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Legal Challenges to Student Loan Forgiveness Loom Before Midterms

GOP state attorneys general, conservative groups and federal lawmakers are laying the groundwork to challenge President Biden’s executive action to cancel up to $20,000 of debt for most of the 40 million people with federal student loan debt. Would-be plaintiffs can’t take action until the administration makes a formal move toward cancellation, such as releasing an … Read more

These changes can fix student debt crisis and are better than forgiveness

hept27 | iStock | Getty Images Student loan debtors are poised to get some breathing room after President Joe Biden unveiled a plan last month to forgive up to $20,000 in federal student loans per borrower. But some experts say the one-time presidential pardon will not do much to alleviate the student debt crisis affecting … Read more

How high inflation may affect which tax bracket you’re in next year

Jamie Grill | Getty Images As Americans grapple with soaring prices, experts say it’s likely we’ll see higher-than-usual inflation adjustments from the IRS for 2023 — covering tax brackets, 401(k) plan contribution limits and more. Built into the tax code, these yearly IRS changes aim to prevent so-called “bracket creep,” when inflation bumps up income … Read more

Here’s why the $39 trillion U.S. retirement system gets a C+ grade

Siriporn Wongmanee / Eyeem | Eyeem | Getty Images The U.S. retirement system may seem flush — yet it ranks poorly in relation to those in other developed nations. Collectively, Americans had more than $39 trillion in wealth earmarked for old age at the end of 2021, according to the Investment Company Institute. However, the … Read more

Food prices see highest increase since 1979 — and this key staple is up nearly 40% on last year

Food prices continued to rise in August, putting pressure on lower- and middle-income households in particular.  The cost of food for home preparation were up 13.5% as compared with August 2021, the highest rate of growth since March 1979, government data show. The annual rise in the U.S. consumer price index was 8.3% in August. … Read more

Millions of welfare payment recipients set to get a cash boost this week to help ease cost of living pressure

Almost five million people are set to receive a boost to welfare payments this week. Earlier this month, the federal government announced the indexation increase to welfare payments, set to begin on Tuesday September 20. WATCH THE VIDEO ABOVE: Millions of Australians to receive payments boost For more Personal Finance related news and videos check … Read more

Long Social Security service waits signal need for more funds

A Social Security Administration office in San Francisco. Getty Images The Social Security Administration’s average wait time for an initial disability decision hit an all-time high in August of more than six months, or 198 days — almost three times higher than it was a decade ago. That is just one of many signs that … Read more

The extended tax deadline is Oct. 17. Here’s what filers need to know

Cecilie Arcurs | Getty Images There’s about one month until the Oct. 17 tax deadline extension, and experts say filers need to prepare, especially for more complicated returns. An estimated all-time high of 19 million American taxpayers filed an extension for their 2021 returns, according to the IRS. Kevin Brady, a certified financial planner and … Read more

Want a risk-free 4% return? How investors can buy a simple Treasury

The spike in short-term Treasury yields may have some investors thinking about adding the notes to their portfolio. The yield on the 2-year Treasury went over 3.9% on Friday, the highest level since 2007. Bond yields move inversely to their prices. The 2-year note is at the point on the Treasury yield curve that is … Read more

How student loan forgiveness will be applied to your debt

Pekic | E+ | Getty Images The U.S. Department of Education continues to put out new information on how President Joe Biden’s historic student loan forgiveness plan will work. Some of the latest details include how forgiveness will be applied to your balance: which federal student loans can get the relief, and in what order. … Read more