Connect with us

Finance

President Biden announces new student loan forgiveness plans that could benefit 23 million Americans

Published

on

Biden’s new plan would provide $5,000 in debt relief for 10 million borrowers.  (iStock)

President Biden just announced his new plan to provide student loan debt relief. When paired with the other cancellations the Biden Administration has provided, this relief would apply to more than 30 million Americans.

The President traveled to Madison, Wisconsin to reveal his plans. If implemented, these plans would eliminate accrued interest for 23 million borrowers and would cancel the debt for more than four million borrowers. An additional 10 million borrowers would receive at least $5,000 in debt relief, a slight adjustment to Biden’s original student loan debt cancellation that would have provided $10,000 in forgiveness for many borrowers. The original plan was struck down by the Supreme Court last year.

“Today, too many Americans — especially young people — are saddled with sustainable debts in exchange for college,” Biden told a crowd while visiting Madison Area Technical College. “The ability for working and middle class folks to repay their student loans has become so burdensome that a lot can’t repay, even decades after being in school.”

Under the new plan, certain borrowers could receive $20,000 in debt cancellation if the borrower’s balance has grown due to unpaid interest. There are no income limits for this potential forgiveness. For low and middle-income borrowers currently enrolled in the SAVE plan or other income-driven repayment plans, Biden’s plan may provide complete forgiveness of their entire debt balance.  

If you have private student loans, federal forgiveness and relief doesn’t apply to you. If you’re looking to lower monthly payments, consider refinancing your student loans. Lock in some of the lowest interest rates ever via the online marketplace Credible.

MILLIONS OF BORROWERS TO SEE STUDENT LOAN PAYMENTS DROP IN JULY AFTER SAVE ADJUSTMENT

Students who don’t complete college often deal with worse debt

Students who take out student loans but never finish their degree, struggle to pay their debt down more often than those who complete their degrees. This occurs because the payments are higher than the income provided by the jobs non-graduates secure.

Borrowers who didn’t complete their degrees now owe $918 million overall, which is 6% more than they borrowed in the first place, a study from the HEA Group revealed. The group of borrowers who did complete their degrees owe a combined $3.2 billion — 6% less than the amount they borrowed.

The study found that the degree level also made a difference in repayment timelines. Borrowers who complete four-year degrees owe 8% less on their federal student loans. Those who didn’t complete their four-year degrees now owe 6% more than what they originally took out.

To save on your monthly student loan payments, you may want to consider refinancing. An online tool like Credible can be handy for comparing student loan refinancing rates from multiple lenders without affecting your credit score.

SOME STUDENT LOAN BORROWERS ARE GETTING REFUNDS ON TOP OF LOAN FORGIVENESS, HERE’S WHO QUALIFIES

Student loan debt makes saving for retirement difficult for many

The burden of student loan debt is making saving for retirement a difficult goal for many borrowers. Balancing high-cost payments with retirement contributions is difficult for those already struggling to make ends meet.

For employees with incomes of less than $55,000 who make regular student loan payments, the average percentage the employee contributes toward retirement is 5.3%, the Employee Benefit Research Institute found. Employees without student loan payments contribute 5.7%, on average, to their retirement accounts, the study said.

The difference grows for workers with higher incomes. Employees that make student loan payments and earn $55,000 or more each year contribute 6.1% to their retirement accounts, on average, compared to the 7.3% those without student loans contribute.

If you can qualify for a student loan refinance at a lower rate than you’re currently paying, there are often few downsides to refinancing. You can use Credible to compare student loan refinancing rates from multiple private lenders at once.

REPUBLICAN STATES FILE SUIT TO STOP BIDEN’S SAVE STUDENT LOAN REPAYMENT PLAN

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

Continue Reading

Finance

Amazon is selling an $800 portable power station for $550, and shoppers 'love the mobile design and durability'

Published

on

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.

Camping is a fun summer activity. What’s not fun is having no access to electricity. You can’t charge your phone, watch TV, or make your morning cup of coffee. Thankfully, portable power stations allow you to do all that and more. It’s literally like bringing along a giant battery for all of your electronics. Portable power stations are also good to have around your home in case of power outages.

There’s just the problem of price. Portable power stations are notoriously expensive, especially ones that have a larger energy storage capacity. The good news is that we were able to find a solid deal on a 1,056-watt-hour (or 1 kilowatt-hour) power station. This $800 Anker Solix C1000 Portable Power Station is $550 at Amazon for a limited time. At 31% off, you’re saving $250.

Anker Solix C1000 Portable Power Station, $550 (was $800) at Amazon

Courtesy of Amazon

Get it.

The Anker Solix C1000 features a power output of 1,800 watts, making it strong enough to handle multiple electronics and small appliances at once. It has 11total power ports. You get two USB-A and USB-C ports, a car socket, and six AC outlets. Additionally, it also functions as a night light and has a handle for easy carrying. It weighs about 28 pounds.

Now let’s talk about charging. There are two ways you can charge the Anker Solix C1000. The first way is just by plugging it into a standard AC wall outlet. Or if you have the portable solar panels (sold separately), you simply connect the wires and place the panels in the sun. When plugged into an AC outlet, your power station can be fully charged in about an hour. If you charge up with solar, it’ll likely take around two hours. The digital display on the front of the power station shows you the battery and charging status.

Related: Walmart is selling a $1,120 storage shed for only $150, and shoppers say it’s ‘incredibly useful’

Shoppers have found multiple uses for this portable power station. “We bought it mainly for short power outages and to run our refrigerator, but it will have many other uses for sure,” one shopper said. “Just this past week, I had to do some repairs to our floating dock, and there is no extension cord long enough to reach, so I brought this Anker Solix C1000 and it powered our two saws and drills without any issue at all. It’s very cool and has lots of different outlets. Very impressive unit!”

Others say they get daily use out of it. “I love it. I use it every day. I am traveling and camping everywhere,” one shopper shared. “I use it to power a car mobile refrigerator, a little portable air conditioner, and of course, my iPhone and other electronics, and sometimes an electric stove. It can take on all tasks with no problem. I love the mobile design and durability.”

You don’t need to be ‘roughing it’ the next time you go camping. Consider grabbing the Anker Solix C1000 Portable Power Station to keep all your devices charged and bring along a few essentials for the kitchen or living room. You’ll feel like you never left home. 

Continue Reading

Finance

Amazon is selling a 'high-quality' $525 Citizen Eco-Drive watch for $260, and buyers love its 'useful functions'

Published

on

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.

Time is the most valuable thing any of us has. Therefore, why not keep track of it in the most accurate and stylish way possible, relishing every second? Amazon can help you do that with its incredible selection of high-end watches. One of them, from Citizen, is currently available for half off, and we think it ticks all the boxes.

The Citizen Calandrier Eco-Drive Watch is on sale for $260 right now, which is 50% off the regular price of $525. Not only does this watch give you the time, but it even tells you the day and the date.

Citizen Calandrier Eco-Drive Watch, $260 (was $625) at Amazon

Courtesy of Amazon

Get it.

While a watch that tells the time is useful, one that does that and lets you know exactly what day and date it is can keep you on schedule better than you might imagine. In addition to the time, day, and date functions, this watch has a 24-hour tracker and world time function, so you can know what time it is anywhere in the world.

With a stainless steel case and bracelet, the timepiece oozes elegance and durability. Its blue dial is highly legible and attractive, and is sure to get you plenty of compliments. It also has a scratch-resistant mineral crystal and 100 meters of water resistance. The Japan-made quartz movement inside operates off of solar energy, provided by the Eco-Drive technology within.

Related: Amazon is selling $100 Reebok sneakers for $60, and shoppers love how ‘comfortable and lightweight’ they are

Amazon customers raved about this watch. One called it “my favorite watch,” adding, “I fell in love with how it looked…It feels and looks like a very high-quality watch. All the functions work perfectly and are not hard to read.”

Another touted the “beautiful blue dial,” and said, “I love good-looking watches…but if the design can incorporate useful functions as well, it’s a winner for me. And this watch does all of that.”

The Citizen Calandrier Eco-Drive Watch will let you know exactly when you are, and it can do so in style. It can also do so for only $260 at the moment, so why not take a chance? We would never waste your time if it weren’t worth it.

Continue Reading

Finance

Stocks making the biggest moves midday: Circle, Visa, Carnival, Halliburton, Adobe and more

Published

on

These are the stocks posting the largest moves in midday trading.

Continue Reading

Trending