The United States is embarking on a new chapter in its economy with the Federal Reserve raising its benchmark interest rate. In July 2023, the federal funds effective rate surpassed 5%, marking a significant shift after four decades. Economists predict that as interest rates continue to rise, financial conditions will return to a more normal …
The Marriner S. Eccles Federal Reserve building in Washington. Stefani Reynolds/Bloomberg via Getty Images Experts anticipate that the Federal Reserve will likely raise rates by a quarter of a point at the conclusion of its upcoming meeting, following a pause last month. Fed officials have repeatedly expressed concern over the impact of rising costs on …
Damircudic | E+ | Getty Images The impending cessation of the temporary pause on student loan payments and interest, which was implemented during the pandemic, brings attention to a significant distinction between two types of debt: subsidized and unsubsidized loans. One of the primary differences between these federal loans, also known as Stafford Loans, which …
President Joe Biden and U.S. Secretary of Education Miguel Cardona, June 30, 2023. Demetrius Freeman/The Washington Post via Getty Images Understanding the Differences Between the Two Loan Forgiveness Actions The recently announced loan forgiveness action differs from the broad debt-cancellation plan originally proposed by the White House, which was struck down by the Supreme Court …
As Americans prepare to resume their monthly student loan payments and grapple with the Supreme Court’s decision against loan forgiveness, certain groups are exploring the potential for workplace solutions to aid borrowers. The Society for Human Resource Management (SHRM), representing HR professionals, has called on Congress and state legislatures to pass policies that benefit both …
The Supreme Court has rejected President Biden’s ambitious plan to eliminate student debt for millions of borrowers. However, the White House has now taken a more modest approach that will still cancel the remaining debt for around 800,000 borrowers, according to the Washington Post. This action will specifically benefit those who have been enrolled in …
The Biden administration made a groundbreaking announcement on Friday, revealing plans to eliminate a staggering $39 billion in student loan debt for 804,000 borrowers. This monumental act of relief stems from essential improvements to the federal student loan system’s income-driven repayment plans, which now ensure that certain borrowers’ debts are cancelled after making payments for …
Damircudic | E+ | Getty Images Scammers are likely focusing on student loan borrowers following the Supreme Court’s decision to strike down the Biden administration’s debt forgiveness plan on Friday, and as loan repayments are expected to resume in the fall, according to the Federal Trade Commission (FTC). In a consumer alert issued on Saturday, …
The Supreme Court has issued a ruling that brings disappointing news to thousands of college graduates. They will not be receiving the anticipated relief of up to $20,000 on their student loans. President Biden’s plan to forgive over $400 billion in student loans has been struck down by a 6-3 vote. The Washington Post and …
The Supreme Court has ruled 6-3 that the Biden administration lacks the authority to eliminate nearly $500 billion in student debt. This decision denies relief to around 40 million Americans, who could have had up to $20,000 in student debt forgiven through the HEROES Act plan. On Friday, the Supreme Court made two decisions regarding …