The Biden administration has been facing numerous legal challenges when it comes to implementing student loan forgiveness programs. From the Supreme Court’s rejection of the wide-scale forgiveness to the recent suspension of the Saving on a Valuable Education plan (SAVE) due to lawsuits filed by Republican-led states, the road to debt relief has been rocky.
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The U.S. economy has experienced a significant slowdown in inflation since its peak two years ago. In fact, some consumer prices are now beginning to deflate, signaling a shift in economic dynamics. Deflation, the decrease in prices for consumer goods or services, is the opposite of inflation, which measures the rate at which prices are
The U.S. Department of the Treasury and the IRS have recently achieved a significant milestone by collecting over $1 billion in tax debt from high-income individuals. This accomplishment comes after the IRS announced plans to expand its scrutiny of those making over $1 million annually with more than $250,000 in recognized tax debt. Treasury Secretary
Medical debt has been a significant concern for many Americans, with unpaid balances posing a financial burden on individuals and families. According to new research by the Urban Institute, the share of people with medical debt in collections that appears on their credit reports has decreased over the past decade. In 2013, 19.5% of Americans
The upcoming presidential election between President Joe Biden and former President Donald Trump has left many investors feeling anxious about the potential impact on their finances. A survey conducted by investment company Betterment revealed that 57% of investors are feeling nervous about the election, with 40% expecting to make investment decisions based on the outcome.
President Joe Biden’s push for widespread student loan forgiveness has taken center stage in the political arena as the election draws near. The potential forgiveness of debt for millions of federal student loan borrowers could have a significant impact on voter sentiment and opinions. The timing of the final rule on student loan relief, set
Inflation may be on the decline, but the reality is that prices are still high, and the situation is not expected to change any time soon. While this may seem like good news for the economy, the truth is that the cost of many goods and services remains elevated, posing affordability challenges for consumers in
One of the most popular strategies for reducing taxes on pretax retirement account withdrawals is Roth individual retirement account (IRA) conversions. By transferring funds from a traditional IRA to a Roth IRA, individuals can enjoy tax-free growth on their investments in the future. However, one way to mitigate the immediate tax hit associated with these
As you progress through your career and start thinking about retirement, it is crucial to have a clear understanding of where you are investing your money. Financial experts emphasize the importance of being aware of the tax implications associated with different types of investment accounts. Many individuals have a significant portion of their savings tied
Losing my wallet was a wake-up call that made me realize how vulnerable I was to identity theft and financial loss. As a CNBC intern working on personal finance stories, I thought I was well-informed about protecting my money and identity. However, the experience of losing my wallet taught me a few valuable lessons that
