Latest news with #IDR
Newsweek
2 days ago
- Business
- Newsweek
Student Loan Servicer Says Borrowers May Reapply for IDR: What to Know
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A major student loan servicer said that borrowers may reapply for an income-driven repayment (IDR) plan amid a deep backlog of applications. Why It Matters The Education Department said there were more than 1.98 million IDR applications pending as of April's end—a major bottleneck facing borrowers seeking a plan to make payments more affordable, particularly as President Donald Trump's administration walks back some of former President Joe Biden's efforts to forgive student loan debt. About 43 million Americans have some sort of student loan debt, which proponents of forgiveness plans say limit economic mobility. What to Know The Higher Education Loan Authority of the State of Missouri (MOHELA), one of the largest student loan services in the United States, wrote in a new update that borrowers who have submitted an IDR application and are still waiting on it to be processed may fill out a new one. Students graduate college at Birmingham University in the United Kingdom on July 14, 2010. Students graduate college at Birmingham University in the United Kingdom on July 14, 2010. oversnap/iStock via Getty Images. "Good news! Processing has resumed for IBR, PAYE, and ICR plans," the MOHELA website reads. "If you submitted an Income-Driven Repayment (IDR) application prior to April 27th, 2025, and your application has not been processed yet, you can now reapply at to use your IRS verified income and select an eligible plan which may expedite processing." The announcement notes that the borrower's previous application will be canceled, and that they can track their applications on their account. Applications for the SAVE plan and "lowest monthly payment" requests are still on hold, and "If you have at least 1 loan on SAVE and 1 loan on another IDR plan, your application will remain on hold and your loans will stay in an administrative forbearance," the update reads. Newsweek reached out to MOHELA and the Education Department for comment via email on Monday. The department has not commented on whether borrowers should reapply, and the statement does not guarantee that filling out a new application would quicken processing times—only that it "may" help. MOHELA previously made an announcement saying that some borrowers who submitted before April 27 did not include income information, Forbes reported. The new announcement makes no mention of income data. What People Are Saying The Student Borrower Protection Center issued a warning about the backlog in May: "According to the report, there are 1,985,726 pending applications seeking to lower their monthly student loan payments as of April 30, 2025. During the month of April, ED [the Education Department] only approved or denied 79,349 applications. At this rate, it will take ED over two years to process the existing backlog of applications. The report also included new information about how ED is operating its new Public Service Loan Forgiveness (PSLF) Buyback option." Kevin Thompson, CEO of 9i Capital Group and host of the 9innings podcast, previously told Newsweek: "This affects millions of borrowers now back in repayment, many of whom applied for forgiveness or income-driven repayment caps just to keep their finances afloat. Without that relief, a big chunk of their paycheck could be taken to cover loans; money they need for rent, food, or other bills." What Happens Next The future of student loans in the U.S. remains murky. There are ongoing legal cases that could result in some borrowers still having debts forgiven, like a case heading toward the Supreme Court surrounding for-profit colleges accused of defrauding students.
Forbes
2 days ago
- Business
- Forbes
Student Loan Servicer Clarifies Who Should Reapply For An IDR Plan
WASHINGTON, DC - JUNE 20: A sign marks the location of the U.S. Department of Education headquarters ... More building on June 20, 2025, in Washington, DC. The department has not yet clarified whether certain student loan borrowers should reapply for IDR if they already submitted an application. (Photo by J.) One of the Department of Education's major student loan servicers has issued an updated notification clarifying that certain borrowers who have already applied for income-driven repayment should now consider submitting a new application to hasten processing. The revised guidance followed a more ambiguous announcement the servicer made earlier this month. The statement by MOHELA comes as the IDR application system is under enormous strain. IDR plans, which are a type of federal student loan repayment option that provides borrowers with monthly payments based on their income and a path to eventual student loan forgiveness, have been inaccessible for millions of borrowers for months. At least eight million borrowers were thrown into an involuntary forbearance last summer due to a legal challenge over the future of the SAVE plan, the newest of four IDR programs. Many of these borrowers (some of which are pursuing Public Service Loan Forgiveness, a separate student loan forgiveness program) have applied to change to a different income-driven plan like ICR, IBR, or PAYE, but have been unable to enroll due to a massive backlog of applications. The backlog is in part due to the Trump administration's decision to temporarily shut down the IDR application system earlier this year following a new court order in the SAVE plan litigation. Many borrowers, particularly those stuck in the SAVE plan forbearance or recent graduates trying to enroll in IDR for the first time, submitted applications to change IDR plans months ago, but are still waiting on a response. MOHELA's latest announcement suggests that reapplying could speed things up. But doing so may come with risks. Here are the details. Updated Student Loan Servicer Statement Suggests Reapplying For IDR MOHELA first posted a statement earlier this month suggesting that federal student loan borrowers who have applied for IDR should consider submitting a new application, particularly if they applied prior to April 27, 2025. This is roughly the date when the Department of Education began resuming IDR processing after revising the application form to comply with the latest court order in the SAVE plan litigation. But MOHELA's initial announcement was difficult to decipher. The notice said that for borrowers who submitted an IDR application prior to April 27, ' Your application didn't include income info." MOHELA encouraged impacted borrowers to reapply. But many borrowers did include income information with their IDR application, and it was not at all clear whether these borrowers would need to reapply. The revised statement now displayed on MOHELA's website offers some clarity. 'If you submitted an Income-Driven Repayment (IDR) application prior to April 27th, 2025, and your application has not been processed yet, you can now reapply at to use your IRS verified income and select an eligible plan which may expedite processing,' says the student loan servicer. 'Your previous application will be automatically canceled.' This suggests that borrowers don't necessarily need to reapply to IDR. But if you submitted an application prior to April 27th and are still waiting, MOHELA suggests that reapplying now could speed things up, particularly if you use the IRS data retrieval tool that links your income information from your tax return to the Department of Education's online IDR application system. This data retrieval tool has been down for much of the last year, but if is back up and running again, it could indeed expedite processing, as that is the tool's primary purpose. Borrowers who manually provide their income documentation by uploading it into the online application, or appending it to their paper IDR application, typically experience longer processing times. Risks For Student Loan Borrowers Reapplying For IDR Still, there are some potential risks student loan borrowers should be aware of if they are considering reapplying for their IDR plan. There are no guarantees that reapplying will actually expedite processing, notwithstanding MOHELA's statement (and note that MOHELA says it 'may' expedite processing, not 'will'). Anecdotal reports indicate that single borrowers are experiencing faster IDR processing than married borrowers, regardless of when they have submitted their application. And sometimes, submitting multiple IDR applications can cause unexpected problems such as delayed processing or multiple rounds of forbearances, which typically don't count toward student loan forgiveness. It is also noteworthy that the announcement suggesting that borrowers reapply for IDR is only present on MOHELA's website. None of the Department of Education's other major contracted student loan servicers – such as Nelnet, Aidvantage, and EdFinancial – have similar announcements posted on their own websites. And the department's main website that provides guidance to student loan borrowers impacted by the ongoing IDR legal challenges provides no similar suggestion, either. Notably, the department's website was last updated on April 28, 2025 – the day after the cutoff suggested in MOHELA's announcement. So this information certainly could have been included with that update, in theory. Critics of MOHELA may also point out that the loan servicer has been accused of making misleading statements to borrowers in the past. Most recently, the servicer sent out letters to millions of borrowers in the SAVE plan forbearance suggesting that their loans were subject to interest accrual, even though the Department of Education has confirmed that no interest should be accruing during the SAVE plan forbearance period. These Student Loan Borrowers Should Consider Reapplying Taking MOHELA's updated statement at face value, any federal student loan borrower with MOHELA-serviced student loans who applied for an IDR plan prior to April 27, 2025, and who manually provided income documentation by uploading it into the online application or attaching it to a paper application (or provided no income documentation at all), may want to consider reapplying. If you do reapply, be sure to use the online application system and opt into the IRS data retrieval tool when prompted, which MOHELA suggests is the key to expediting processing. MOHELA also notes in its announcement that, 'Applications for the SAVE plan and 'lowest monthly payment' requests are still on hold and loans will stay in an administrative forbearance.' This is due to the ongoing legal challenge involving the SAVE plan. Borrowers who previously applied for IDR and specifically selected the SAVE plan or the option for the 'lowest monthly payment' (which are no longer even options on the newly-revised IDR application) should consider reapplying, regardless of who their student loan servicer is or whether they included documentation of their income with their original application. Finally, MOHELA says that, 'If you have at least 1 loan on SAVE and 1 loan on another IDR plan, your application will remain on hold and your loans will stay in an administrative forbearance.' This statement is fairly ambiguous, and it is not clear if the loan servicer is suggesting that these borrowers also should reapply for IDR. But if you meet this description, you're pursuing student loan forgiveness (particularly through PSLF), and want to get back into repayment, it may make sense to reapply if the only other alternative is remaining stuck in a forbearance.
Malaysian Reserve
3 days ago
- Automotive
- Malaysian Reserve
TAILG Returns to Jakarta Fair, Deepens Footprint in Indonesia
JAKARTA, Indonesia, June 30, 2025 /PRNewswire/ — On June 19, Indonesia's largest comprehensive exhibition, Jakarta Fair, officially opened at JIExpo in Jakarta. TAILG showcased 11 products and launched on-site test ride experiences, standing out as one of the most prominent two-wheeled electric mobility brands at the expo. User-Oriented, Built for Local Preferences Jakarta Fair Kemayoran runs from June 19 to July 13 at JIExpo in Jakarta, with over 2,550 companies exhibiting across 1,550 booths. The event is expected to generate over 7.5 trillion IDR in transactions. As a global leader in electric two- and three-wheel vehicles, TAILG began localizing operations in Indonesia in 2023. Based on local user needs and preferences, TAILG presented 11 key products at this expo, showcasing strong long range capabilities. The GF52, TAILG's flagship long range model, features a full-coverage airplane-style handlebar, a top speed of 55 km/h, smart cruise control, and a convenient reverse function—making it a popular choice for commuters. Recently, influencer KAYE (TikTok: daffakaye) tested the model in Jakarta traffic, achieving an impressive 102 km on a single charge. The video gained over a million likes and views online. The X51-M, with its mech-style design and lightweight frame, offers a max range of 65 km. Since its launch earlier this year, it has been widely favored by students. Moreover, female-oriented models like GR51, GR52, GE55, and GALAXY EB, boasting eye-catching designs, comfortable seats, and user-friendly handling, perfectly meet the dual demands of practicality and comfort for moms. These features have attracted numerous female users to test-ride on-site. Meanwhile, simple electric models such as JS31, JY32, and JY36, with their lightweight and safe designs, have proven popular among students. Rooted in Indonesia, Committed to Deepening Local Development Since the brand went overseas, TAILG has regarded Indonesia and Vietnam as important benchmark markets for the globalization strategy. Based in Indonesia and radiating to Southeast Asia, TAILG continues to promote localization. In 2024, TAILG opened its office and flagship showroom in Tangerang, followed by the launch of its local factory. It has now established a fully localized system covering R&D, manufacturing, and sales. Centered on Java Island, TAILG has built a sales and service network across major cities, with over 200 branded stores. To further enhance supply chain efficiency and improve local service capacity, TAILG has built an integrated manufacturing base in Indonesia that includes assembly, quality inspection, testing, and logistics. The base follows international quality standards and is equipped with advanced production lines and a comprehensive quality control system to ensure high product quality and efficient delivery. As TAILG expands globally, it continues to partner with world-class brands to offer users smarter and more advanced long range products. As the first electric vehicle brand to form a global strategic partnership with BYD, TAILG is actively introducing BYD's small-capacity blade battery solutions, known for their high safety, long life, and strong performance. Rooted in Indonesia and expanding globally, TAILG's strength in products and branding has been widely recognized by users at the JFK Expo. In the future, TAILG will continue to strengthen its long range product lineup, build a strong reputation for endurance performance, and bring Indonesian users a greener, more convenient, and safer riding experience. YouTube video link:
Forbes
4 days ago
- Business
- Forbes
These Student Loan Borrowers Must Act Now, Group Warns, Or Risk Losing Access To Key Plan
WASHINGTON, DC - JUNE 27: U.S. Senate Majority Leader John Thune (R-SD) speaks with reporters ... More following a Senate Republican luncheon, in the U.S. Capitol on June 27, 2025 in Washington, DC. Republican leaders are pushing to get what Trump calls his One Big Beautiful Bill Act through Congress and to his desk before the July 4 Independence Day holiday. A key student loan repayment plan could be repealed if the bill passes. (Photo by) A student loan borrower legal organization is urging certain borrowers to take immediate action or they may lose access to key repayment plans and loan forgiveness paths as Congress moves forward with major legislative changes. 'ATTENTION Parent PLUS Borrowers: Protect your student loan options,' said the Project on Predatory Student Lending in a statement posted on X on Friday. 'Congress' Reconciliation Bill could eliminate Income-Driven Repayment (IDR) options for Parent PLUS borrowers.' But the situation is extremely complicated for Parent PLUS borrowers right now. Many borrowers may not be able to afford their student loan payments under the main IDR plan that would be available to them (and which may also get repealed by Congress). There may be insufficient time for some borrowers to act before Congress implements legislative changes. And the legislation itself is also facing greater uncertainty now after a top official ruled last week that key provisions impacting student loan forgiveness and repayment plans do not comply with Senate rules. Here's what's going on, and what these student loan borrowers should know. The Future Of Student Loan Forgiveness And Affordable Payments For Parent PLUS Borrowers Is Uncertain Parent PLUS loans are type of federal loan issued to the parent of an undergraduate student. While the child – the student – is the person who benefits from the loan, the parent is the legal borrower and the person responsible for repayment of the loan. These types of federal student loans have historically had less favorable terms than other types of federal loans, including higher interest rates and limited access to affordable repayment options. In particular, Parent PLUS loans are generally not eligible for payment plans tied to income, commonly referred to as income-driven repayment (or IDR) plans. IDR plans also have, until recently, provided a pathway to student loan forgiveness, typically after 25 years in repayment. The exception to the rule that Parent PLUS loans are ineligible for IDR plans is that Direct consolidation loans that repaid Parent PLUS loans can be enrolled in the Income-Contingent Repayment plan. ICR is the least affordable of the current IDR options, and may be too expensive for many borrowers. But it can provide a true lifeline for Parent PLUS borrowers who have experienced a major reduction in their income. But reconciliation legislation that Republicans are trying to pass through Congress could cut off Parent PLUS borrowers from any IDR plan, including ICR. If enacted, this could mean that Parent PLUS borrowers would not be able to reduce their payments in accordance with their income, or pursue student loan forgiveness. Group Warns Parent PLUS Borrowers To Take Action Or Risk Losing Access To Affordable Student Loan Plan The proposed Republican-led reconciliation legislation would, if enacted in its current form, repeal most existing IDR plans for current federal student loan borrowers in repayment. This would include the ICR plan, as well as the PAYE and SAVE plans, too. Borrowers enrolled in these plans would be automatically moved to the IBR plan, which – depending on the borrower – could result in higher or lower monthly payments. The legislation would also create a new IDR option called the Repayment Assistance Plan, or RAP, but Parent PLUS borrowers would be ineligible. Since Parent PLUS borrowers would also not be eligible to enroll in IBR, this would effectively mean that these borrowers would be cut off from any IDR option, as well as student loan forgiveness under IDR and Public Service Loan Forgiveness (which requires that borrowers enroll in either the 10-year Standard plan or an IDR plan to make qualifying payments). The one exception to this under the proposals would be Parent PLUS borrowers who have already consolidated via the Direct loan program and are enrolled in the ICR plan the day before the bill goes into effect would get to maintain access to IDR plans (and they would be moved from ICR to IBR). 'Congress' Reconciliation Bill proposes significant changes to the student loan system – including elimination of all income-driven repayment (IDR) plans for Parent PLUS borrowers not enrolled in Income-Contingent Repayment (ICR),' said the Project on Predatory Student Lending. 'Congress' Reconciliation Bill could eliminate Income-Driven Repayment (IDR) options for Parent PLUS borrowers. If you're not already enrolled in Income-Contingent Repayment (ICR), you could permanently lose access to affordable monthly payments—even $0 plans. Parent PLUS borrowers should strongly consider applying for ICR now to preserve access to IDR.' Student Loan Landscape Is Extremely Complicated For Parent PLUS Borrowers But whether Parent PLUS borrowers should actually take action right now is an extremely complicated question, and depends heavily on a borrower's unique circumstances. To make matters even more challenging, the landscape appears to be changing by the day. Consider the following: What Should Parent PLUS Borrowers Do Given The Threats To Affordable Student Loan Payments And Loan Forgiveness? Parent PLUS borrowers are in an extremely tough spot, as affordable payments and student loan forgiveness pathways are under threat. But the right move really depends on a borrower's own unique circumstances and their risk tolerance. For Parent PLUS borrowers who have already consolidated their loans via the Direct loan program but are not enrolled in ICR, it may make sense to apply as soon as possible. But first, it's important to evaluate whether or not the ICR payments would be affordable. If not, you could be signing up for payments you will not be able to maintain, which could put you at risk of defaulting. This is especially risky if the Senate Parliamentarian's ruling holds – that would mean ICR is preserved (which is good news), but borrowers enrolled in ICR would not be switched to IBR, which would be comparatively more affordable in most cases. For Parent PLUS borrowers who have not yet consolidated their loans into a Direct loan, there may simply not be enough time to complete consolidation and enroll in ICR (even if congressional Republicans take longer than expected to pass the reconciliation legislation, the consolidation process alone can take a couple of months). Borrowers can try, anyway, but should be clear-eyed about the chances of this working out, and should also evaluate whether the student loan payments under the ICR plan (if they wind up enrolling) or other student loan repayment plans (if they cannot) would be affordable.
Business Wire
6 days ago
- Business
- Business Wire
Bangladesh Positioned to Lead Sustainable Apparel Manufacturing
AMSTERDAM & HONG KONG & OAKLAND, Calif.--(BUSINESS WIRE)--Cascale (formerly the Sustainable Apparel Coalition) has released ' Bangladesh Country Report: Macroeconomic and Sustainability Analysis,' a comprehensive report detailing Bangladesh's progress and potential to drive sustainable progress in the consumer goods industry. The report also reveals a pivotal opportunity to align with the Industry Decarbonization Roadmap (IDR), a sector-wide initiative to reduce greenhouse gas (GHG) emissions by 45 percent by 2030. This follows Cascale's April publication of the ' Vietnam Country Report: Macroeconomic, Socioeconomic, and Industry Analysis ' report, developed with the support of Apparel Impact Institute (Aii). Similar in scope, Cascale's new report emphasizes Bangladesh's impressive strides toward sustainability, including ambitious environmental targets, the rise of green manufacturing, and a growing culture of industry collaboration. 'Scaling up the decarbonization of the energy supply will be crucial for Bangladesh to meet its 2030 climate ambitions.' –Jeremy Lardeau, SVP, Higg Index, Cascale. 'The workforce is both Bangladesh's RMG sector's greatest asset – providing the people power behind its competitive advantage – and its greatest responsibility to protect. By investing in organisational health and safety, fair labor practices, and skill development, Bangladesh aims to uphold and protect the wellbeing of the millions who form the backbone of this industrial activity.' –Carolina van Loenen, Director of Stakeholder Engagement, Cascale. With a robust apparel sector that contributes over 80 percent of national exports and employs more than four million people – most of them women – Bangladesh stands behind China as the world's second-largest garment exporter, commanding 7.4 percent of the global market share. With its strong economic growth and proactive sustainability initiatives, the country is positioned to leverage both domestic policies and international collaboration to advance its low-carbon transition amid evolving global market dynamics. In 2024, Bangladesh installed an interim government that issued a 2025 Renewable Energy Policy including tax incentives and measures designed to cut fuel imports, balancing continued economic growth with a shift toward cleaner energy. The interim government has set general elections for April 2026. Key Highlights from the Bangladesh Country Report include: Economic Strength & Global Relevance With a GDP of USD 451 billion in 2024 and projected growth of 3.8 percent in 2025 (IMF), Bangladesh's economic trajectory is powered by its textile and garment sector, now expanding into higher-value products and man-made fibers. Decarbonization Commitments The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has launched a Sustainability Vision 2030 to guide the industry, pledging: 30 percent GHG emissions reduction 50 percent sustainable material sourcing 20 percent energy from renewable sources Zero discharge of hazardous chemicals Exclusive Environmental Performance Insights from the Higg FEM Nearly 1,300 factories in Bangladesh used Cascale's Higg Facility Environmental Module (FEM) in 2023. Results show stronger performance than global averages, with opportunities to scale renewable energy use and reduce dependence on natural gas. Leadership in Green Factories Bangladesh boasts over 240 LEED-certified green garment factories – the most of any country in the world. Among these are 62 of the world's top 100 highest-rated facilities, with over 500 more in the certification pipeline. Collaborative Industry Transformation In 2024, BGMEA signed a partnership MoU with Cascale to drive unified sustainability efforts across the supply chain and, in 2025, the International Apparel Federation (IAF) and International Textile Manufacturers' Federation (ITMF) launched the Apparel and Textile Transformation Initiative (ATTI). The initiative is an innovative manufacturer-led, nationally oriented, globally coordinated program. It aims to advance environmental improvements across the supply chain by promoting manufacturer leadership on systemic challenges relating to energy use, water consumption, emissions and other key sustainability impacts, in collaboration with brands and industry initiatives. ATTI's pilot countries are Bangladesh and Türkiye, and BGMEA and BKMEA lead the ATTI Bangladesh Chapter. Under the initiative, the associations will lead the development of an ATTI Bangladesh Transformation Plan with support from the ATTI Global Council. Energy Landscape & Transition Efforts With 57 percent of national energy from gas and only two percent from renewables, Bangladesh faces challenges for a green energy transition. However, there are also many opportunities: Factories are increasingly investing in solar PV systems, bioenergy, and energy-efficient technologies to future-proof operations. A Critical Moment for the Industry The report concludes that Bangladesh is at a turning point — leveraging past progress to chart a path toward a sustainable, inclusive, and competitive future. The country's alignment with global decarbonization goals, including its role in the UN Fashion Industry Charter for Climate Action, signals readiness to lead a new era of responsible manufacturing. Cascale urges brands, investors, and policymakers to support Bangladesh's transition by aligning sourcing practices with sustainability goals, offering financial mechanisms for factory upgrades, and promoting inclusive growth across the value chain. ABOUT CASCALE Cascale is the global nonprofit alliance empowering collaboration to drive equitable and restorative business practices in the consumer goods industry. Formerly known as the Sustainable Apparel Coalition, Cascale owns and develops the Higg Index, which is exclusively available on Worldly, the most comprehensive sustainability data and insights platform. Cascale unites over 300 retailers, brands, manufacturers, governments, academics, and NGO/nonprofit affiliates around the globe through one singular vision: To catalyze impact at scale and give back more than we take to the planet and its people. LinkedIn | X | Instagram | Facebook | YouTube
