It is a daily ritual for millions of Australians, but if you have noticed the price of your morning flat white or soy latte increase, brace yourself — it is likely to get worse.
By the end of the year,...
It is a daily ritual for millions of Australians, but if you have noticed the price of your morning flat white or soy latte increase, brace yourself — it is likely to get worse.
By the end of the year,...
After the Supreme Court blocked President Biden's initial student loan forgiveness plan, his administration has revised it to avoid legal challenges. The new plan focuses on specific groups of borrowers, such as those who have made payments for many years or attended low-quality schools. The government is also using a different law, the Higher Education Act, which gives the Education Secretary authority to forgive certain student loans. By targeting specific borrowers and using a different legal basis, the administration hopes this plan will withstand court scrutiny.
The Biden administration has released the proposed rules for its revised student loan forgiveness plan. It could reduce or eliminate debt for certain borrowers, including those eligible for existing cancellation programs, in long-term repayment, at questionable schools, or in financial hardship. Borrowers may also get up to $20,000 of unpaid interest forgiven. The plan is still subject to public comment and will likely be finalized and implemented in the fall.
Inflation has persisted at 3.5% despite the Federal Reserve's target of 2%, leaving markets on edge. While the economy remains strong, the Fed prioritizes inflation control over interest rate cuts, posing a dilemma. Experts discuss the possibility of the Fed's policy being too loose, while others advise maintaining it due to inflation and financial risks. The ongoing inflation has resulted in falling real incomes, becoming a political challenge for the Biden administration as it affects consumers and households.
The Biden administration has forgiven $7.4 billion in student debt for 277,000 borrowers. This is possible through improved oversight of income-driven repayment plans and the Public Service Loan Forgiveness program. Over 4.3 million people have had their federal education loans cleared, totaling $153 billion in aid, since Biden took office.
The Biden administration's student loan forgiveness plan aims to wipe out debts for millions of Americans, starting as early as this fall. This move aims to boost the Democratic presidential candidate in the upcoming 2024 election, as it resonates with young voters and contrasts with the Republican stance of opposing debt relief for students. However, the plan could face possible legal challenges, which could delay or prevent its implementation.
There's a limited-time opportunity for student loan forgiveness. By April 30th, borrowers can consolidate their loans to get credit for past payments. This could result in immediate or early loan cancellation for many borrowers under income-driven repayment plans. The consolidation process combines loans and includes payments from your oldest loan. It's important to consolidate before the deadline and ensure accurate payment history to maximize forgiveness benefits.
The Biden administration is introducing a new plan to forgive student loans, potentially benefiting 10 million Americans. This plan, narrower than a previous one blocked by the Supreme Court, targets borrowers facing financial hardship or in repayment for extended periods. The administration believes this revised plan will withstand legal challenges and will be implemented through the rulemaking process. A public comment period will follow its release for feedback.
The Biden administration has implemented a new rule limiting rent increases to 10% for certain affordable housing units nationwide. This measure aims to help low-income tenants stay in their homes amidst rising rent costs. The rule applies to units receiving federal funding, and tenants can check with their leases, landlords, or the database to confirm eligibility. If a landlord violates the rule, tenants are advised to contact local legal services providers for assistance.
Many older adults who haven't paid off their student loans may have their Social Security benefits reduced. The government can take up to 15% of benefits to cover unpaid student debt. This reduction, averaging $2,500 annually, can severely impact those who rely on Social Security as their main income source. Lawmakers have expressed concern that millions of seniors will face this consequence when the pandemic-related pause on student loan collections ends in late 2024.
The Biden administration has forgiven almost $144 billion in student debt for around 4 million people. Those who don't qualify yet can check their eligibility for forgiveness programs like Public Service Loan Forgiveness, income-driven repayment plans, and over 100 other state-sponsored programs. Keep track of your progress towards meeting program requirements and take advantage of updates that make it easier to obtain forgiveness.
The Biden administration has provided student loan forgiveness to almost 4 million borrowers. Borrowers who don't yet qualify can check the Department of Education's website to see if they're eligible for other programs. Two popular options are the Public Service Loan Forgiveness program and income-driven repayment plans. The government is also working on a revised forgiveness plan that could benefit up to 10 million more people.
The Biden administration aims to reduce student loan costs by eliminating origination fees, unnecessary charges that can add thousands of dollars to student debt. The government considers these fees unfair and burdensome, particularly for students from low-income backgrounds and minority-serving institutions. The administration is also working to curb excessive fees charged by banks on student bank accounts and end automatic billing for textbooks on tuition, giving students more choice and financial relief.
