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Millions of student loan borrowers are expected to see their credit scores drop by summertime, reversing progress made under pandemic-era protections that lifted credit scores but expired last year.New York Fed research released Wednesday found that over 9 million borrowers with past-due balances could see "significant" decreases in their credit scores. The warning comes after many student loan borrowers' credit scores increased during the period of federal student loan forbearance, which temporarily suspended payment requirements and interest during the COVID-19 crisis. The typical borrower's score jumped 11 points in 2020, rising from 662 to 673.Ads by Money. We may be...

Ukrainian President Volodymyr Zelensky said at the Ukraine: Year 2025 forum that Kiev does not recognize a $500 billion debt to the United States, insisting that the aid it received was in the form of grants, not loans. "I don't even recognize $100 billion. We agreed with Biden that it was a grant, not a debt," the Ukrainian president claimed. The administration of United States President Donald Trump has asked Ukraine for a deal that would include giving it access to its minerals as a way to repay for the aid Washington provided for Kiev. Despite rejecting the debt, Zelnesky...

The U.S. 8th Circuit Court of Appeals put a final end to former President Joe Biden's student loan forgiveness plan on Tuesday. Missouri Attorney General Andrew Bailey originally sued the Biden administration over its $500 million effort to wipe away student loans, known as the SAVE plan. The court's Tuesday ruling found that Biden's secretary of education had "gone well beyond this authority by designing a plan where loans are largely forgiven rather than repaid." Bailey noted in a statement that the ruling has no active impact beyond blocking future presidents from attempting Biden's maneuver. "Though Joe Biden is out...

The controversial Ivanpah Solar Electric Generating System in California’s Mojave desert is going to close 14 years early despite $1.6 billion in loan guarantees from the Department of Energy under President Barack Obama. The Ivanpah facility works by using mirrors that concentrate sunlight on a central boiling tower, which then heats water to move turbines. It has been criticized for incinerating birds and other animals within the reflecting zone. Ivanpah has become a familiar sight on the road between Los Angeles and Las Vegas, and in the airspace above, with its blinding light visible for miles.

If you have a complete and total disability, you may not be liable for repaying certain types of federal student loans. This is based on eligibility for the Total and Permanent Disability (TPD) Discharge Program, which is offered through the United States Department of Education and overseen by student loan servicer Nelnet. You need to meet specific disability requirements to qualify for loan forgiveness through this program, and there are three main ways you can get approved. If you are experiencing a total disability and you struggle to repay federal student loans as a result, read on to find out...

The Biden administration has preliminarily said it would give a $6.6 billion loan to electric vehicle maker Rivian for a plant in Georgia. The administration said the loan would support the construction of a facility where Rivian will make up to 400,000 “mass-market” electric SUVs and crossovers. Specifically, it will support construction of Rivian’s R2 and R3 models, which the company says will be sold at a “significantly lower price point” than its flagship R1 vehicle, which is considered to be a luxury car.

California businesses — and households that pay payroll taxes on domestic employees — are waking up to the reality that they are being forced to pay for the state’s default on $20 billion in federal loans to cover a COVID-era shortfall. The issue came to light this week with a social media post by restaurateur Andrew Gruel about unexpected costs: The Hoover Institution, based at Stanford University, had warned about the problem more than a year ago: Little did California businesses know that they were cosigners on the state’s nearly $20 billion loan from the federal government that was used...

Biden repeatedly acts like he is above the law. So who’s the threat to Democracy?Biden Tries to Overrule Courts a Third TimeThe Wall Street Journal reports Biden Snubs the Courts Again on Student Loan Forgiveness‘That didn’t stop me,” President Biden declared after the Supreme Court blocked his $430 billion student loan write-off in 2023. It sure didn’t. After striking out in court with three debt forgiveness schemes, the Administration on Friday unveiled another. Take that, judges.The Education Department says its proposed rule would authorize forgiveness for some eight million borrowers experiencing “hardship.” Under the rule, the department can discharge debt...

American has been crying for 20 minutes after FEMA visited him, “sorry for the emotions”“There is a FEMA man who came and explained something very serious about the $750 that you guys don't know and that they're not going to tell you. And unless you have a magnifying glass in the contract that they're going to sign during your inspection, you'll never see it.So you're going to hear it from me and hopefully from everybody else who is going to share this shit around. The $750 is a loan.It's not free. They're not giving it to you. It's a loan...

Warren Buffett, one of the wealthiest people in the world with a net worth of $142 billion, according to Bloomberg, is also known for his generosity. He has donated billions to charity over the years, but when it comes to his kids, handouts aren’t part of the deal. In the HBO Becoming Warren Buffett documentary, Susie Buffett shared a story that gives a glimpse into her father's frugality. This wasn't the first time she had discussed it. Back in 2011, a Globe and Mail article mentioned that Susie once asked her father for a $41,000 loan to renovate her kitchen...

We're told that we need to forgive every dollar of the $1.74 trillion in student loan debt because young people are being crushed under a mountain of bad loans. How were they supposed to know that majoring in Environmental Activism wouldn't allow them to earn enough money to pay back their loan? That said, young people are so overburdened in college loan debt that they can't buy a house, or start a family, or even move out of their parent's home. That's been the narrative advanced by Joe Biden, Bernie Sanders, Elizabeth Warren and every other advocate to make student...

The retiree says a local rooftop solar company and its partners forged her signature to sign her up for a loan she could not afford. If you’ve scrolled through social media lately, there’s a good chance you’ve seen an ad for rooftop solar. The latest government incentives are so generous, some ads claim, that you can get a new roof for free with the panels — and eliminate your electric bills in the process. Claver Campbell, a 76-year-old homeowner in Queens, came across one such ad on Facebook about a year ago, she recalled. It promised a new roof and...

Seven Republican-led states on Tuesday filed a lawsuit to challenge the Biden administration's latest student debt forgiveness plan, saying the U.S. Department of Education was taking steps to start canceling loans as soon as this week. The lawsuit came less than a week after the U.S. Supreme Court rejected the Biden administration's bid to revive a different student debt relief plan that was designed to lower monthly payments for millions of borrowers and speed up loan forgiveness for some.

The Biden-Harris team has signaled that it’s gearing up for an “October Surprise” on student loan cancellation — although it might come even sooner, sneaking in before early voting starts. Once again, they are trying to shift hundreds of billions of dollars in loans onto the 90% of Americans who don’t owe student debt, to gain favor with voters who do. And this time they’ve added a brazen direct-marketing campaign to appeal to those indebted voters, just ahead of the presidential election. Their new loan-forgiveness effort is particularly devious because it is designed with the administration’s previous court losses in...

A federal appeals court on Thursday temporarily blocked a key Biden administration student loan forgiveness and repayment plan. The order could have significant ramifications for millions of borrowers.. Joe Biden’s Saving on a Valuable Education plan is a new income-driven repayment program designed to provide affordable payments and multiple pathways to loan forgiveness. The Education Department unveiled the SAVE plan last year, and began implementing the program in phases. But several groups of Republican-led states filed two separate legal challenges this spring, arguing that the Biden administration exceeded the authority Congress provided. Thursday’s appeals court ruling is just the latest...

LOUISVILLE, Ky. — A judge recently placed a Louisville skyscraper in a receivership after its owners defaulted on a $28 million loan, according to new court documents. A lawsuit was filed in June by lender Wilmington Trust National Association in Jefferson County Circuit Court, and accused the owners of the Meidinger Tower of failing to make a monthly payment of $142,204.82 last November. The plaintiffs also claim the owners have not made a payment in any subsequent month.

The Congressional Budget Office reports the 2024 budget deficit will near $2 trillion.. In 2024, the federal budget deficit is estimated to reach nearly $2 trillion, according to new projections released by the Congressional Budget Office (CBO) this week. In February, the agency predicted that the deficit would only be $1.58 trillion. However, spending increases have caused the projected deficit to increase by $400 billion, a staggering 27 percent hike. According to the CBO, 80 percent of the spike in the deficit can be blamed on four sources of government spending. The largest source, responsible for $145 billion of the...

“The investments that Russia had have matured. So Russia’s funds are sitting in cash, but they’re generating income for the institution which Russia has no claim on,” she concluded. The G7 agreed on the American proposal Thursday during a summit in Italy. The move allows the world leaders to tap into the interest being accumulated at European banking institutions from the frozen assets to the tune of $50 billion. Yellen added that the G7 has made it clear to Moscow that the actual assets will remain frozen until Russia agrees to pay for the damages Ukraine has sustained over the...

G7 leaders will agree on a new $50-billion loan for Ukraine as they gather Thursday for a summit at a plush resort in southern Italy. The funds will come from profits stripped off frozen Russian assets. AFP reports Ukrainian President Volodymyr Zelensky will fly in to join U.S. President Joe Biden and leaders from Italy, Britain, France, Germany, Canada and Japan for the talks at the luxury Borgo Egnazia resort in Puglia. The money is destined to to help Kyiv with defence, budgetary support, and reconstruction after more than two years of war with Russia.

President Joe Biden introduced new provisions to his student debt relief plan earlier this month, and the primary beneficiaries are high-income earners, according to a new analysis released by the Wharton School of the University of Pennsylvania. While Biden’s 2023 SAVE Plan already put taxpayers on the hook for $475 billion, the new plans add another $84 billion to the tally — largely by “canceling” the student debt of some 750,000 households making more than $312,000 a year on average. The average debt relief for these households is $25,500, the study found. In June 2023, the Supreme Court struck down...