President Biden this week announced a long-awaited plan to forgive student debt for millions of borrowers — and criminals will likely leverage the news to steal from unsuspecting victims, the Federal Trade Commission warned on Friday. “Nobody can get you in early, help you jump the line or guarantee eligibility,” said a consumer alert issued
Personal finance
Getty Images President Joe Biden‘s student loan forgiveness plan will soon cancel debt for millions of Americans — and the relief is tax-free on federal returns. However, experts say the cancellation may still trigger a state tax bill. Most borrowers making less than $125,000 per year or $250,000 for married couples filing together will qualify
Cyano66 | Istock | Getty Images With much fanfare, President Joe Biden has signed into law the Inflation Reduction Act. Historians may one day say this legislation did more to complicate an already too complicated tax code than any tax bill in the past 50 years. It is now up to the Internal Revenue Service
AntonioGuillem | Getty Images It’s something more than 40 million Americans have in common: They hold federal student loans. But the lending system is famously complicated, and these loans come with various names and terms depending on when they were taken out and for what purpose. What are usually just technical differences could now determine
Fast-food workers and supporters fight to raise the minimum wage to $15 an hour. James Leynse | Corbis Historical | Getty Images The Biden administration seems to have pegged a student loan policy announced Wednesday to its broader push for a national $15-an-hour minimum wage. The White House detailed a long-awaited plan to forgive up
“I am so happy that Biden kept his promise,” said Lea Ceasrine, 28, after the White House announced it will cancel up to $10,000 in federal student debt and up to $20,000 for recipients of Pell Grants who meet income qualifications. As one of the roughly 27 million borrowers who earn under $125,000 a year and are
For millions of Americans, learning Wednesday that the Biden administration plans to move ahead with sweeping student loan forgiveness likely sparked feelings of relief — followed by a lot of questions. The government has already made a surprising number of answers available, though time will tell how smoothly the cancellation unfolds between the U.S. Department
Supachok Pichetkul / Eyeem | Eyeem | Getty Images Some policy experts were quick to sound an alarm after President Joe Biden announced a sweeping new plan Wednesday to cancel up to $10,000 in federal student loans for borrowers with incomes under $125,000. Biden will cancel up to $20,000 for recipients of Pell Grants. The
Comstock | Stockbyte | Getty Images The labor market is strong, and unemployment is low. But economists fear a recession looms — and 50% of employers expect to reduce headcount in the next six to 12 months, according to a recent PwC survey. Workers who turn to jobless benefits for financial help will find a
Air conditioner units for sale during a heat wave in Austin, Texas, on Tuesday, July 19, 2022. Sergio Flores | Bloomberg | Getty Images Labor Day deals are already underway, with big discounts on summer clothing, appliances and outdoor furniture. “Sales have already started,” said Julie Ramhold, a consumer analyst at DealNews.com. For cash-strapped consumers, this
dowell | Moment | Getty Images After nearly eight months of market volatility, many investors still worry about rising interest rates and how those changes affect their portfolio. Some 88% of investors are concerned about rising inflation and interest rates, according to a J.P. Morgan Wealth Management study published Monday, polling more than 2,000 Americans,
Porquenostudios | Istock | Getty Images The White House is considering a plan to forgive $10,000 in student debt for borrowers who make less than $125,000, according to reporting by CNN. The Biden administration has promised to make a decision on student loan forgiveness by the end of August, when monthly loan payments are scheduled