Everything We Know (So Far) About Biden’s Student Loan Forgiveness Plan

Caroline Purser | The image bank | Getty Images How many debts are cancelled? Did I receive a Pell Grant? Chances are you received one as part of your financial aid package while in college: Of the estimated 43 million borrowers who will benefit from the administration’s forgiveness plan, more than 60% are Pell Grant … Read more

Credit ratings are at an all-time high, despite rising consumer debt

Consumers increasingly rely on credit card to make ends meet, but it hasn’t had a significant impact on their financial situation, at least as far as their credit rating is concerned. The national average credit score sits at a record high of 716, unchanged from a year ago, according to a new report from FICO, … Read more

How more FFEL borrowers can get student loan forgiveness

Student debt activists gather outside the White House a day after President Biden announced a plan that would forgive $10,000 in student loan debt for those earning less than $125,000 a year in Washington, DC, on August 25, 2022. The Washington Post | The Washington Post | Getty Images When the US Department of Education … Read more

‘It’s going to change everything for me’: Americans react to Biden’s plan to forgive up to $20,000 in student debt

CNN — Americans across the country are sharing their mixed reactions to President Joe Biden’s decision to forgive up to $20,000 in student loan debt for millions of borrowers. Biden announced on Wednesday that borrowers who hold loans from the Department of Education and earn less than $125,000 a year are eligible for up to … Read more

Biden’s student loan relief plan will primarily help working-class and middle-class borrowers, report says

CNN — of President Joe Biden student loan debt relief plan should primarily help working-class and middle-class borrowers, according to an updated report from an influential research group. That’s a change from his earlier projection that more high-income borrowers would get basic loan forgiveness. About 75% of the profits will go to households earning $88,000 … Read more

13 states could hit borrowers with state tax liability on canceled student loans

President Joe Bidenit is student loan cancellation plan will soon cancel the debt of millions of Americans – and the relief is tax exempt on federal returns. However, experts say cancellation can still trigger a state tax bill. Most borrowers earning less than $125,000 a year or $250,000 for married couples who file together will … Read more

More details emerge on Biden’s federal student debt cancellation plan

Student borrowers hold a rally on August 25, 2022 outside the White House to celebrate President Joe Biden’s cancellation of federal student debt. Paul Morigi | Getty Images Entertainment | Getty Images As tens of millions of Americans process the news of federal student loan forgiveness, countless questions are emerging about how it will all … Read more

Biden condemns GOP criticism of student debt forgiveness

U.S. President Joe Biden speaks about the administration’s plans to cancel federal student loan debt during a speech in the Roosevelt Room of the White House in Washington, U.S., August 24, 2022. Leah Millis | Reuters President Joe Biden criticized congressional Republicans who criticized student loan forgiveness after passing tax cuts for the wealthy. “I … Read more

Shoppers are spending more than $300 a month on impulse purchases, despite fears of recession

Pandemic shopping shifts have spurred impulse purchases Certainly, the pandemic has changed the way people spend money. “Consumers have abandoned their ingrained shopping habits, propelling e-commerce into hyperdrive,” according to a analysis by McKinsey & Company. Americans are spending more on clothes, travel and experiences, the report also says, and are now conditioned “to believe … Read more

With 87,000 new agents, here’s who the IRS can target for audits

Jeffrey Coolidge | Photodisc | Getty Images As the The Democrats’ spending plan moves closer to a vote in the House, one of the most controversial provisions – nearly $80 billion in IRS fundingwith $45.6 billion for “enforcement” – has raised questions about who the agency can target for audits. IRS Commissioner Charles Rettig said … Read more