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Biden Student Debt Forgiveness Plan Begins, Not Ends
NNPA NEWSWIRE — The good news is that of the 43 million people affected by the executive action, 20 million borrowers will have all of their debt cancelled. Many of these borrowers incurred student loans but dropped out of school, left with thousands in debt and lower earnings due to the lack of a degree.
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States Must Increase Funding, Hold More Bad Actors Accountable
By Charlene Crowell
President Joe Biden’s recent student debt cancellation announcement elicited a diverse range of reactions– some congratulatory, others critical, and still others that seem unsure what to make of the unprecedented multi-billion-dollar effort.
Predictably, long-time education and civil rights advocates spoke to the need for additional reforms, while others wondered about cancellation’s impact on an already troubled economy. Families struggling with the rising cost of living and deepening student debt –have only a few months to make household budget adjustments before loan payments resume in January.
The good news is that of the 43 million people affected by the executive action, 20 million borrowers will have all of their debt cancelled. Many of these borrowers incurred student loans but dropped out of school, left with thousands in debt and lower earnings due to the lack of a degree.
Another 27 million people from working class backgrounds who received Pell grants are assured of up to $20,000 in debt relief.
But these actions do not resolve the structural mismatch between the still-rising costs of college, limited family financial means to contribute to that cost, and the availability of financial aid other than interest-bearing loans.
“We’ve all heard of those schools luring students with a promise of big paychecks when they graduate only to watch these students be ripped off and left with mountains of debt,” stated President Biden on August 24. “Well, last week, the Department of Education fired a college accreditor that allowed colleges like ITT and Corinthian to defraud borrowers…Our goal is to shine a light on the worst actors so students can avoid these debt traps.”
It seems like a perfect time for the Department of Education to clean house of all the bad higher education actors — especially costly for-profit institutions that promise a lot but deliver little, and accreditors that fail to do their jobs.
On August 30, following President Biden’s announcement, the Department of Education took action against another defunct for-profit: Westwood College. This trade school lured unsuspecting students into costly debt from January 1, 2002 through November 17, 2015 when it stopped enrolling new borrowers in advance of its 2016 closure. The Department found widespread misrepresentations about the value of its credentials for attendees’ and graduates’ employment prospects.
“Westwood College’s exploitation of students and abuse of federal financial aid place it in the same circle of infamy occupied by Corinthian Colleges and ITT Technical Institute,” said Under Secretary James Kvaal. “Westwood operated on a culture of false promises, lies, and manipulation in order to profit off student debt that burdened borrowers long after Westwood closed.”
Now, 79,000 Westwood borrowers will benefit from $1.5 billion in debt cancellation, thanks to the Department.
Changes to Public Service Loan Forgiveness (PSLF) Program rules will allow borrowers that would not otherwise qualify, to receive credit for past periods of repayment. Interested borrowers and their families can get more information on the program’s information page, but they must act by October 31. Details on the time-limited offer are available at:https://studentaid.gov/announcements-events/pslf-limited-waiver.
But individual states must do their part as well. Across the nation, state revenues are flush with surpluses.
“I don’t think there’s been a time in history where states are better equipped to ride out a potential recession,” said Timothy Vermeer, senior state tax policy analyst at the Tax Foundation, a Washington, D.C.-based think tank. “A majority, if not all, of the rainy-day funds are in a really healthy position.”
Additionally, and according to the 2021 edition of the annual State Higher Education Finance (SHEF) report, short-changing higher education funding at the state level will likely lead to worse, not better results. The report tracks enrollment trends, funding levels and distributions of state institutions.
“Generous federal stimulus funding protected state revenues and directly supported higher education, reducing states’ need to cut funding during the pandemic and short economic recession,” states the report’s news release. “However, sharp declines in student enrollment and net tuition and fee revenue signal continued upheaval for public higher education revenues.”
Federal stimulus funding during the pandemic boosted state education appropriations, but only 8.9 percent of state aid to public institutions in 2021 went toward providing student financial aid, according to SHEF. And without federal stimulus funds, state education appropriations would have declined by one percent in 2021 if full-time enrollment had held constant, according to the report.
“States vary in their relative allocations to higher education,” states the report. “Public institutions in some states remain primarily publicly funded, but a growing proportion have become primarily reliant on student tuition and fee revenue over the last two decades.”
The report notes that while federal stimulus and relief funds are helpful, they cannot be a replacement for long-term state investments, because stimulus funds are time-limited and often restricted in their use.
If we want to end the student debt trap, now is the time for citizens to challenge states to use their tax revenue to do more for their own constituents.
Charlene Crowell is a senior fellow with the Center for Responsible Lending. She can be reached at Charlene.crowell@responsiblelending.org.
The post Biden Student Debt Forgiveness Plan Begins, Not Ends first appeared on BlackPressUSA.
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How to Use Credit Wisely
(NewsUSA) – As the holiday season approaches, more people are out shopping, searching crowded stores and online promotions for the best discounts, and using their credit cards to pay for it all. But beware the financial dangers of credit use — how you pay for these deals could safeguard your budget or lead to debt. […]
The post How to Use Credit Wisely first appeared on BlackPressUSA.

A CERTIFIED FINANCIAL PLANNER professional can help you guard against costly credit mistakes, paving the way for a financially sound festive season and beyond. Learn more about how to use credit in a way that works for you with the insights below.
Choose Your Credit Card Wisely
Whether you’re shopping for holiday gifts or purchasing necessities like groceries, the credit card you use can make a big difference. There are several factors to consider:
- Interest Rates. Rates generally run from 21-33%. The standard bank card charges at the low end of the range, and retailer credit cards (those typically with the store’s name on them) charge as much as 33%.
- Cash Back. Among the best deals are bank cards that offer cash back ranging from 1-4% of your purchase.
- Rewards Points. Some cards have rewards programs where you earn points that you can redeem for products or services. They may seem attractive but are worthwhile only if you’re actually interested in the rewards offered.
- Cash Discounts. While retailer credit cards have the highest rates, some offer big cash discounts at the point of purchase. That may be the only time they’re worth using.
Improving Your Credit Score
Boosting your credit score can help you qualify for the lowest available interest rates on auto loans, personal loans and mortgages. If you can, pay the full balance when your credit card bill arrives. But most importantly, never miss a payment. Paying on time not only avoids late fees, but also is a key factor in improving your credit score. The easy way to ensure timely payment is to set up automatic online payments.
A CFP® professional can help you develop other strategies to save money while improving your credit profile, including the following:
- Identifying which debt to pay down first.
- Switching to balance transfer cards that don’t charge interest for a year or longer.
- Converting high-interest debt with interest payments that are not tax-deductible to lower-interest debt whose interest payments are tax-deductible.
Establishing Credit
Lenders offer credit to people with a long and reliable credit history. Most young adults don’t have one. There are various ways to obtain credit, but steer clear of debit cards that claim they can help you build a credit history. When you consider the costs and requirements, they’re usually no bargain. You have better and cheaper options for establishing credit. Here are three of them:
- Get a secured credit card.
- If you have a student loan, make sure you’re up-to-date with payments.
- If you pay rent, ask your landlord to report your on-time payments to the credit bureaus.
The choices we make in managing credit can have a lasting impact on our financial journey. As you navigate the complex credit landscape, remember that CFP® professionals can offer tailored guidance for your unique circumstances. Whether it’s identifying strategic debt payments, exploring balance transfer options or establishing credit responsibly, a CFP® professional can provide a roadmap for achieving your financial goals. Find a CFP® professional today.
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Acura ZDX Type S features
LA Auto Show was the venus for the Acura ZDX Type S details.
The post Acura ZDX Type S features first appeared on BlackPressUSA.

LA Auto Show was the venus for the Acura ZDX Type S details.
The post Acura ZDX Type S features first appeared on BlackPressUSA.
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Subaru Forester exhibit LA Auto Show
LA Auto Show was the venue for the Subaru Forester. This was the most interesting display technologically.
The post Subaru Forester exhibit LA Auto Show first appeared on BlackPressUSA.

LA Auto Show was the venue for the Subaru Forester. This was the most interesting display technologically.
The post Subaru Forester exhibit LA Auto Show first appeared on BlackPressUSA.
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