 |
|
|
|||||
It’s been a confusing time for people with student loans. Collections restarted, then were put on hold. At the same time, borrowers had to stay on top of changes to key forgiveness plans. Last year, the long-contested SAVE plan introduced by the Biden administration ended with a settlement agreement. President Donald Trumps Big Beautiful Bill introduced new borrowing limits for graduates and raised challenges to the Public Service Loan Forgiveness program. While several changes for student loan borrowers will take effect this summer, other key questions remain unresolved. More than 5 million Americans were in default on their federal student loans as of September, according to the Education Department. Millions are behind on loan payments and at risk of default this year. Borrowers “genuinely struggle to afford their loans and then to hear that the administration is making it more expensive and taking away some of the tools and resources that help folks afford their loans is really, its panic-inducing, said Winston Berkman-Breen, legal director at Protect Borrowers. Last month, the Education Department announced that it would delay involuntary collections for student loan borrowers in default until the department finalizes its new loan repayment plans. The date for this is still unclear. If youre a student loan borrower, here are some key things to know: If you were enrolled in the SAVE plan The SAVE plan was a repayment plan with some of the most lenient terms ever. Soon after its launch it was challenged in court, leaving millions of student loan borrowers in limbo. Last December, the Education Department announced a settlement agreement to end the SAVE plan. What is next for borrowers who were enrolled in this repayment plan is yet to be determined. Seven and a half million borrowers who are currently enrolled in SAVE need to be moved to another plan, Berkman-Breen said. As part of the agreement, the Education Department says it will not enroll new borrowers, deny pending applications, and will move all current SAVE borrowers into other repayment plans. The Education Department is expected to develop a plan for borrowers to transition from the SAVE plan, yet borrowers should be proactive about enrolling in other repayment plans, said Kate Wood, a lending expert at NerdWallet. If you are looking to enroll in an income-driven repayment plan Borrowers can apply for the following income-driven plans: the Income-Based Repayment Plan, the Pay as You Earn plan, and the Income-Contingent Repayment plan. They all have similar criteria, and they function similarly. Your payment is set as a percentage of your income, not how much you owe, so its usually a lower payment, Berkman-Breen said. The payment amount under income-driven plans is a percentage of your discretionary income, and the percentage varies depending on the plan. Since many people are looking to switch plans, some applications to income-driven repayment plans might take longer to process, said Jill Desjean, director of policy analysis at the National Association of Student Financial Aid Administrators. You can find out which repayment plan might work best for you by logging on to the Education Departments loan simulator. If youre working toward your Public Service Loan Forgiveness There are no changes to the Public Service Loan Forgiveness Program yet. Last year, the Trump administration announced plans to change the eligibility requirements for participating nonprofits. The policy seeks to disqualify nonprofit workers if their work is deemed to have substantial illegal purpose. The Trump administration said its necessary to block taxpayer money from lawbreakers, while critics say it turns the program into a tool of political retribution. The proposal says illegal activity includes the trafficking or chemical castration of children, illegal immigration, and supporting foreign terrorist organizations. This move could cut off some teachers, doctors, and other public workers from federal loan cancellation. This is something that obviously is very stressful, very nerve-wracking for a lot of people, but given that we dont know exactly how this is going to be enforced, how these terms are going to be defined, its not really something that you can try to plan ahead for now, Wood said. While this policy is currently being challenged by 20 Democrat-led states, its expected to take effect in July. In the meantime, Wood recommends that borrowers enrolled in the PSLF program continue making payments. If your student loans are in default Involuntary collections on federal student loans will remain on hold. The Trump administration announced earlier this month that it is delaying plans to withhold pay from student loan borrowers who default on their payments. Federal student loan borrowers can have their wages garnished and their federal tax refunds withheld if they default on their loans. Borrowers are considered in default when they are at least 270 days behind on payments. If your student loans are in default, you can contact your loan holder to apply for a loan rehabilitation program. They essentially come up with a payment plan where youre making a reduced payment,” Woods. After five successful payments on that rehabilitation plan, wage garnishment will cease. If youre planning to attend graduate school Trumps Big Beautiful Bill has changed the amount graduate students can borrow from federal student loans. Graduate students could previously borrow loans up to the cost of their degree; the new rules cap the amount depending on whether the degree is considered a graduate or a professional program. Wood said that if you’re starting a new program and taking out a loan after July 1, you will be subject to the new loan limits. Under the new plan, students in professional programs would be able to borrow up to $50,000 per year and up to $200,000 in total. Other graduate students, such as those pursuing nursing nd physical therapy, would be limited to $20,500 a year and up to $100,000 total. The Education Department is defining the following fields as professional programs: pharmacy, dentistry, veterinary medicine, chiropractic, law, medicine, optometry, osteopathic medicine, podiatry and theology. If you want to consolidate your loan The online application for loan consolidation is available at studentaid.gov/loan-consolidation. If you have multiple federal student loans, you can combine them into a single loan with a fixed interest rate and a single monthly payment. The consolidation process typically takes around 60 days to complete. You can only consolidate your loans once. ___ The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism. Adriana Morga, Associated Press
Category:
E-Commerce
Whoopi Goldberg has been a household name since she starred in The Color Purple in 1985. Fast forward over 50 years, and she’s still as driven as ever. Goldberg, 70, cohosts daytime talk show The View. In 2024, she founded AWSN, the All Women’s Sports Network. Shes also an author, activist, mother, and grandmother. And, shes also doing it all solo. Goldberg is happily single and has been for decades. She says that will never change. In a recent interview with Interview magazine, Goldberg opened up about her solo life, which she happens to genuinely love. So much, in fact, that she says she plans to stay single because, as she put it, “in the last 25 years, I recognized that not everybody’s cut out to be in a relationship.” She continued, revealing that she doesn’t ever “want to live with anybody,” echoing her 2016 statement to The New York Times when she famously said “I don’t want somebody in my house!” A growing trend While we don’t hear women talking about how glad they are to be single all that often, the tide seems to be turning. More women are deciding to stay single, and studies suggest that trend will continue. A 2019 Morgan Stanley study, based on Census Bureau historical data and Morgan Stanley forecasts, found that 45% of prime working-age women (ages 25-44) will be single by 2030. That’s the largest share in history. That’s why hearing Goldberg’s perspective, and witnessing her joy and continued drive, is refreshing. It’s also more relevant than ever as some women feel unbothered by not being in a relationship, regardless of the fact that society has long pushed women toward marriage and motherhood. Are single women more ambitious? Surely there are plenty of ambitious people in long-term relationships that manage to balance both. However, Goldberg’s view that that doesn’t work for her, is important to hear. Because, quite simply, no matter what lens you’re looking from, relationships are work, tooand sometimes, they can steal your energy and your ambition. Likewise, some research has shown that those single women are powerful forces at work. A 2023 Wells Fargo study found that women who aren’t married are becoming an increasingly influential part of the workforce.Despite not living with a partner, Goldberg isn’t lonely, she says. Perhaps because she keeps astoundingly busy. “Im not good at [romantic] relationships because you have to think about other people, and I have enough to think about with my daughter and her husband and my grandkids and my great-grandkids and all the people at work.” Some might call it selfish. But, as Goldberg put it way back in 2016, she’s simply “a woman who knows what she wants.” What she wants just happens to be “a home all to her damn self.”
Category:
E-Commerce
Valentine’s Day is known as the day to celebrate all things loveand also a day for expensive dates. However, a new offering from one of your favorite fast food chains may have you skipping the white table cloths and snagging something from McDonald’s instead. McDonald’s is serving up caviar this Valentine’s Day. But there’s a catch. In a Feb. 2 announcement, the chain explained what the latest offering entails. “To be known is to be loved, and we know our fans love pairing our crispy Chicken McNuggets with their favorite caviar,” it said. “Inspired by this perfect match, were dropping our first-ever McNugget Caviar kits featuring premium Baerii Sturgeon caviar on Feb. 10 After all, nothing says ILY quite like a limited drop from McDonalds just in time for your Valentines Day plans.” [Photo: McDonald’s] McDonald’s has partnered with Paramount Caviar to bring customers the offering free of charge. “Each kit includes everything you need for an upscale yet effortless celebration: a 1oz tin of McNugget Caviar, $25 Arch Card for plenty of Chicken McNuggets, plus crme fraîche and a Mother of Pearl caviar spoon to top it all off,” it said. It’s been a tough time for fast food joints, but McDonald’s has managed to stay ahead of competitors, in part, due to meal deals, budget offerings, and nostalgic throwbacks. Plus, this isn’t the first time we’ve seen McDonald’s test out an offbeat partnership. The chain previously linked up with Krispy Kreme donuts, but dissolved the collaboration last year, citing profitability issues. While it would be nice to grab the offering at your local McDonald’s restaurant, unfortunately, you won’t be able to snack on caviar at the Golden Arches. The offering is only available online at McNuggetCaviar.com. The deal starts Tuesday, Feb. 10 at 11 a.m. EST, so if you’re hoping to get your caviar kit for Valentine’s Day, you better hurry up and place your order. According to the announcement, kits are limited. If caviar isn’t exactly your jam, that’s okay. McDonald’s says they’ll be providing customers with plenty of other ways to celebrate the day of love, but you’ll have to follow along on their socials to keep up.
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||