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Using data from the Fed's Survey of Consumer Finances, the analysis finds that over a million Americans ages 55 to 64 are holding student loans, or have spouses with loans. There are a range of reasons why older borrowers might be struggling to pay off their student loans. Millennials are most likely to hold student debt with an average balance of about $35,000, and while fewer Gen Xers have student debt, their average balance is higher at about $48,000, according to TransUnion. Provisions are being rolled out by President Joe Biden's Education Department that could ease the burden of student debt on older borrowers. AdvertisementAre you a Gen Xer with student debt who is worried about retirement?
Persons: Gen Xers, Xers, Joe Biden's Organizations: Service, School's Schwartz, for Economic, Business, Fed's Survey, Consumer Finances, Social Security, Democratic, Joe Biden's Education Department, Public, Education Department Locations: Fed's
CFP Daniel Masuda Lehrman says the two biggest contributors to poverty are housing and cars. I spoke with certified financial planner Daniel Masuda Lehrman founder of Masuda Lehrman Wealth, a Honolulu, Hawaii-based financial planning firm, on how Asians living in poverty can handle several money challenges at once. That's because housing is usually the biggest expense in your budget, says Masuda Lehrman, who specializes in multigenerational wealth. If you have credit card debt, see what hardship options the card issuer offers. Consider a credit card balance transferCredit card debt is expensive.
Persons: Daniel Masuda Lehrman, Masuda, Masuda Lehrman, there's, , doesn't Organizations: Pacific Islander Heritage, Pew Research Locations: American, America, U.S, Honolulu , Hawaii
New York CNN —The good news is your child got into college and is preparing to enroll this fall. The bad news is that you’ve just learned the aid package your child’s school is offering is much smaller than you’d hoped. Over four years of college, students can take out a total of up to $27,000. “That’s cash-flow friendly while your child is in college,” Walker said. Also, Bogardus suggests checking to see if your state offers a tuition aid plan or subsidized loan rates for educational expenses.
Persons: you’ve, sobering, , Beth Walker, , ” Walker, they’ve, Joseph Bogardus, it’s, Bogardus, Skip, Walker, you’ll Organizations: New, New York CNN, College Board, Center for College Planning Solutions, College, , Stafford, PLUS Locations: New York, New England, Stafford
NYPD officers in riot gear enter Columbia University's encampment as they evict a building that had been barricaded by pro-Palestinian student protesters in Los Angeles, United States on April 30, 2024. Shay Horse | Nurphoto | Getty ImagesStudents can lose housing and morePro-Palestine protesters locked arms after several demonstrators knocked fences down and opened the Massachusetts Institute of Technology (MIT) encampment back to student protesters during the demonstration. Rallies and protest camps persist at the Massachusetts Institute of Technology (MIT) campus as student demonstrators demand divestment from Israeli military ties. Federal loan bills could come earlierSuspended or expelled students may also get their federal student loan bills sooner than they expected, Kantrowitz said. If a suspension ends and a student returns to college before the six months, their grace period should reset, Kantrowitz said.
Persons: Shay Horse, Sally Kornbluth, Vincent Ricci, Martin Stolar, Kantrowitz, Ellen Granberg Organizations: Palestinian, Getty, Palestine, Massachusetts Institute of Technology, MIT, CNBC, George Washington University, American Civil Liberties Union of Indiana, Indiana University, U.S . Department of Education Locations: Los Angeles, United States, Kresge, New York, Gaza
IntroductionWhen you complete the FAFSA, your school may offer you any one of three types of federal loans: subsidized loans, unsubsidized loans, and Direct PLUS Loans. If your college costs aren't covered completely by the aid offered through the FAFSA, you may have to take out private loans as well. You will have to pay those back, and these should be your last option as private loans often come with worse terms and protections than federal loans. Student Loans: These DO have to be repaid with interestYou can get various types of aid from the FAFSA, and you'll know what you qualify for once your school gives you your complete financial aid package. Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans.
Persons: Ryan Wangman, Read Organizations: Loans, Chevron, Finance, Northwestern University, Boston Globe Locations: Iraq, Afghanistan
When Biden was first running for office, he campaigned on canceling $10,000 in student debt per borrower, along with reforming repayment programs like Public Service Loan Forgiveness. AdvertisementThe Education Department is undergoing a process to get relief to borrowers using a different law, but it will take time to reach borrowers. Targeted student-loan forgivenessWhile the Supreme Court struck down Biden's first try at broad student-loan forgiveness, he has still enacted smaller amounts of relief to borrowers through various reforms. Additionally, the Education Department has announced debt cancellation for borrowers defrauded by the schools they attended, including the major for-profit chains ITT Technical Institute and Corinthian Colleges. In February, the department announced $1.2 billion in debt relief for 153,000 borrowers, the first group to benefit from that provision.
Persons: , Joe Biden, Biden, Clare McCann, Arnold Ventures —, McCann, Biden's, Donald Trump Organizations: Service, Public, Biden, Business, Department, Arnold Ventures, Education Department, ITT Technical Institute, Corinthian Colleges, Education, Higher Locations: PSLF, deferment
The story of Brooksley Born is not only the tale of a remarkable regulator whose Cassandra-like warnings — if heeded — could've prevented the great financial crisis from exploding into raging, ruinous enormity. Not long after she assumed chairmanship of the CFTC, Born started to feel a lingering unease with the rapidly expanding derivatives market. So to Rubin, Born was more of an inconvenience than anything, and she certainly wasn't in his club. Not long after, Treasury officials lobbied Congress to pass legislation preventing the CFTC from being able to regulate the OTC derivatives market. In the months and years that followed, it became increasingly hard to deny that the multi-trillion-dollar OTC derivatives market was the root cause of the great financial crisis.
Persons: Lehman Brothers, jolting, — could've, It's, Potter Stewart, Henry Edgerton, Porter, she'd, Bill Clinton, Clinton, Janet Reno, Brooksley, Michael Greenberger, Born, Gibson, weren't, Robert Rubin, Goldman Sachs, Rubin, Michael Hirsh, Alan Greenspan, Greenspan, Ayn Rand, Hirsh ., Hirsh, Greenspan didn't, braggadocian machismo, lauding Rubin, Lawrence Summers, Arthur Levitt, Josie Cox, Levitt, Summers, Jim Leach, Richard Lugar, , Bethany McLean, Joe Nocera, Bob Rubin, Born's Cassandra, George W, Bush, Lauren Rivera, Christine Lagarde, Lehman, ABRAMS Organizations: Stanford University, Stanford Law School, Stanford, Appeals, District of Columbia Circuit, Arnold, Futures Trading Commission, American, CFTC, Bankers Trust, Procter, Gamble, Sumitomo, Federal Reserve, Fed, Securities and Exchange Commission, Financial Markets, Abrams, Term Capital Management, Enron, SEC, Born, Northwestern's Kellogg School of Management, Financial, International Monetary Fund, Lehman Brothers, Reuters, Street, The Washington Post, Guardian, Abrams Press Locations: California, Vietnam, United States, Washington, America, ABRAMS , New York
Dominique Morisseau’s characters are, as the post-colonial thinker Frantz Fanon once described himself, often paralyzed “at the crossroads between nothingness and infinity.” Her plays craft realistic depictions of marginalized people inextricably caught in the tide of history. In her 2013 piece “Sunset Baby,” receiving a potent revival at Signature Theater, Morisseau lays bare both a romantic relationship and a father-daughter drama while also exploring the effects of revolution, the deferment of dreams and the bind of being a Black woman in America. The play’s complexities find their avatar in its hardened protagonist, Nina (Moses Ingram, making a strong New York stage debut). As a drug dealer and (as conjured by the costume designer Emilio Sosa’s tiny dress and thigh-high boots) a honey pot eking out a living in Brooklyn, Nina’s life is a far cry from the dreams envisioned by her Black revolutionary parents, who named her after the singer-activist Nina Simone. After the death of her mother, Ashanti X, from a slow, ugly slide into addiction, Nina’s estranged father, Kenyatta Shakur (Russell Hornsby), reappears to collect a stash of letters her mother had written to him while he was a political prisoner.
Persons: Dominique Morisseau’s, Frantz Fanon, , , Morisseau, Moses Ingram, Emilio Sosa’s, Nina Simone, Nina’s, Kenyatta Shakur, Russell Hornsby Locations: America, New York, Brooklyn, Ashanti
Student-loan borrowers, check your emails — you might find a message from President Joe Biden in your inbox telling you that your debt is canceled. Additionally, per the fact sheet, 7.5 million borrowers are enrolled in the SAVE plan, and 4.3 million of them have a $0 monthly payment. Here's what will happen next for borrowers who are, or hope to be, eligible for SAVE plan relief. Next steps for SAVE plan debt reliefBiden's email noted that the Education Department has already informed impacted borrowers' loan servicers that they are eligible for relief. Once negotiations conclude, the department will prepare proposed text on the borrowers it's seeking to include in this new relief plan.
Persons: , Joe Biden, Biden, I've, they've, forbearance Organizations: Service, White House and Education Department, Business, Education Department, SAVE, Public, Family Education Locations: noreply@studentaid.gov
MUSKOGEE, Okla. (AP) — The hallways of Bacone College are cold and dark. In the college’s historic buildings, there are leaks to plug, mold to purge and priceless works of Native American art to save from ruin. Founded in 1880 as a Baptist missionary college focused on assimilation, Bacone College transformed into an Indigenous-led institution that provided an intertribal community, as well as a degree. Across the country, there are only a few dozen tribal colleges, according to the American Indian College Fund, a nonprofit that supports Native American access to higher education. Tribal colleges must be sponsored by a federally recognized tribe and have a majority Native student enrollment.
Persons: aren't, Nicky Michael, Woody Crumbo, Fred Beaver, Joan Hill, Ruthe Blalock Jones, Bacone, “ Bacone, , Robin Mayes, Michael, Gerald Cournoyer, Cournoyer, Patti Jo King, King, Bull, Custer, Johnnie Diacon, Leslie Hannah, he’s, Midgley, Chris Oberle, KOSU, ___ Graham Lee Brewer Organizations: Baptist, Muscogee Nation Tribal Council, Lakota, Center, American, Kiowa, Huber Energy, Muskogee County Sheriff’s, MHEC, Associated Press, National Register of Historic Places, American Indian College Fund Locations: MUSKOGEE, Okla, shuttering, Muscogee, U.S, Cherokee, Bacone, Oklahoma, Ataloa Lodge, Sequoyah, Tulsa, Utah, Muskogee County
Chris Tobin | Digitalvision | Getty ImagesBeginning in February, certain student loan borrowers who have spent a decade in repayment will get their federal student loan debt forgiven, the Biden administration recently announced. Most borrowers need to make payments for 20 years or 25 years on an income-driven repayment plan before their debt is erased. To qualify for the aid, you'll also need to make sure you have eligible federal student loans and that you're enrolled in the SAVE plan. Pandemic-era payment pause countsOther forbearances, deferments may count, tooThe Department of Education gives federal student loan borrowers several options to pause their payments. Due to the timeline of regulatory changes, borrowers may have to wait for some of these periods to be credited to their forgiveness timeline under the SAVE plan.
Persons: Chris Tobin, Biden, you'll, deferments Organizations: Digitalvision, U.S . Department of, Valuable Education, Education, SAVE, of Education, CNBC, Time
The war is approaching the end of its second year, and Ukraine’s military needs more manpower to sustain a bloody war of attrition against Russia, a country with more than three times the population of Ukraine. In a recent essay, Ukraine’s top military commander, Valery Zaluzhny acknowledged that training and recruiting troops was becoming a serious challenge. The essay acknowledged a bleak reality: Ukraine needs more people in uniform, and it needs them now. Ukraine fills its ranks with volunteers but also has a system of conscription that allows the state to draft men of military age. If the war continues with the same intensity as it is today, there is no way to avoid conscription.
Persons: Volodymyr Zelensky, Valery Zaluzhny, , Andriy Demchenko, it’s, Maj, Viktor Kysil, won’t, Mark Holovei, I’m, I’ve, we’re, Maria Zaika, Maria Zaika “, , “ I’ve, , Oleksandr Dyadyushkin, Vlad, Dmytro Kostyuk Organizations: CNN, Russia, State Border Service of, It’s, 5th Assault Brigade, Foreigners Locations: Ukrainian, Washington, Ukraine, Kyiv, State Border Service of Ukraine, Moscow, North Korea, Israel, Gaza, Europe, Russia, Bakhmut
Construction of new apartment buildings is slowing as interest rates stay high. The Department of Transportation is opening up billions in loans for construction near mass transit. AdvertisementMultifamily housing construction boomed over the last couple years, and more apartments are coming on the market than at any time since the 1980s. But as interest rates have shot up, apartment construction is sharply slowing across the country. In fact, in order to qualify for the loans, developers need to show that their projects would boost ridership.
Persons: Biden, , Dan Schned, TOD, Schned, Brian Deese Organizations: Department of Transportation, Service, of Transportation, Transportation Infrastructure Finance, Innovation, Railroad Rehabilitation, Improvement, DOT's Build America Bureau Locations: downtowns
Amy, 59, is not required to make any student loan payments while pursuing her teaching certificate. It comes as the Education Department is working to strengthen oversight over servicers. AdvertisementAdvertisementWhile federal student-loan payments resumed for most borrowers in October, Amy, 59, knew she was not expected to make any payments. "But that's not the case with student loans. "It's ridiculous these companies get contracts for federal student loans," Amy said.
Persons: Amy, servicer, , MOHELA, Joe Biden's, servicers, Amy —, she's, that's, it's, Harris, Education Miguel Cardona Organizations: Education Department, Service, Joe Biden's Education Department, The Education Department, Aid, Biden, Harris Administration, Education
A student loan is reported as an installment loan on your credit report and can affect your credit score. How to build credit with your student loanPracticing good student loan management can positively affect your credit score. Monitor your credit report — Regularly checking your credit report helps you spot inaccuracies and stay on top of your credit. Consolidate or refinance federal student loansYou can apply for student loan consolidation if you need help managing multiple federal student loans. How student loans affect credit scores frequently asked questionsHow much do student loans affect credit scores?
Persons: servicers, isn't, , you've Organizations: Federal Locations: Federal
Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). Federal student loans come with a variety of benefits that you'll lose out on if you refinance. Federal student loans come with a range of benefits and protections that are not available with private loans. These programs, such as Public Service Loan Forgiveness, provide loan forgiveness after meeting specific criteria. When it comes to refinancing student loans, it's important to be cautious about converting federal loans into private ones.
Persons: you'll, , I've Organizations: Service Locations: Federal
After Hamas attacked Israel on Oct. 7 and killed some 1,400 people, the United States stood by its ally and stressed that Israel has the right to defend itself. The priority is on working to get the hostages out step-by-step," said a source briefed on the hostage negotiations. The first U.S. official said that along with the hostage negotiations, advising Israel to hold off on its invasion could also give more time for humanitarian aid to be delivered to Gaza. U.S. officials have urged Israel to follow the laws of war in any invasion of Gaza, which is home to 2.3 million people. Israel would have a difficult time fighting a war on two fronts simultaneously if Hezbollah launches a full-scale fight in the north, U.S. officials say.
Persons: Israel, Joe Biden, John Kirby, Lloyd Austin, Washington Eliav Benjamin, Lebanon's, Antony Blinken, Yoav Gallant, Washington, Matt Spetalnick Steve Holland, Humeyra Pamuk, Dan Williams, Andrew Mills, Phil Stewart, Idrees Ali, Trevor Hunnicutt, Simon Lewis, Michelle Nichols, Grant McCool Organizations: United, Palestinian, Washington, House, Pentagon, State Department, Friday, U.S, United Nations, White House, Israel's Army, Hamas, NBC, Sunday, Sunday . Washington, Hezbollah, Thomson Locations: United States, Gaza, Qatar, Israel, U.S, Canada, France, Germany, Italy, Britain, Egypt, White, Washington, Iran, Sunday ., Jerusalem, Doha
After Hamas attacked Israel on Oct. 7 and killed some 1,400 people, the United States stood by its ally and stressed that Israel has the right to defend itself. The priority is on working to get the hostages out step-by-step," said a source briefed on the hostage negotiations. The first U.S. official said that along with the hostage negotiations, advising Israel to hold off on its invasion could also give more time for humanitarian aid to be delivered to Gaza. U.S. officials have urged Israel to follow the laws of war in any invasion of Gaza, which is home to 2.3 million people. US DEFENSEIsraeli officials have increasingly signaled in public that a Gaza invasion could be imminent.
Persons: Matt Spetalnick, Steve Holland, Humeyra Pamuk, Israel, Joe Biden, John Kirby, Lloyd Austin, Washington Eliav Benjamin, Lebanon's, Antony Blinken, Yoav Gallant, Washington, Matt Spetalnick Steve Holland, Dan Williams, Andrew Mills, Phil Stewart, Idrees Ali, Trevor Hunnicutt, Simon Lewis, Michelle Nichols, Grant McCool Organizations: United, Palestinian, Washington, House, Pentagon, State Department, Friday, U.S, United Nations, White House, Israel's Army, Hamas, NBC, Sunday, Sunday . Washington, Hezbollah Locations: Humeyra Pamuk WASHINGTON, United States, Gaza, Qatar, Israel, U.S, Canada, France, Germany, Italy, Britain, Egypt, White, Washington, Iran, Sunday ., Jerusalem, Doha
Olivier Douliery | Afp | Getty ImagesAmberlee McGaughey, a librarian in Pennsylvania, was not worried about the restart of student loan payments. In August, she applied for the Public Service Loan Forgiveness program with her loan servicer, MOHELA, or the Missouri Higher Education Loan Authority. Around 7% of student loan borrowers are now more than $100,000 in debt. "The government has made all these announcements, and it's really confusing to people," said Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers. Her original student loan bill of $483, which was listed as due on Oct. 20, wasn't affordable for her.
Persons: Miguel Cardona, Kamala Harris, Olivier Douliery, she's, MOHELA, couldn't, Ella Azoulay, Carolina Rodriguez, Rodriguez, Scott Buchanan, Joe Biden, he'd, didn't, Biden, servicers, Braxton Brewington, Sarah Cluff, Sarah Cluff Still, servicer, Cluff, Sen, Elizabeth Warren, Nelnet, Joe Popevis, NelNet, Popevis, Servicers, Brewington, Amberlee, Jane Fox, Fox, Buchanan, Rocky, they'll Organizations: Washington , D.C, Afp, Getty, Public, Missouri Higher Education Loan Authority, CNBC, Finance, Biden, Student, Protection, Carolina, Education, Consumer, Student Loan, Alliance, U.S . Department of Education, Valuable Education, Education Department, MOHELA, SAVE, Legal, Association of Legal Locations: Washington ,, Pennsylvania, Missouri, U.S, New York, servicers
Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). AdvertisementAdvertisementAs of October 2023, student loans payments are back, but there are options if you can't afford them. As of October 2023, monthly payments are once again due on federal student loans after being paused since March 2020. Fortunately, there are solutions for people who can't afford student loan payments now. Borrowers who don't want to pay the payment on a standard 10-year repayment plan should look into income-driven repayment plans (including Biden's new SAVE repayment plan).
Persons: , Jared Costigan, Costigan, Robert Farrington, Farrington, Danny Cieniewicz, you'll, Kantrowitz, Ben Markley Organizations: Service, White, The College Investor, Hyperion, Public, More College Financial
Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). Customer service is also available 24/7 for Navy Federal student loans, a perk unmatched by many similar companies in the industry. How Navy Federal student loans workNavy Federal offers both fixed-rate and variable-rate undergraduate and graduate loans. Warning: Go after federal student loan options before looking at private student loans, including a Navy Federal loan, as you'll get better terms and protections through the government. What options do I have to repay my Navy Federal student loans?
Persons: Mae, Sallie Mae, Q, You'll, you'll Organizations: Federal, Navy Federal Credit Union, Navy Federal, Federal Credit Union Discover Bank, FDIC, Discover, cosigners, Better, Bureau, BBB
AdvertisementAdvertisementPandemic relief for student-loan borrowers is officially over. While pandemic relief is over, the Education Department has put forth a series of plans to help borrowers afford their monthly payments — including temporary safeguards should they miss a payment. On-ramp periodIf a borrower finds they cannot afford their monthly payments, they can make use of the 12-month "on-ramp" period beginning in October. AdvertisementAdvertisementOther forms of relief to comeAside from repayment, the Education Department is working through other regulations, including targeted relief, for student-loan borrowers. It could also run into legal challenges, and not everyone who qualified for Biden's first debt relief plan is guaranteed to qualify now.
Persons: , Donald Trump, Joe Biden, Biden Organizations: Service, Education Department, Federal, Higher Locations: COVID
Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). After a three-year pause on payments due to the pandemic, student loan payments are scheduled to resume October 1 . For many, adding student loan payments to a long list of expenses might be a struggle. Understand how student loans will fit into your financesDon't just guess whether you can afford the expense — student loan payments will require you to redo your budget. What to do about private student loansIf you owe private student loans , this might be a bit trickier.
Organizations: Consumer Financial, Social, SAVE, Federal
Federal student-loan payments are starting up again beginning next week. AdvertisementAdvertisementMillions of student-loan borrowers are about to face another monthly bill — and they might not be able to afford it. On October 1, borrowers will begin receiving bills for their federal student-loan payments. Here's what borrowers should be aware of, along with the potential consequences of missing a payment starting next month. AdvertisementAdvertisementOn-ramp periodThe Education Department announced some temporary relief for borrowers if they find they cannot afford payments next month.
Persons: , Joe Biden, Biden, servicer Organizations: Service, Education Department, Education, Perkins, Social, Higher Locations: COVID
The impact of those funds is felt across Africa, where residents in major cities like Lagos, Nairobi and Addis Ababa now transit daily via railways, highways and airports built in recent years with Chinese loans and often by Chinese construction firms. But understanding how much money is flowing out of China into global development is notoriously tricky as Beijing doesn’t share this data openly and a wide range of financial entities play roles. How all this plays out could have a significant impact on developing countries’ access to much-needed infrastructure funding. China is also navigating the second decade of the Belt and Road amid stark economic challenges at home. China in 2017 released guidance on promoting a “green” Belt and Road, which called for sustainable development and strengthening environmental protection.
Persons: laud, Xi, Roberto Matchissa, Oyintarelado Moses, , Moses, Ammar A, Malik, , Austin Strange, Yasuyoshi Chiba, AidData’s Malik, HKU’s Organizations: Hong Kong CNN, Initiative, Boston University Global Development, Center, Getty, CNN, Global China Initiative, Global Development Policy, William, Mary’s Global Research Institute, University of Hong, Global Development Locations: China, Hong Kong, Africa, Beijing, Lagos, Nairobi, Addis Ababa, Ukraine, Maputo, Katembe, Mozambique, AFP, Kazakhstan, Zambia, Ghana, University of Hong Kong, Kenya, United States, China’s
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