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
By Adam S. Minsky, Esq., Forbes Democratic Senators unveiled a sweeping bankruptcy bill this week that would dramatically reform the United States bankruptcy system, and make it easier for struggling Americans to discharge student loans and medical debt through bankruptcy. The Medical Bankruptcy Fairness Act of 2021, proposed in response
By Zack Friedman, Forbes The new stimulus package says this about student loans and student loan cancellation. Here’s what you need to know — and what it means for you. Student Loans The new, $1.9 trillion stimulus package that President Joe Biden proposed doesn’t include any student loan cancellation. The stimulus plan
By Kathryn Pomroy, Fox Business As a rule, borrowers must pay taxes if a lender forgives, cancels or discharges a debt for less than the amount owed. That money is considered ordinary income for tax purposes. Yet, early in December, Senate Majority Leader Chuck Schumer urged President Joe Biden to
US President Joe Biden During Meeting at the Black Economic Summit – Charlotte, NC – September 23, 2020 (Shutterstock) By Kate Smith, CBS News President-elect Joe Biden will extend the nearly year-long pause on federal student loan payments on “day one,” the first concrete promise the incoming administration has made
Joe Biden, President of USA – Washington, USA 10 4 2020 By Wesley Whistle, Forbes Congress has finally passed the latest stimulus and economic relief package, but one group of Americans was left out of the deal: student borrowers. Payments on federally-held student loans have been suspended—along with interest accrual—since
By Zack Friedman, Forbes Joe Biden can impact your student loans in many ways even if he doesn’t cancel student loans. Here’s what you need to know. Student Loans President-elect Joe Biden has called on Congress to cancel student loans immediately. Biden wants each borrower to receive $10,000 in student loan cancellation
By Carmen Reinicke, CNBC Millions of Americans got an early Christmas present this year – on Friday, the U.S. Department of Education extended the coronavirus pandemic-induced pause on student loan payments through January 2021. Accruing interest will also be on hold and the department will not resume collections on defaulted
Democratic presidential candidate, former Vice President Joe Biden speaks in Philadelphia, DC USA June 2, 2020. (Shutterstock) By Anya Kamenetz, NPR President-elect Joe Biden has affirmed his support for erasing some student debt “immediately.” Student debt forgiveness was a major campaign plank of some of his more progressive rivals for
By Jarrell Dillard, MSN Writing off billions of dollars in student debt could help Joe Biden get started on the giant task of shoring up finances for Black households on the wrong side of yawning gaps in wealth and income, according to economists who’ve studied the idea. The policy is
