Personal finance

President Joe Biden announced a new student loan forgiveness plan Monday, which when combined with his administration’s ongoing relief efforts could benefit tens of millions of borrowers. Narrower in scope than the first education debt relief effort that the Supreme Court ultimately blocked, Biden’s ”Plan B“ targets five specific groups of borrowers. Here’s the breakdown of who stands to benefit. 1. Borrowers

D3sign | Moment | Getty Images With one week until the April 15 federal tax deadline, the IRS has released an “important update” for Direct File, the agency’s free tax filing program. Since March 12, the pilot program has been fully open for certain filers in 12 states, and Direct File now allows users to

U.S. President Joe Biden waves as he departs for Baltimore from the White House in Washington, U.S., April 5, 2024.  Kevin Lamarque | Reuters President Joe Biden will unveil his new plan to forgive student debt on Monday, less than a year after the Supreme Court blocked his initial attempt. Biden wants this aid package

Thomas Barwick A “silver tsunami” — with a record number of Americans expected to turn age 65 — is here. Americans who reach that milestone age face high-stakes financial decisions. Two of the most important choices retirees face — which Medicare health insurance coverage option to choose and when to claim Social Security benefits —

Taylor Swift performs onstage for the opening night of “Taylor Swift | The Eras Tour” at State Farm Stadium. Kevin Mazur | Getty Images Entertainment | Getty Images Revenge spending is not dead. Even as Americans owe $1.13 trillion on their credit cards, consumers are still willing to splurge on impulsive purchases. It’s a phenomenon also known as

Songsak Rohprasit | Moment | Getty Images The tax deadline is approaching and some filers are turning to chatbots powered by artificial intelligence for help with returns. But taxpayers should be wary of generative AI — which uses artificial intelligence to create content — for tax advice, experts say. Nearly 1 in 5 Americans would

U.S. President Joe Biden delivers remarks on canceling student debt at Culver City Julian Dixon Library on February 21, 2024 in Culver City, California.  Mario Tama | Getty Images The Biden administration will soon roll out a sweeping new student loan forgiveness proposal that could impact millions of Americans. Despite its smaller scope than President

Now Hiring sign in a supermarket window in Queens, New York.  Lindsey Nicholson/UCG/Universal Images Group via Getty Images The U.S. job market continues to chug ahead without signs of overheating — a good sign for workers and the U.S. economy, according to economists. While the market has cooled from its breakneck pace of the “great

Justin Sullivan | Getty The Powerball jackpot hit $1.3 billion on Friday — the game’s fourth-largest prize. While most Americans still buy tickets in person, that could change as lottery apps emerge in more states. As for the next drawing, there are two payout options: a lump sum of $608.9 million or an annuity worth

A man sits on the Wall street bull near the New York Stock Exchange (NYSE) on November 24, 2020 in New York City. Spencer Platt | Getty Images The stock market could hit a milestone if the Dow Jones Industrial Average reaches 40,000. However, even as stocks have climbed higher, investors are worried there could

Damircudic | E+ | Getty Images The tax deadline is approaching and there’s still time to score a deduction with a pretax individual retirement account contribution — if you qualify. For 2023, the IRA contribution limit was $6,500, plus an extra $1,000 for investors age 50 and older. That increased to $7,000 for 2024, with

Worried woman looking at her mobile phone. Srdjanpav | E+ | Getty Images There’s a student loan forgiveness opportunity available to many borrowers, but they’ll have to act by April 30 to qualify, the Consumer Financial Protection Bureau says. The U.S. Department of Education is conducting a one-time adjustment of borrowers’ payments this summer, and