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☆ Biden wants to make student loan forgiveness tax-free permanently
▼ + stars: | 2024-03-18 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Sara Stathas | Bloomberg | Getty ImagesHow student loan forgiveness used to be taxedBefore that Covid-era change, any student loan debt canceled by the government was considered taxable and levied at the borrower's normal income tax rate. The federal tax bill could be hefty. watch now'Replacing education debt with tax debt'Many student loan borrowers who get forgiveness aren't able to afford a tax bill, Kantrowitz said. If borrowers sign up for a payment plan with the IRS, they're merely "replacing education debt with tax debt," Kantrowitz said. Other student debt forgiveness plans, including a popular one for public servants and another that cancels the debt for those with serious disabilities, are already nontaxable.

Persons: Joe Biden, Sara Stathas, Mark Kantrowitz, Kantrowitz, aren't, they're Organizations: Hillside Boys, Girls Club, Bloomberg, Getty Locations: Milwaukee , Wisconsin

☆ White House targets 'junk fees' on student loans and other higher education costs
▼ + stars: | 2024-03-15 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

The White House is talking up its actions to reduce the expenses burdening students, including moving to end origination fees on student loans. While most private lenders have done away with student loan origination fees, the federal government still charges them. Federal student loan borrowers can face expenses of 1% to 4% of their total borrowing amount. The White House said on Friday it considers these "junk fees," which it defined as "hidden costs or surprise fees that companies and institutions include on customer or student bills, increasing their costs." "By eliminating origination fees on federal student loans, borrowers should be able to borrow less to cover their costs," said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit.

Persons: Joe Biden, Culver City Julian, Biden, Joe Biden's, Betsy Mayotte, Mark Kantrowitz Organizations: Culver City, Culver City Julian Dixon Library, Federal, Consumer, The, Student Loan Advisors, Finance Locations: Culver City , CA, California

☆ How doomsday preppers made gold and silver precious end-of-the-world assets
▼ + stars: | 2024-03-14 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Gold tends to gain value when people lose faith in banks and money, as it did in the Great Recession. Earlier this month, the gold contract for April settled at $2,126.30 per ounce, the highest level since the contract's creation in 1974. Gold, nostalgia and the end of the world...At the heart of people's apocalyptic fantasies is nostalgia, Berger said. When everything else is going down the tubes, gold is the one thing that's likely going to do well. Trump has called for returning to the gold standard and, at least at one point, owned up to $200,000 of the metal, reports found.

Persons: James Berger, William Bernstein ,, Bernstein, Berger, Hay, William Bernstein, Donald Trump's, Trump, Vladimir Putin, Ethan Swope Organizations: Yale University, CNBC, NBC, NATO Locations: United States, Russian, Ukraine, Gaza, Aguanga , California

☆ Student loans are now easier to discharge in bankruptcy, attorneys say: It's 'life changing'
▼ + stars: | 2024-03-12 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

The Biden administration's new student loan bankruptcy policy is making it easier for borrowers to walk away from their debt in court, attorneys say. "We have gotten forgiveness for a number of clients under the new bankruptcy changes," said Malissa Giles, a consumer bankruptcy lawyer in Virginia. In the fall of 2022, the U.S. Department of Education and the U.S. Department of Justice jointly released updated bankruptcy guidelines aimed at making the process for student loan borrowers less arduous. Amid concerns that students would rack up debts for their education and then try to ditch their obligations, policy makers over the years had added extra stipulations for the discharge of student loans in bankruptcy. Borrowers needed to prove "undue hardship," or a "certainty of hopelessness," and government lawyers battled most of the requests.

Persons: Malissa Giles Organizations: Biden, U.S . Department of Education, U.S . Department of Justice, Finance Locations: Virginia

☆ Biden proposes expanding free community college across the U.S.
▼ + stars: | 2024-03-11 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

President Joe Biden has proposed expanding free community college across the U.S., and other initiatives to lower higher education costs. Still, the budget reflects the president's policy priorities as he seeks reelection in November. The president's budget builds on those efforts by further addressing the student loan crisis and offering more ways for people to get through their schooling without going into debt. Biden's presumptive Republican opponent, former President Donald Trump, called for slashing the U.S. Department of Education's budget during his term in the White House. In contrast, Biden is requesting additional funding for the agency — $82.4 billion for 2025, a $3.1 billion increase from 2024 — to subsidize educational costs for many Americans.

Persons: Joe Biden, Education Miguel Cardona, Biden's, Donald Trump, Biden Organizations: Education, Finance, Republican, U.S . Department Locations: U.S

☆ As Biden faces questions about his age, researchers weigh in on working in your 80s
▼ + stars: | 2024-03-10 | by ( Annie Nova | ) www.cnbc.com time to read: +6 min

"Fluid intelligence" slows with aging, Walsh said. U.S. President Joe Biden delivers the State of the Union address at the U.S. Capitol in Washington, D.C., March 7, 2024. Nearly 80% of older workers say they've seen or experienced age discrimination in the workplace, according to research by AARP. There are areas where older workers outperform younger workers. Philip Taylor University of Warwick professor"Crystallized intelligence," considered wisdom, also grows throughout our life, experts say.

Persons: Joe Biden, Biden, Chip Somodevilla, Robert K, Hur, Abdel Fattah el, John Walsh, Walsh, hasn't, Elizabeth Frantz, Selkoe, I've, Joel Kramer, Biden's missteps, Kramer, Philip Taylor, Taylor, Alex Katz, Toni Morrison, they've, —, Joseph Biden Organizations: Getty, gerontology, University of Southern, U.S, Capitol, Washington , D.C, Reuters, University of California, AARP ., UCSF, Aging, University of Warwick, Employees, Philip Taylor University of Warwick, Bettmann Locations: Washington , DC, California, Egypt, Mexico, Gaza, University of Southern California, Washington ,, Israel, Biden's State

☆ Biden touts 'fixed' student loan forgiveness programs in State of the Union. Here's what he meant
▼ + stars: | 2024-03-08 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Income-driven repayment plansIncome-driven repayment plans, which date to 1994, set borrowers' monthly payments based on a share of their discretionary income. "The loan servicers weren't keeping track of the number of qualifying payments," Kantrowitz said in a previous CNBC interview. watch nowThe Biden administration has been evaluating millions of borrowers' loan accounts to see if they should have had their debt forgiven. Most people with federal student loans qualify for income-driven repayment plans, and can review the options and apply at Studentaid.gov. Public Service Loan ForgivenessNavigating the Public Service Loan Forgiveness program has been famously difficult.

Persons: Joe Biden, Shawn Thew, Mark Kantrowitz, Kantrowitz, Biden, George W, Bush Organizations: Chamber, Afp, Getty, CNBC, Education Department, Valuable Education, Public, Consumer Financial Locations: Washington ,

☆ Don't be enticed by the gold rally, expert says: Investors 'buy gold and hope it doesn't go up'
▼ + stars: | 2024-03-06 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

One helpful way to think about the recent gold rally: it's a case of schadenfreude. The yellow metal does well when other assets — and the world — are in trouble. Be prepared to root against your investment, said William Bernstein, author of "The Four Pillars of Investing." "You buy gold and hope it doesn't go up," he said. Among the other previous good times for gold: The Great Recession and the start of the Covid outbreak.

Persons: William Bernstein ,, Vladimir Putin, Donald Trump Organizations: NATO, Finance Locations: Ukraine, Gaza

☆ Many women today are looking for 'financial peace,' expert says. Here's how they can achieve it
▼ + stars: | 2024-03-05 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Gorodenkoff | Istock | Getty ImagesMany women today are looking for "financial peace," said Jean Chatzky, founder and CEO of HerMoney. What that means: "It looks like being able to meet my obligations today, while being able to save for tomorrow," said Chatzky, speaking at CNBC's Women & Wealth event on Tuesday. Debt and savings: 'Work it from both ends'Establishing financial security requires tackling debt and saving at the same time, Chatzky said. "When we look at the things that make us most unhappy when it comes to our money, debt rises to the top of the list." However, women need to juggle paying down their debt with preparing for their future, Chatzky said.

Persons: Jean Chatzky, Chatzky, Winnie Sun, Sun, you've Organizations: Istock, Getty, CNBC's, Sun, Wealth Partners, CNBC Locations: Irvine , California

A general view of the Baker Library/Bloomberg Center on February 17, 2024, at Harvard Business School in Allston, MA. A Harvard Business School graduate tricked his fellow alumni and associates into investing at least $2.9 million in a Ponzi scheme he ran, New York Attorney General Letitia James said Thursday. Artamonov allegedly lured at least 29 investors into the scheme, most of whom he met through his connections to the elite college, the attorney general said. "Vladimir Artamonov used his alumnus status from Harvard Business School to prey on his classmates and others while seeming legitimate and dependable. Harvard Business School did not immediately respond to a request for comment.

Persons: Letitia James, James, Vladimir Artamonov, Berkshire Hathaway, Artamonov, Artamonov's, fraudsters Organizations: Baker Library, Bloomberg Center, Harvard Business School, New York, Finance Locations: Allston , MA, Berkshire, Manhattan

☆ Unemployment benefits, emergency savings. Here's how to get by without a paycheck after a job loss
▼ + stars: | 2024-02-26 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

"Job loss is extremely traumatic, but it is important to remember that it is not the end of the world," said Michele Evermore, a senior fellow at The Century Foundation. The average weekly benefit ranges greatly between states, Evermore said. Job loss is extremely traumatic. Michele Evermore a senior fellow at The Century FoundationWhether or not the package affects your unemployment benefits depends on your state's rules, Evermore said. Strategize which savings to tap, in what orderHopefully you have an emergency savings fund to draw from, Curtis said.

Persons: Michele Evermore, Evermore, you've, Carolyn McClanahan, McClanahan, Curtis Organizations: Google, Microsoft, Paramount, CNBC, The Century Foundation, The Century, Employment Security Department, Planning Partners, CNBC's Locations: New York, Washington, Jacksonville , Florida

☆ After student loan forgiveness, the Education Dept. is sending some borrowers refunds. What to know
▼ + stars: | 2024-02-22 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

So far, almost 3.9 million borrowers have gotten their education debt erased, totaling $138 billion in relief . Under the U.S. Department of Education's income-driven repayment plans, student loan borrowers are entitled to get any of their remaining debt forgiven after 20 or 25 years. The companies earn a fee per borrower per month, which advocates say discourages transparency around loan forgiveness opportunities. "Loan servicers were not tracking the number of qualifying payments, and the automatic forgiveness was not occurring," Kantrowitz said. Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers, denied that the companies benefit by veering from the government's orders.

Persons: Joe Biden, Culver City Julian, Mark Kantrowitz, servicers, Nadine Chabrier, Kantrowitz, he'd, Scott Buchanan, Buchanan, Biden, who've, Persis Yu Organizations: Culver City, Culver City Julian Dixon Library, Education Department, U.S . Department of Education, U.S . Department, Center for, Lending, The Education, Finance, IRS, Student Loan, Alliance, Student, Protection Locations: Culver City , California, U.S

☆ Biden administration to forgive $1.2 billion in student debt for over 150,000 borrowers
▼ + stars: | 2024-02-21 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

The Biden administration said Wednesday it would forgive $1.2 billion in student debt for nearly 153,000 borrowers enrolled its new repayment program, called the Saving on a Valuable Education, or SAVE, plan. Borrowers usually get debt forgiveness under income-driven repayment plans, including SAVE, after 20 or 25 years of payments. But under the SAVE plan, those who borrowed less can get their debt canceled after just a decade. In January, the Biden administration said it would soon start to forgive the debt of these borrowers who had signed up for its new plan. It has now canceled debt for almost 3.9 million borrowers, totaling $138 billion in relief.

Persons: Joe Biden, Biden, you've, Education Miguel Cardona Organizations: White House, Valuable Education, SAVE, Education, Finance, IRS, U.S . Department of Education, CNBC PRO Locations: Washington ,

☆ These borrowers are likely to be eligible for Biden's new student loan forgiveness plan
▼ + stars: | 2024-02-20 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Sean Rayford | Getty ImagesSince the Biden administration's first student loan forgiveness plan was rejected at the Supreme Court, it has been working on creating a new, legally viable relief package. The alternative plan, which has become known as Biden's "Plan B," could forgive the student debt for as many as 10 million people, according to one estimate. While Biden first attempted to cancel student debt through an executive order, he has now turned to the rulemaking process. Borrowers in repayment for 20 years or moreThose who have been carrying their student debt for decades may also benefit. watch nowStudent loan servicers also earn a fee per borrower per month, which advocates say discourages transparency around loan forgiveness opportunities.

Persons: Joe Biden, Sean Rayford, Biden, Persis Yu, George W, Bush, servicers, Yu Organizations: Flex, Biden administration's, Supreme, U.S . Department of Education, Student, Protection, Education Department, Public, Consumer Financial, Bureau Locations: West Columbia, South Carolina

☆ After 35 years, he got $119,500 in student debt forgiven. Then the government refunded him $56,801
▼ + stars: | 2024-02-16 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

Under the U.S. Department of Education's income-driven repayment plans, student loan borrowers are entitled to get any of their remaining debt forgiven after 20 years or 25 years. Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers, refuted that the companies benefit by veering from the government's orders. Shortly after Fox heard that his student loans were forgiven, he received a payment from the government for $56,801. When he told people he was still paying off his student debt, they scratched their heads. Over the decades, based on Fox's records which CNBC reviewed, he paid around $200,000 to his federal student loans.

Persons: Marlon, George, servicers, Nadine Chabrier, Fox, he'd, Scott Buchanan, Buchanan, I've, Marlon Fox, overpayments, Biden, Debbie Organizations: Biden, U.S . Department, Center for, Lending, The Education, Student Loan, Alliance, Palmer College of Chiropractic, CNBC Locations: forbearances

☆ Biden student loan forgiveness plan: Administration reveals who may qualify
▼ + stars: | 2024-02-15 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

President Joe Biden speaks about his economic plan at the Flex LTD manufacturing plant on July 6, 2023 in West Columbia, South Carolina. The Biden administration has released its proposal for which struggling borrowers should qualify for its new student loan forgiveness plan. At one point, it seemed possible that the "financial hardship" category had been dropped from what has become known as Biden's Plan B for student loan forgiveness. While Biden first attempted to cancel student debt through an executive order, he has now turned to the rulemaking process. Over three rulemaking sessions, the negotiators tasked with determining who will be eligible for the president's revised relief plan identified several categories that could signal hardship.

Persons: Joe Biden, Biden, Joe Biden's, Biden's, James Kvaal, Pell Grant, didn't Organizations: Flex, U.S . Department of Education, Finance, Department of Education, Education Department Locations: West Columbia, South Carolina

☆ New student loan repayment plan could make it easier for borrowers to become homeowners
▼ + stars: | 2024-02-13 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Row of townhouses in Alexandria, Virginia Grace Cary | Moment | Getty ImagesA new, more affordable repayment plan for federal student loan borrowers may come with another advantage: It could make it easier to become a homeowner. Half of student loan borrowers — including 60% of millennial borrowers — who haven't yet purchased a home say their education debt is delaying them from doing so, according to a 2021 report by the National Association of Realtors. Previously, someone who made $40,000 a year would have a monthly student loan payment of around $151. watch nowIn the past, most mortgage lenders assumed that a borrower's monthly student loan payment was a certain percentage of their loan balance, even if the actual payment was lower, Kantrowitz said. There's one catch: Many mortgage lenders won't use a $0 monthly student loan payment in their underwriting process, which the SAVE plan could leave many borrowers with.

Persons: Alexandria , Virginia Grace Cary, Biden, Mark Kantrowitz, Christelle Bamona, Barmona, Kantrowitz, Bamona Organizations: Valuable Education, National Association of Realtors, Here's, Center for, SAVE, Finance, Lending Locations: Alexandria , Virginia

☆ Biden has forgiven $136 billion in student debt. More relief is on the way
▼ + stars: | 2024-02-12 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Andrew Caballero-Reynolds | AFP | Getty ImagesIt's never been a better time to get rid of your student debt. Paul Morigi | Getty ImagesThe Biden administration has tried to reverse the trend of borrowers being excluded from the relief on technicalities. Some 790,000 public servants have gotten their debt erased as a result, amounting to more than $56 billion in relief. Total and Permanent Disability DischargeThe Biden administration has also forgiven the student debt of more than 510,000 disabled borrowers. Borrower defenseAnother 1.3 million borrowers have walked away from their debt over the past few years thanks to the Borrower Defense Loan Discharge.

Persons: Joe Biden, Andrew Caballero, Reynolds, Joe Biden's, James Clyburn, he's, George W, Bush, Paul Morigi, Biden, Kantrowitz Organizations: Air Force, Joint Base Andrews, AFP, Getty, Supreme, CNBC, U.S . Department of Education, Public, Consumer Financial, Studentaid.gov, of Education, Social Security Administration, Department of Veterans Affairs, Education Department Locations: Maryland

☆ This matchmaker's fee can top $500,000. Here's her best advice to find love
▼ + stars: | 2024-02-11 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

People typically pay between $75,000 and $500,000 for Adler's services (and in some cases, even more), according to business records reviewed by CNBC. Her team of matchmakers conducts in-person interviews with clients, which delve into their childhoods, desires, aversions and romantic histories. Adler shared her best dating advice. As part of this reflection, it can be useful to think about why previous relationships didn't work out, Adler said. Don't settleAdler's matchmakers dedicate a lot of time helping clients to identify their deal breakers and their must-have qualities in a partner.

Persons: Colin Anderson, Barbie Adler, Adler, It's, matchmakers, they've, that's Organizations: Colin Anderson Productions, Digitalvision, Getty, CNBC, Finance

☆ Borrowers in 'financial hardship' could get student loan forgiveness. Who might qualify?
▼ + stars: | 2024-02-08 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

The Biden administration recently announced it would look to forgive the student debt of borrowers experiencing "financial hardship." It's still uncertain, but there are clues from the U.S. Department of Education and in other programs that aim to help the same group of borrowers. After the Supreme Court struck down President Joe Biden's original plan to cancel up to $400 billion in student debt, his administration has tried to rework its relief package to make it legally viable. To do so, it has sought to narrow the aid by focusing on certain groups, including those with balances greater than what they originally borrowed and students from schools of questionable quality. But the department is looking for ways for people to get their debt forgiven based on hardship that remains after other benefits are exhausted, according to a source familiar with its plans.

Persons: Joe Biden's, Here's Organizations: Biden, U.S . Department of Education, Finance, Social Security

☆ Student loan crisis is just as big as climate change, Rep. Clyburn says. Here's why
▼ + stars: | 2024-02-05 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

The man was writing to share the pain his student debt had caused him, and to thank Clyburn and President Joe Biden for their recent actions. Clyburn counts student loan debt as "the biggest" issue facing Americans today, in part because failing to solve it exacerbates other crises. And student loan debt is the best way to go." These days, Clyburn is thinking about how student debt could impact the 2024 presidential election. CNBC sat down with the congressman in late January in his office to discuss the student loan crisis and voters.

Persons: James E, James Clyburn, Clyburn, Joe Biden, he'd, Biden, you've, Biden's Organizations: Democratic, U.S . Capitol, U.S . Capitol . WASHINGTON , D.C, CNBC, Finance, U.S . Department of Education Locations: U.S . Capitol . WASHINGTON ,, Sumter , South Carolina

☆ Biden administration looks to forgive student debt of borrowers in hardship
▼ + stars: | 2024-01-31 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden speaks to United Auto Workers members at the UAW's Community Action Program legislative conference in Washington, D.C., on Jan. 24, 2024. The Biden administration announced on Wednesday that it will try to deliver student loan forgiveness to borrowers experiencing financial hardship. After the Supreme Court struck down President Joe Biden's executive order to cancel up to $20,000 in student debt for tens of millions of Americans, his administration has searched for ways to cancel the debt using existing legal authority. In what has become known as Biden's Plan B for student loan forgiveness, the president has turned to the rulemaking process. The Biden administration has been under pressure, however, to expand its aid to borrowers in financial hardship, too.

Persons: Joe Biden, Biden, Joe Biden's, Sen, Elizabeth Warren, Education Miguel Cardona, Jan Organizations: United Auto Workers, Washington , D.C, Department, Education, U.S . Department Locations: Washington ,

☆ The U.S. has no federal bereavement leave. What to know about options at work when someone you love dies
▼ + stars: | 2024-01-26 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Fg Trade | E+ | Getty ImagesYour employer may have its own policyAround nine out of 10 U.S. companies offer bereavement leave, according to the International Foundation of Employee Benefit Plans. Adam Lister | Moment | Getty ImagesThe leave companies provide tend to vary based on who in your life has died. The average for an immediate family member was around five days, compared to roughly one day for a close friend, IFEBP found. Some states offer bereavement leaveIn the absence of a federal bereavement leave policy, some states have established their own program or are trying to do so. A California law guarantees most employees five days of bereavement leave following the death of a family member.

Persons: Julie Stich, Stich, Johnson, Adam Lister, IFEBP, they've, " Stich Organizations: International Foundation of Employee Locations: U.S, California, Illinois

☆ Despite Supreme Court ruling, Biden has forgiven student debt for millions. Is it enough for voters?
▼ + stars: | 2024-01-24 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden talks to reporters as he departs the White House on June 28, 2023 in Washington, DC. The Supreme Court's conservative majority in June ruled that President Joe Biden didn't have the authority to cancel student debt for millions of Americans. That alternative plan, which has become known as Biden's Plan B, could forgive student debt for as many as 10 million people, according to one estimate. "President Biden has done more to implement student loan forgiveness than any previous president," said higher education expert Mark Kantrowitz. A spokesperson for the White House did not respond to a request for comment.

Persons: Joe Biden, Joe Biden didn't, He's, Biden, cancelation, Mark Kantrowitz Organizations: House, Finance, U.S . Department of Education, White Locations: Washington ,

☆ What student loan borrowers should know about their credit as bills restart
▼ + stars: | 2024-01-21 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

D3sign | Moment | Getty ImagesFederal student loan bills resumed in the fall after a pause of more than three years. "Negative information shouldn't be reported during the 12-month on-ramp period, but positive information should be included," Rossman said. Still, check for errors on your credit reportStudent loan borrowers should regularly check their credit reports to make sure the information is accurate, Kantrowitz said. If your loan servicer makes an error, such as reporting your loan as delinquent during the on-ramp period, you'll want to bring it to their attention quickly, he said. In this case the creditor would be your student loan servicer, on behalf of the U.S. Department of Education.

Persons: Ted Rossman, Rossman, Kantrowitz, — Organizations: U.S . Department of Education Locations: Annualcreditreport.com

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