The Biden administration has been facing continuous legal challenges in its efforts towards student loan forgiveness. Despite rolling out the Saving on a Valuable Education (SAVE) plan, lawsuits filed by Republican-led states like Arkansas, Florida, and Missouri have partially suspended it. This ongoing legal battle has created uncertainty for student loan borrowers seeking relief. The
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Deflation in the U.S. economy has significantly decreased since its peak two years ago. The measure of deflation indicates how quickly prices are falling for consumer goods or services, in contrast to inflation, which measures the rate at which prices are increasing. Economists point out that much of the deflation over the past year can
The U.S. Department of the Treasury and the IRS recently announced a significant achievement in collecting more than $1 billion in tax debt from high-income individuals over the past year. This marked a major milestone for the agency as they continue to crack down on tax evasion among the wealthiest Americans. With new funding totaling
Over the past decade, there has been a noticeable decline in the share of people with medical debt in collections on their credit reports. A 2023 study by the Urban Institute revealed that in 2013, 19.5% of Americans had medical debt in collections, which dropped to just 5% in 2023. These figures demonstrate a positive
With the upcoming presidential election between President Joe Biden and former President Donald Trump, many investors are feeling nervous about what the outcome could mean for their money. A survey conducted by investment company Betterment found that 57% of investors are feeling anxious about the election, with 40% expecting to change their investments based on
President Joe Biden is considering forgiving the debt of millions of federal student loan borrowers just weeks before the upcoming election. According to the Biden Administration’s Spring 2024 Unified Agenda, the U.S. Department of Education will finalize its rule on student loan relief in October. The current timeline indicates that the execution of the program
Inflation appears to be slowing down, which may seem like good news at first glance. It indicates that the economy is growing while the rate of price growth is decreasing. However, the reality is that prices remain high and are likely to stay that way for the foreseeable future. Mark Hamrick, a senior economic analyst
Roth individual retirement account conversions are a popular method to minimize taxes on pretax 401(k) or IRA withdrawals. A Roth conversion ladder involves transferring pretax or nondeductible IRA funds to a Roth IRA for tax-free growth. This strategy allows you to spread out the tax liability over multiple years, enabling you to pay taxes in
When it comes to planning for retirement, it is crucial to assess where your money is invested. While many individuals tend to focus on tax-deferred savings accounts such as a 401(k) or traditional IRAs, experts advise diversifying your accounts for better tax management in the future. According to certified financial planner Judy Brown, having a
Losing my wallet was a wake-up call for me in terms of financial security. One important step that I overlooked initially was freezing my credit. Experts recommend freezing your credit to prevent identity theft and unauthorized use of credit in your name. It is a simple process that can be done online by contacting the