Millennials Have Racked Up $3.8 Trillion in Debt
NEW YORK, March 14, 2023 (Newswire.com)
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Credello: It might shock you that the Millennial generation has racked up an astonishing $3.8 trillion in debt. That…
The post Millennials Have Racked Up $3.8 Trillion in Debt first appeared on RSVTV news.
Gibson Oncology Expands Its Board of Directors With Accomplished Leadership in Oncology Clinical Development and Corporate Strategy
MIAMI, March 14, 2023 (Newswire.com)
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Gibson Oncology, a privately held Oncology preclinical and clinical development company advancing novel, targeted…
Compass Health Center to Launch Enhanced Summer Creative Arts Intensive Outpatient Program
Creative Arts Therapies Help Children & Teens Improve Mental Health Post-Covid Pandemic
Summer Creative Arts Program
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Biden’s Student Loan Relief Plan is Facing the Supreme Court This Week. Here Is What You Need to Know.
NEW YORK, March 14, 2023 (Newswire.com)
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Credello: President Biden’s executive order forgiving student loan debt for millions of Americans is in front of the Supreme Court (SCOTUS) to determine whether or not it can go through. Here’s what you should know.
What happens if student loan forgiveness is struck down?
If SCOTUS should determine that Biden’s executive order is unconstitutional, they may strike it down. If that happens, those with outstanding student loans would still be able to get relief through the government’s other loan forgiveness programs- such as Public Service Loan Forgiveness and Perkins Loans – but they would not be able to use Biden’s order.
However, the eligibility rules for these programs are strict and the majority of U.S. citizens will not qualify. If you’re one of the millions who wouldn’t be eligible, you have a few options:
- Consolidate your outstanding loans into a single personal loan – This may be a quicker solution than you think. As for how long it takes to get a personal loan the process can take anywhere from a few minutes to weeks. If you’re applying for a personal loan online it could just be minutes but then the actual approval process may take a few days, especially if the lender needs to verify your income and creditworthiness. Pay attention to interest rates and ensure you’re getting the best deal possible
- Keep an eye on the Department of Education’s website – There may be new options available for refinancing your loans via the DOE if loan forgiveness is found to be unconstitutional. No updates are being given just yet, but there may be a backup plan from the federal government soon.
- Your loans may still be frozen for the time being – Even if student loan forgiveness is struck down, that doesn’t mean your loan payments will be due immediately. There is a chance President Biden will continue having student loans frozen, as it’s a good political move for appealing to Millennial and Gen Z voters come election time. If loan forgiveness does go through, then you’ll have a solid nest egg of money you can put towards a rainy day, retirement, or putting a down payment on a home.
- Prepare your budget for the worst-case scenario (it’s a win-win either way)- If student loan debt is a big problem for your finances, you shouldn’t wait til the last minute to start creating your own “Plan B” should the EO get struck down. Start reworking your budget and put money away that you can put towards your student loan debt if payments start up again soon. That way, you’ll have a chunk of money set aside that you can put toward your principal, reducing the amount of debt that accrues interest. If loan forgiveness does go through, then you’ve got a nice nest egg of money you can put towards a rainy day, retirement, putting a down payment on a home, whatever!
What happens if SCOTUS allows student loan forgiveness?
If SCOTUS rules that President Biden acted within his powers and that the executive order is legal, the plan to cancel certain types of student loan debt will immediately go into action.
To be eligible for forgiveness you must:
- Have an income under $125,000 for individuals or $250,000 for couples
- Have received a Pell Grant in college (you will receive up to $20,000 in debt relief) OR
- Have received a student loan from the federal government (you will receive up to $10,000 in debt relief)
Unfortunately, it’s too late to apply for relief from this program, as the deadline passed last October. However, there may be new options once this first round is decided in the courts.
The bottom line
As SCOTUS weighs the legality of President Biden’s executive order, it’s important to stay up to date on the latest news via the Department of Labor’s website. This way, you’ll be able to make informed decisions about your own financial future and can plan accordingly.
About Credello
Credello is a financial tech company offering a personal finance tool that simplifies financial decisions through personalized, on-demand recommendations — so users can borrow, save, or invest with confidence.
Credello believes that finding the right financial product should be as easy and interactive as online shopping, and we are on a mission to make that possible. For more information, please visit https://www.credello.com.
Contact Information:
Keyonda Goosby
Public Relations Specialist
(201) 633-2125
Original Source:
Biden’s Student Loan Relief Plan is Facing the Supreme Court This Week. Here Is What You Need to Know.
The post Biden’s Student Loan Relief Plan is Facing the Supreme Court This Week. Here Is What You Need to Know. first appeared on RSVTV news.
New Alternative Methods Lenders Are Using to Assess Your Credit
NEW YORK, March 14, 2023 (Newswire.com)
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Credello: With so many feeling the pinch of inflation and an unstable economy, it’s no surprise that lenders and cre…
The post New Alternative Methods Lenders Are Using to Assess Your Credit first appeared on RSVTV news.
CodaPet Expands Compassionate In-Home Pet Euthanasia Services to Nashville, TN, and Surrounding Cities
The Fresno-based startup enables a network of licensed veterinarians to provide peaceful in-home euthanasia to ease the passing of pets at home, surrounded by loved ones.
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Why Are Millennials Using Credit Unions More Than Banks for Loans?
NEW YORK, March 14, 2023 (Newswire.com)
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Credello: Some Millennials are having debt troubles. Those who go into debt can sometimes work their way out of it. …
The post Why Are Millennials Using Credit Unions More Than Banks for Loans? first appeared on RSVTV news.
Shockoe & Pet Paradise Recognized for Innovative Mobile Booking Solution
The award-winning solution offers a simple user experience and a clear measurable impact for internal stakeholders.
Pet Paradise
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The post Shockoe & Pet Paradise Recognized for Innovative Mobile Booking Solution first appeared on RSVTV news.
ISSA Launches Purpose-Driven Training Model
Educating Fitness Professionals in the Development of Highly Specialized Programs Toward Wellness
PHOENIX, March 14…
The post ISSA Launches Purpose-Driven Training Model first appeared on RSVTV news.
Vivid Sydney 2023 Serves Up Biggest Program Yet
Lighting of the Sails \u2014 Vivid Sydney \u2014 Sydney Opera House
SYDNEY, March 14, 2023 (Newswire.com)
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Vivid Sydney will deliver the biggest and m…
The post Vivid Sydney 2023 Serves Up Biggest Program Yet first appeared on RSVTV news.