If you have multiple student loans, you can combine them until April 30th. This will allow you to receive credit for all the time you've been paying on the loan you've had the longest towards loan forgiveness. This is beneficial because it can expedite the loan forgiveness process, especially for those who have been paying for an extended period. You can apply for consolidation at StudentAid.gov or with your loan servicer.
President Biden announced a revised plan to forgive student loans, which will benefit tens of millions of Americans. This plan is narrower than his original effort, but it targets specific borrowers with financial hardship or those who have been in repayment for a long time. The revised plan aims to forgive up to $20,000 of unpaid interest for borrowers and could erase or reduce balances for many. Biden hopes this effort will survive legal challenges and help address the burden of student debt in the country.
President Biden's new student loan relief plan aims to assist millions of borrowers facing excessive interest rates, with potential benefits for up to 25 million people. The plan includes "canceling runaway interest" on federal student loans, reducing or eliminating accrued interest for low- and middle-income borrowers enrolled in income-driven repayment plans. This provision is intended to lighten the financial burden and allow borrowers to pay off their loans more easily.
President Biden will soon announce his student loan forgiveness plan, which will potentially benefit millions of Americans. Despite being narrower than his initial proposal, the plan could erase up to $20,000 in interest and forgive debt for certain groups, including those with existing repayment programs, long repayment histories, questionable schools, or financial hardships. This plan aims to fulfill Biden's campaign promise and differentiate him from potential opponent Donald Trump, who opposes student debt relief.
Currently, manufacturers are reducing the size or quantity of products while maintaining or increasing prices. This practice, called shrinkflation, has drawn attention recently, with President Biden and Cookie Monster expressing their disapproval. A bill aims to empower the Federal Trade Commission to curb shrinkflation through regulations and legal actions. Consumers can combat shrinkflation by carefully observing changes in product sizes and considering alternative brands or retailers. By being mindful of their purchases, consumers can potentially reduce their grocery expenses.
Two tax plans are emerging for the upcoming U.S. presidential election. Trump proposes extending the Tax Cuts and Jobs Act, including permanent cuts for individuals. Biden plans to extend these cuts for those earning less than $400,000, while increasing taxes for the wealthy and corporations. Both plans rely on the expiration of the Tax Cuts and Jobs Act provisions in 2025, which could result in higher taxes for most Americans if Congress does not act.
