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Biden seeks extra $400 a year in Pell grants for college and to expand aid to Dreamers

Finance
Alex Wong | Getty Images News | Getty ImagesPresident Joe Biden asked Congress for a $ 400 annual increase in maximum Pell grants for college students as part of a budget proposal issued Friday.The president also called to broaden eligibility to undocumented immigrants known as Dreamers.Pell grants are available to undergraduate students who display exceptional financial need. Unlike loans, they generally don't have to be repaid.More from Personal Finance:New college grad job outlook looks promising for Class of 2021Biden tax plan may lead to more Roth retirement accountsMore colleges move to make vaccines mandatory for studentsIf adopted by Congress, Biden's budget would yield the largest one-time annual increase to the federal grants since 2009, according to the proposal, signed by Shal...

There are some snags in free COBRA health insurance for unemployed. Here’s what you need to know

Finance
HRAUNLinda, a lawyer from California who was laid off from her job in January, is like millions of others in the Covid pandemic who are living without health insurance.But she discovered that the government would fully subsidize her COBRA health insurance premiums from April until September, thanks to a provision in the latest stimulus package. She immediately contacted her insurer to sign up. Linda (she asked not to use her full name) was eager to go to the doctor after contracting a painful urinary tract infection this month, which she feared could spread to her kidneys.The rules in the $ 1.9 trillion relief bill passed in March seemed straightforward enough: The government would pay for people's COBRA premiums for six months beginning on April 1. COBRA, or the Consolidated Omnibus Budg...

Futures rise slightly after S&P 500 hits fresh record

Finance
U.S. stock futures moved higher in overnight trading on Thursday after the S&P 500 notched a fresh record in the regular session.Dow futures rose about 50 points. S&P 500 futures gained 0.2% and Nasdaq 100 futures rose 0.17%.The major averages rose on Thursday, bolstered by gains in technology stocks. The Dow Jones Industrial Average gained 57 points, helped by a near-2% gain in Apple's stock.The S&P 500 climbed 0.42% and closed at a record high for the second day in a row.The Nasdaq Composite was the relative outperformer, gaining more than 1% as Amazon, Netflix, Microsoft and Google-parent Alphabet all closed higher.Investors largely shrugged off an unexpected jump in jobless claims from last week. The Labor Department reported first-time claims for the week ended April ...

Biden consumer watchdog seeks delay of Trump-era debt collection rules

Finance
Ting Shen/Bloomberg via Getty ImagesThe Consumer Financial Protection Bureau proposed a delay Wednesday to two debt-collection rules issued in the waning days of the Trump administration.Those rules broadly addressed how debt collectors may communicate with and make disclosures to consumers.Kathy Kraninger, the former CFPB head during the Trump administration, said the measures helped keep consumers informed. Critics argue that some aspects of the plan give companies too much power and allow them to hound indebted Americans for payments.More from Personal Finance:Biden tax plan may lead to more Roth retirement accountsSocial Security beneficiaries received most of the recent $ 1,400 checksPPP loan money will likely run out before May 31 deadlineBoth measures — issued in October and Decemb...
IRDAI issues draft guidelines on trade credit insurance

IRDAI issues draft guidelines on trade credit insurance

Finance
IRDAI on Wednesday proposed a regulatory framework to facilitate general insurance companies to offer trade credit insurance covers to suppliers as well as licensed banks and other financial institutions to help businesses manage country risk. Trade credit insurance protects businesses against the risk of non-payment for goods and services by buyers. It usually covers a portfolio of buyers and indemnifies an agreed percentage of an invoice or invoices that remain unpaid as a result of protracted default, insolvency / bankruptcy. Based on the recommendations of a working group on revisiting guidelines on trade credit insurance, the Insurance Regulatory and Development Authority of India (IRDAI) has now come up with draft guidelines on trade credit insurance. IRDAI said the proposed guidel...