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Covid relief bill may trigger $36 billion cut to Medicare, higher student loan fees

Finance
Bill Clark | CQ-Roll Call, Inc. | Getty ImagesA Covid relief bill backed by Democrats could trigger billions of dollars in cuts to Medicare and other federal programs, like ones that support unemployed workers and student-loan borrowers, if it's ultimately passed.The funding cuts would take effect in 2022 and last for several years.Republicans are using the specter of pullbacks to argue against issuing more pandemic aid, which includes $ 1,400 stimulus checks and more jobless benefits.More from Personal Finance:Stimulus bill would make health insurance more affordable for millionsThe $ 15 minimum wage is in trouble. Here's what to knowTexas judge finds national eviction ban unconstitutionalIt's unclear lawmakers would allow them to occur. Even if they survive, the exact impact of cuts on...
Group of U.S. attorneys general urge President Joe Biden to cancel $50K in student debt

Group of U.S. attorneys general urge President Joe Biden to cancel $50K in student debt

Business
Feb. 19 (UPI) -- A group of attorneys general from more than a dozen states called on President Joe Biden and Congress Friday to cancel up to $ 50,000 in federal student loan debt per borrower, an issue that the new administration has yet to fully embrace. In a letter addressed to Biden, the group asked the president to take executive action supporting Senate Resolution 46 and House Resolution 100, two separate measures that aim to cancel the same debt. Advertisement "When borrowers are unable to manage their Federal student loan repayment, the consequences can be catastrophic," the group wrote in the letter. "As many as one in five federal student loan borrowers are in default. Many are unable to manage their debt due to disability, illness, or job loss." The attorneys general argue tha...

Democrats’ $50,000 student loan forgiveness plan would make 36 million borrowers debt-free

Finance
The Senate's top Democrat, Chuck Schumer of New York, along with Sen. Elizabeth Warren, D-Mass., and other Democratic legislators on Thursday, reintroduced a resolution again calling on the White House to forgive $ 50,000 in student debt for all borrowers by executive action."During a time of historic and overlapping crises, which are disproportionately impacting communities of color, we must do everything in our power to deliver real relief to the American people, lift up our struggling economy and close the racial wealth gap," Schumer said in a statement."Democrats are committed to big, bold action, and this resolution to cancel up to $ 50,000 in federal student loan debt is one of the strongest steps the president can take to achieve these goals."The resolution, first made in the Sena...

Biden promised to forgive student debt, but don’t expect relief anytime soon

Finance
Nate Wlodarchak, left, and his husband Shawn Wlodarchak.Source: Nate WlodarchakAs Nate Wlodarchak drove people to the polls on Election Day, he couldn't stop picturing his life without student debt. On the campaign trail, now President Joe Biden had promised to forgive $ 10,000 of the loans for all borrowers, which would practically reset Wlodarchak's balance to zero.Without the loans weighing on him, Wlodarchak, 37, a scientist who studies tuberculosis, could direct more of his paychecks to his savings each month. And he and his husband, Shawn, who live outside Denver, could finally start thinking seriously about the many goals, like having children, that they've had to leave on the back burner.Now Wlodarchak and tens of millions of other borrowers saddled with student loans are looking ...

Biden’s call for $10,000 in student loan forgiveness not included in stimulus plan

Finance
President-elect Joe Biden puts on a mask after receiving his second dose of the Pfizer/BioNTech COVID-19 vaccination at ChristianaCare Christiana Hospital on January 11, 2021 in Newark, Delaware.Alex Wong | Getty ImagesSenior officials of the incoming Biden administration say the president-elect still supports forgiving $ 10,000 in student debt per borrower although there's no mention of the loans being cancelled in his outline for a $ 1.9 trillion stimulus package unveiled on Thursday.There's also no reference to extending the payment pause and interest waiver for student loan borrowers that's expected to expire this month. An aide for the administration said last week that Biden would give borrowers more time before they have to resume their payments.The vast majority — or around 90% ...