Tag: Student Loan

  • About to 1.8 million peoples have student loan debts of over £50k

    About to 1.8 million peoples have student loan debts of over £50k

    A recent report has uncovered data revealing that nearly 1.8 million individuals in the UK now owe at least £50,000 in student loan.

    According to figures from the Student Loans Company (SLC), over 61,000 people have debts exceeding £100,000, with an additional 50 individuals each owing over £200,000.

    The release of these statistics follows a Freedom of Information (FOI) request seeking information on loan holders with above-average debts eligible to commence repayments.

    Previously, the SLC reported that the average debt for borrowers in England starting repayments was just under £45,000, but recent government data shows this has risen to £48,470.

    Debt levels can soar for students undertaking multiple or lengthy courses, compounded by accruing interest over time.

    In the fiscal year 2023/24, approximately 2.8 million individuals in England made repayments on their student loans, highlighting that while only a small percentage face debts exceeding £100,000, a majority owe more than £50,000.

    Earlier this year, the BBC revealed that the highest reported UK student debt stood at over £231,000. Recent updates now indicate that this figure has climbed to £252,000 within a span of three months.

    Tom Allingham, from website Save The Student, said such debts were “alarming” but were “in no way indicative of the norm”.

    The National Union of Students (NUS) branded it “ridiculous” that none of the main parties are offering “reform” of student finance in the election campaign.

    BBC News has compiled a table illustrating the number of student loan holders facing significant debts: more than £50,000, £100,000, and £200,000.

    Graduates burdened with substantial debt have also voiced their apprehensions about the existing system.

    One such individual is Titi, a senior electrical engineer based in Croydon, who preferred not to disclose his full name. His student debt has escalated to over £128,200, increasing by £788.11 from 6 April to 6 June this year.

  • Fate of Biden’s student loan forgiveness depends on Supreme Court’s ruling

    Fate of Biden’s student loan forgiveness depends on Supreme Court’s ruling


    On Friday, the U.S. Supreme Court was expected to make a ruling regarding the legality of President Joe Biden’s proposal to cancel $430 billion in student loan debt. This initiative aimed to benefit around 43 million Americans and fulfill one of Biden’s campaign promises.

    During the February arguments of the case, the conservative justices displayed skepticism towards the plan as they considered legal challenges brought forth by six conservative-leaning states (Arkansas, Iowa, Kansas, Missouri, Nebraska, and South Carolina) and two individual borrowers.

    This dispute, one of two significant rulings expected on the final day of the term that started in October, carries high stakes for the 26 million U.S. borrowers who sought relief after Biden announced the plan in August 2022.

    However, lower courts halted the implementation of the plan in November.

    Biden’s proposal fulfilled his promise from the 2020 campaign to cancel a portion of the $1.6 trillion federal student loan debt.

    Nonetheless, Republicans criticized it, deeming it an overreach of his authority and an unfair advantage for college-educated borrowers compared to others who did not receive such relief.

    Biden, who is running for re-election next year, introduced a plan where the U.S. government would forgive up to $10,000 in federal student debt for individuals earning less than $125,000 and who took out loans to finance their college or post-secondary education.

    Additionally, recipients of Pell grants from lower-income families would be eligible for up to $20,000 in debt forgiveness.

    During February arguments in the case, Biden’s administration said the plan was authorized under a 2003 federal law called the Higher Education Relief Opportunities for Students Act, or HEROES Act, which empowers the U.S. education secretary to “waive or modify” student financial assistance during war or national emergencies.”

    Both Biden, a Democrat, and his Republican predecessor Donald Trump relied upon the HEROES Act beginning in 2020 to repeatedly pause student loan payments and halt interest from accruing to alleviate financial strain on student loan borrowers during the COVID-19 pandemic.

    During the arguments, a Justice Department lawyer portrayed the debt relief as a benefits program rather than an assertion of regulatory power not authorized by Congress.

    In response to the legal challenge brought by the states, a federal judge in Missouri in October 2022 ruled that they lacked the legal standing to sue. On appeal, the St. Louis-based 8th U.S. Circuit Court of Appeals found that at least one of the states, Missouri, had proper standing.

    In the case brought by individual borrowers named Myra Brown and Alexander Taylor, a federal judge in Texas ruled in November 2022 that the plan exceeded the Biden administration’s authority – a ruling that the New Orleans-based 5th U.S. Circuit Court of Appeals declined to put on hold pending appeal.

    Some 53% of Americans said they support Biden’s debt relief, with 45% opposed, according to a Reuters/Ipsos poll from March, with respondents dividing sharply along partisan lines with Democrats broadly supportive and Republicans generally opposed.

  • Nigerians welcome student loans but questions linger

    Nigerians welcome student loans but questions linger

    Nigerians in the nation’s capital, Abuja, tell the international media that while they support President Bola Tinubu’s new student loan bill, they have concerns about how it would really be implemented.

    The new policy, which the president signed into law on Monday, offers financial support for poorer students in higher education by enabling them to easily get interest-free loans from the Nigerian Education Loan Fund to cover tuition fees.

    However, students could face two years imprisonment or a 500,000 naira ($1,000; £790) fine if they default on repayments once eligible to do so.

    “I think it’s a very good idea and it’s going to help students,” one young woman tells the BBC, adding that people should not just “collect loan and relax”, referencing the strict rules regarding repayment or jail time.

    One student says the policy is good as fees have increased exponentially.

    However his “biggest worry is how the policy will be driven to a logical conclusion”, because Nigeria struggles to execute good policies, he says.

    Beneficiaries of the loan are expected to start repayment as soon as they gain employment, following the completion of their studies and mandatory national service.

    Most have requested anonymity or, like Zeinab, used a pseudonym for fear of reprisals against them and others.

    Both Sudan’s army chief, General Abdel-Fattah Burhan, and the RSF, led by General Mohamed Hamdan Dagalo, have accused their enemies of such attacks.

    And human rights lawyer Jehanne Henry said that indeed both sides have committed “notorious acts of sexual violence” in the past.

    The governmental Combating Violence Against Women and Children Unit documented 49 assaults in the first two weeks of the war.

    In all but six cases, survivors identified perpetrators “in RSF uniform,” said unit chief Sulaima Ishaq al-Khalifa, adding that there are “new reports night and day.”

    No woman is safe

    “There is not a single woman in Khartoum now who feels safe, not even in her own home,” al-Khalifa said.

    The worst fighting has raged in Khartoum and the Darfur region, where former autocratic leader Omar al-Bashir once unleashed the notorious Janjaweed militia from which the RSF emerged.

    In their scorched-earth campaign since 2003, they committed genocide, war crimes and crimes against humanity, including rape, according to the International Criminal Court.

    Now mass rapes are again being reported in Darfur, said Adjaratou Ndiaye, the U.N. Women representative in Sudan.

    Documented cases, like wider casualty counts, are likely “the tip of the iceberg,” said a Sudanese Women Rights Action group researcher.

    Medics say many victims receive no care as hospitals have been ransacked or destroyed.

    Many cases have been reported by civil society groups known as resistance committees, which long campaigned for democracy.

    A lawyer who has long documented sexual assaults by security forces, said the scourge now impacts “every segment of Sudanese society.”

    “We have seen the rape of young girls and old women, mothers with their children,” she said, adding that to the perpetrators “it doesn’t matter.”

    Amid dire shortages, health workers have struggled to provide HIV medication or emergency contraceptives.

    “The situation is catastrophic,” said a member of the Central Committee of Sudanese Pharmacists.

    Activists and medics are trying to document every attack. The aim, said the lawyer, is “to ensure there is no impunity.”

    Zeinab hopes the rapists will one day face justice but voices resignation.

    “I shared my testimony to try and stop this happening to others, to tell them the road isn’t safe,” she said. “But even when I filed the police report, I knew nothing would come of it. They’re never going to get the men who did this.”

  • NDCs Edem Agbana does not owe us Students Loan Trust Fund

    The Students Loan Trust Fund has clarified reports suggesting it is owed by the deputy national youth organiser of the opposition NDC Edem Agbana.

    Media reports following the publication of the list of defaulters of the fund have suggested that the NDC executive is indebted to the scheme.

    Read: Prophet Nigel Gaisie allegedly named amongst student loan defaulters

    To prove his innocence, the politician has caused his lawyers to demand an apology from the fund after claiming on social media that he does not owe the state.

    Reacting to the letter, the fund in a statement, said it records does not have the name of Mr. Agbana as a debtor.

    Read: Student Loan Trust Fund to publish more names of loan defaulters

    The publication of the names of defaulters has sparked controversy on social media after names of some popular political figures were spotted on it.

    See the post below:

     

    Source: starrfm.com.gh