U.S. President Joe Biden speaks from the Treaty Room in the White House about the withdrawal of U.S. troops from Afghanistan. – Washington, DC – April 14, 2021 (Shutterstock) By Oscar Gonzalez, CNET President Joe Biden has yet to lay out any plans on reducing the roughly $1.7 trillion of
By Lydia DePillis The federal government has quietly reversed course on a policy that had kept thousands of businesses from applying for pandemic economic aid, with only weeks to go before funds are expected to run out. In late March, ProPublica reported on a Small Business Administration rule that disqualified individuals or
Close-up closing sign at J.C. Penney store facade building. Coronavirus (COVID-19) forced JCPenney to file for bankruptcy protection and closing many locations. – Dallas, TX, USA – Oct 7, 2020 (Shutterstock) By Christina Hughes Babb, DS News March experienced the highest monthly increase in new bankruptcy filings across all chapters—
By Adam S. Minsky, Forbes A settlement agreement with a private student loan debt buyer following the collapse of a for-profit college chain will result in $2.6 million in student loan forgiveness for former students. Pennsylvania Attorney General Josh Shapiro announced the agreement yesterday. The settlement agreement is with Elevation
By Aarthi Swaminathan, Yahoo Finance The pandemic-induced recession has led to a notable amount of Black women to declare bankruptcy, according to a report by nonprofit bankruptcy startup Upsolve. The report came from a bankruptcy questionnaire of 17,000 low-income users over the past year and found that COVID-19 has pushed
By Katie Lobosco, CNN Washington (CNN) – The Biden administration has reversed a controversial Trump-era policy that will lead to the cancellation of roughly $1 billion in student debt for borrowers who were defrauded by their colleges. The change will deliver full loan forgiveness to 73,000 people who were deemed
Senator James Sanders Jr. last week saw important pieces of his legislation pass the senate. One bill (S664/A5601) related to student debt would require standard financial aid award letters to include the estimated cost of repayment of all outstanding loans including expected monthly payments. Debt from student loans has continued
By Stephanie Jane Bentley & John Maddock, JD Supra The COVID-19 pandemic hit the United States with force in March 2020. As the virus rapidly spread, the federal government responded with temporary changes to the Bankruptcy Code through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES
By Annie Nova, CNBC Struggling student loan borrowers who own a business received some welcome news this week: They will no longer be excluded from the Paycheck Protection Program. Any business owned 20% or more by a borrower who had fallen behind on their payments previously could be determined ineligible
By Katie Lobosco, CNN Washington (CNN) – President Joe Biden made it clear during Tuesday night’s CNN town hall that he disagrees with other members of his party who want to cancel $50,000 of student debt per borrower. “I will not make that happen,” Biden said after a member of
