loan-debt-forgiveness-february-2022-12">set to hear arguments to the cases</a> at the end of February. In the meantime, student-loan payments are on pause through 60 days after June 3o or 60 days after the litigation is resolved — but Noto thinks that's too generous a policy and will "subsidize people that don't need it.""We should absolutely fund those people that need the help," he said. "We should forgive those people that need the help. But those... that are capable of paying need to be put back into payment, and they shouldn't have their loans forgiven either."Biden also recently put another proposal on the table to <a href="https://www.businessinsider.com/what-is-the-new-income-driven-student-loan-repayment-plan-2023-1">reform income-driven repayment plans</a>, including cutting undergraduate borrowers' monthly payments in half and limiting interest from adding onto the principal balances. Noto said plans like that one are "really critical to helping people that have taken on too much student loan debt or, in some cases, were misled and they don't have the ability to pay it back."Noto had previously expressed his belief that the student-loan payment pause should not continue for all borrowers. In March 2022, a few months before Biden extended the payment pause for his fourth time, Noto <a href="https://www.businessinsider.com/private-student-lenders-lobbying-congress-resume-debt-payments-sofi-biden-2022-3">wrote in a blog post</a> that Biden should fulfill his campaign pledge to cancel $10,000 in student debt, target the pause on payments only for those in "severe hardship," and put the "affluent and capable" borrowers back into repayment."If the government needlessly extends the broad moratorium for a fourth time, not only will it add to the country's inflation woes and unnecessarily give to the wealthy who are willing and able to repay their debts, but it will severely disrupt people's ability to make long-term financial plans," he <a href="https://www.businessinsider.com/private-student-lenders-lobbying-congress-resume-debt-payments-sofi-biden-2022-3">wrote</a>. While Biden's administration has remained confident that its plan to cancel student debt is legal and will prevail in court, the White House said <a href="https://www.businessinsider.com/white-house-doesnt-have-backup-plan-for-student-loan-forgiveness-2023-1">it is not considering any Plan B</a> at the moment should the Supreme Court strike the relief down. An administration official told reporters on a press call last week that the 60 day period after the payment pause ends "should give us enough time after the Supreme Court rules to transition to the next phase of all of this."Still, some borrowers are concerned with the looming repayment. <a href="https://www.businessinsider.com/what-happens-if-student-loan-payments-resume-without-debt-relief-2022-12">One borrower with $230,000 in student debt</a> previously told Insider that he's worried "the White House is so desperate to restart payments and get back to normal that they've forgotten that 'normal' is a decades-long debt sentence; either way, it will be an excuse to say they'd done all the can."

The CEO of a major student-loan lender says he doesn't support broad debt relief and that borrowers 'that are capable of paying need to be put back into payment'

You Searched For "loan moratorium hearing" and got 6 results

Supreme Court verdict on loan moratorium case deferred to November 5

PTI

Interest rate waivers for bank loans during moratorium will harm depositors: AIBDA

PTI

SBI, HDFC Bank, Axis Bank and other bank stocks tread caution as they wait with bated breath for Supreme Court verdict on moratorium

Prabhjote Gill

Biden's Education Dept. just announced a new office to 'vigorously investigate' schools' student-loan and federal aid abuses

Ayelet Sheffey

The student-loan industry could face a crackdown as yet another Elizabeth Warren ally takes a top oversight job for Biden

Ayelet Sheffey

The CEO of a major student-loan lender says he doesn't support broad debt relief and that borrowers 'that are capable of paying need to be put back into payment'

Ayelet Sheffey

Popular Keywords

Buying Guides