News That Matters

Tag: student

They were struggling to repay their student loans before the pandemic. Now it’ll get worse

They were struggling to repay their student loans before the pandemic. Now it’ll get worse

Finance
Sam SeagravesSource: Sam SeagravesAlmost all of the money Sam Seagraves used to make as an actor in Portland, Oregon, went toward her monthly student loan bill of $ 1,083. Then the coronavirus pandemic hit.With many production companies postponing or cancelling operations, Seagraves hasn't been hired for a role since March. The CARES Act granted people with federal student loans a break from their payments until the end of September, but Seagraves has had to dig into her small savings to continue paying her monthly private student loan bill of $ 700.  "I have enough saved to pay the private student loans through August; I'm not entirely sure how I'm going to pay them after that," Seagraves, 30, said. She owes around $ 75,000 nearly a decade after graduating fr...
Democrats propose forgiving $30,000 in student debt for borrowers during coronavirus outbreak

Democrats propose forgiving $30,000 in student debt for borrowers during coronavirus outbreak

Finance
Rep Ilhan Omar (D-MN) takes part in a discussion on "Impacts of Phobia in Our Civic and Political Discourse" during the Muslim Caucus Education Collective's conference in Washington, July 23, 2019.Kevin Lamarque | ReutersDemocratic Reps. Ilhan Omar of Minnesota and Ayanna Pressley of Massachusetts introduced legislation on Monday that would suspend student loan payments and forgive $ 30,000 in debt for borrowers during the coronavirus outbreak. The bill, called the Student Debt Relief Act, would also prevent the government from seizing the wages and Social Security checks of defaulted borrowers. There are now dozens of members of Congress who believe the global health crisis, and the way it has brought the economy to a near halt, has made student debt cancellation necessary. ...
Got student debt? You may be able to lower your tax bill

Got student debt? You may be able to lower your tax bill

Finance
Woman figuring out her finances.stefanamerIf there's any silver lining to the interest accumulating on your student debt, it's that it can knock down your tax bill.The IRS allows certain borrowers to deduct up to $ 2,500 in student loan interest each year from their taxable income, and it can come from payments to federal or private student loans, said Mark Kantrowitz, the publisher of SavingForCollege.com.Some 12.5 million people claimed the deduction in 2017, which went into effect with the Taxpayer Relief Act of 1997. That means nearly 1 in 3 borrowers take advantage of the write-off.Still, many others could be getting the relief.More from Smart Tax Planning:These high-income filers are getting a visit from the IRSBloomberg doesn't use TurboTax. Here are others' optionsTax refunds will ...
Bloomberg’s plan to tackle the $1.7 trillion student loan crisis

Bloomberg’s plan to tackle the $1.7 trillion student loan crisis

Finance
Democratic presidential candidate former New York City mayor Mike Bloomberg speaks during the Democratic presidential primary debate at Paris Las Vegas on February 19, 2020 in Las Vegas, Nevada.Mario Tama | Getty ImagesMichael Bloomberg, billionaire and former mayor of New York, is the latest Democratic presidential candidate to turn his attention to the country's $ 1.7 trillion outstanding student loan balance."At its best, higher education serves as an engine of economic mobility and a pathway to the middle class," the 78-year-old wrote in his $ 700 million proposal released this week. "Our system is not fulfilling that promise."Bloomberg would make community college free and double Pell Grants. The grants typically go to around 7 million students a year for families with an income below...
Microsoft, Twitter and Walmart want to help you get a job in tech — without racking up student loans

Microsoft, Twitter and Walmart want to help you get a job in tech — without racking up student loans

Finance
Ryan Reed became a technical support specialist at IBM after graduating last year from the tech firm's apprenticeship program. Photo credit: IBM.Ryan Reed was having a tough time.The 38-year-old, a resident of Raleigh, North Carolina, had been trying for months to land a job in technology, a passion dating to his days as a second-grader disassembling flashlights for fun.But the former firefighter, who'd suffered a career-ending back injury, didn't have a college degree — a formidable roadblock in the industry. With five kids to support, he couldn't afford to go back to school.Luck was on Reed's side, though. In 2018, he found — and landed — a paid apprenticeship as part of a new program at IBM, and was recently hired full-time.A growing push among tech firms to hire, pay and train apprenti