Month: May 2023

items Americans are increasingly reluctant to buy.The U.S. economy is showing signs of resilience despite the pandemic-induced slowdown. Retail sales rose in April for the first time in three months, led by an increase in auto sales. Steady demand for new cars and trucks has spurred automakers to ramp up production. Consumers are also spending on services such as travel, recreation and dining out.

The labor market is also strong, with the unemployment rate at an extremely low 3.4%. Workers are reaping bigger pay increases to help them cope with higher prices, but rapidly rising wages are also adding to high inflation.

The Federal Reserve has indicated that it has not seen enough evidence to support a freeze in interest rates for the rest of the year. However, many Wall Street economists think a recession is inevitable by the end of the year.

Overall, the U.S. economy is showing signs of resilience, but there are still risks that could lead to a recession. The Federal Reserve will need to carefully monitor the situation and make sure that any policy decisions are made with the best interests of the economy in mind.This week, Disney+ and Hulu will be removing dozens of shows from their streaming services. This includes shows such as “The Proud Family”, “Kim Possible”, and “Lizzie McGuire”. The move is part of Disney’s plan to make room for new content.rnrnMeanwhile, President Biden has said he likely has the authority to use the 14th Amendment to raise the debt ceiling, but it may be too late. The amendment states that the validity of the public debt of the United States shall not be questioned.rnrnOne man recently found himself in a difficult situation when he wanted to buy a $40,000 car, but his wife said no. He then decided to take a different approach and asked his wife to buy the car for him as a birthday present. Surprisingly, she agreed.rnrnFinally, borrowers are preparing for the resumption of student-debt payments. Many are taking steps to ensure they can make their payments on time, such as setting up automatic payments and budgeting for their payments.

from libraries, and the passage of a bill that allows adoption agencies to deny services to same-sex couples also were cited by Equality Florida in its travel advisory.Equality Florida recently issued a warning to travelers about the state of Florida due to a number of laws and policies that have been passed in recent months. These laws include a ban on gender-affirming care for minors, new restrictions on abortion access, and a law allowing Floridians to carry concealed guns without a permit. Equality Florida believes that these laws “pose a serious risk to the health and safety of those traveling to the state.”

The warning comes as a reminder to travelers to be aware of the laws and policies in the state they are visiting. Equality Florida encourages travelers to research the laws and policies of the state they are visiting and to be aware of their rights. They also suggest that travelers contact their local representatives to voice their concerns about the laws and policies in the state.

Equality Florida’s warning serves as an important reminder to travelers to be aware of the laws and policies of the state they are visiting. It is important to research the laws and policies of the state and to be aware of one’s rights. It is also important to contact local representatives to voice any concerns about the laws and policies of the state.Advanced search is a powerful tool that can help you find the information you need quickly and easily. It allows you to narrow down your search results by using specific keywords, phrases, and other criteria. With advanced search, you can find exactly what you’re looking for in a fraction of the time it would take to manually search through all the available information.rnrnAdvanced search is a great way to save time and energy when searching for information online. It can help you narrow down your search results to only the most relevant and useful information. You can also use advanced search to find specific types of content, such as images, videos, and documents. This makes it easier to find the exact information you need without having to sift through irrelevant results.rnrnAdvanced search is a powerful tool that can help you find the information you need quickly and easily. With its ability to narrow down your search results, you can save time and energy when searching for information online. Whether you’re looking for images, videos, documents, or other types of content, advanced search can help you find exactly what you need in no time.

President Joe Biden and House Speaker Kevin McCarthy spoke by phone Sunday to discuss a budget compromise and a deal to raise the nation’s borrowing limit. Biden warned Republicans that they must move off their “extreme positions” over raising the debt limit and that there would be no agreement to avoid a catastrophic default only on their terms. The White House and House Republicans are narrowing in on a 2024 budget year cap that would be key to resolving the standoff. The two leaders are set to meet for a pivotal meeting Monday at the White House. Treasury Secretary Janet Yellen said Sunday that June 1 is a “hard deadline” for a deal. Republicans are holding tight to demands for sharp spending cuts with caps on future spending, while the White House has proposed reducing deficits in part with revenue from taxes. A compromise on those topline spending levels would enable McCarthy to deliver a victory for the country and avert an economy-wrecking federal default.President Biden and House Minority Leader Kevin McCarthy have been in talks to reach a budget deal that would raise the debt limit and avoid a potential default. The Republican proposal includes cuts to Medicaid, food aid, and IRS money, as well as work requirements for Medicaid recipients. The White House has countered by keeping defense and nondefense spending flat next year, which would save $90 billion in the 2024 budget year and $1 trillion over 10 years. Republicans have also rejected various White House revenue proposals, including policies that would enable Medicare to pay less for prescription drugs. Biden has ruled out the possibility of taking action on his own to avoid a default, as any such steps would become tied up in the courts. With the June 1 deadline looming, both sides are hoping to reach an agreement that would be beneficial for both parties.When it comes to making big purchases, it can be difficult to get the approval of your partner. This was the case for one man who wanted to buy a $40,000 car, but his wife said no. He then decided to take a different approach and ran it past her again, but this time with a twist. He told her that he was going to buy the car for her, and she went ballistic. rnrnThis story is a reminder that communication is key when it comes to making big decisions. It’s important to be honest and open with your partner about your plans and to listen to their opinion. It’s also important to be creative and think of ways to make the purchase more palatable. rnrnMeanwhile, borrowers are preparing for the resumption of student-debt payments. With the pandemic causing financial hardship for many, the government has put a pause on payments. Now that the pause is coming to an end, borrowers are looking for ways to manage their debt. This includes consolidating loans, refinancing, and exploring repayment plans. rnrnIt’s important to be proactive when it comes to managing debt. Borrowers should take the time to research their options and find the best solution for their situation. With the right plan in place, borrowers can make their payments and get back on track.

Advertisement Protesters rally outside the Supreme Court in February. The Biden administration has tied the end of the student-loan payment pause to litigation surrounding its student-debt-forgiveness plan. Chip Somodevilla/Getty Images Email icon Facebook icon Twitter icon Linkedin icon Flipboard icon Print icon Resize icon Referenced Symbols Advertisement VOW -0.43% VWAGY +0.22% NFLX -1.60% Like millions of student-loan borrowers, Kate Eminger is in limbo. 

She doesn’t know how much her student-loan bill will be when the years-long pandemic-era freeze on payments ends. Eminger’s loans were transferred during the pandemic to a new servicer, but she’s struggled to communicate with the organization, which could help her learn her monthly payment amount. She’s also rushing to take steps that could provide her access to a loan-forgiveness program for public servants. 

“I am very nervous about them starting again,” Eminger, 37, who has about $175,000 in student debt, said of the loan payments. “There’s just a lot of uncertainty and murkiness around it, which for a loan amount of my size is pretty scary.”  

After a more than three-year freeze, payments, collections and interest are scheduled to resume on federal student loans later this year. This is the ninth time — spanning two administrations — that the government has threatened to turn payments back on. Once again, borrowers, advocates and servicers are gearing up for a financial and operational headache. 

“It’s going to be frustrating for everybody involved — borrowers, servicers, the Department of Education, advocacy organizations like ours,” said Betsy Mayotte, the president of the Institute of Student Loan Advisors, a nonprofit that helps borrowers manage their student loans. 

To advocates who pushed officials to delay restarting payments in the past, this moment in many ways looks similar to the months before the freeze was scheduled to end those eight other times. A challenging economy means borrowers’ budgets are still tight and promised fixes to the student-loan system that could help ensure a smooth transition to repayment and make borrowers’ bills more manageable still haven’t materialized.

But a few key factors are different, some of which are upping the pressure on the Biden administration to turn the student-loan system back on: the official end to the pandemic emergency, congressional Republicans taking aim at the payment pause in two pieces of legislation and multiple lawsuits challenging the freeze. Other elements unique to this moment are exacerbating the uncertainty and challenges related to restarting payments. Servicers will have fewer resources than in the past to handle a likely crush of calls.

“The Department remains focused on doing everything in its power to better serve students and borrowers, and we are fully committed to supporting student loan borrowers as they successfully navigate returning to repayment,” a Department of Education spokesperson wrote in an email. “The Department is deeply concerned about the lack of adequate annual funding made available to Federal Student Aid this year,” the spokesperson said, referring to Congress’s decision not to increase funding for FSA, despite the agency’s request. “As the Department has repeatedly made clear, restarting repayment requires significant resources to avoid unnecessary harm to borrowers.” 

For Eminger, and other borrowers, part of the anxiety surrounding the restart to payments stems from major upheaval to the student-loan system that’s been announced during the pause that will make her loans more manageable. But accessing these benefits requires both diligence — staying on top of announcements and paperwork — and patience while she and others wait for the full implementation of these initiatives. 

“The rules have been changing so much,” Eminger said. “Before the pandemic I felt like I very much understood what I was required to do. I always felt very on top of it. Now it just feels like a completely moving target.” 

Kate Eminger says she’s nervous about the looming resumption of student-loan payments. Courtesy of Kate Eminger Compounding her uncertainty is a lack of clarity surrounding exactly when payments will resume. In November, President Joe Biden told borrowers they could expect the pause to end in the late summer, but he didn’t give an exact date. In addition, it’s hard for Eminger to see how this deadline for payments to restart is different from all the others, where student-loan bills never materialized. All of that has made it difficult for Eminger to figure out exactly when to take steps to make sure her student-loan payment can fit in with the rest of her budget such as the sale of her car. 

“It does not feel real at all,” she said of the restart of student-loan payments. “It would be great to name a date. If they could name a date and if that date felt certain then you could plan.”  

Tied up in court The Biden administration has said that the freeze will end 60 days after litigation surrounding its plan to cancel up to $20,000 in debt for a wide swath of borrowers is resolved or 60 days after June 30, 2023, whichever comes first. 

“When payments turn back on, it’s going to be a big problem,” said Eleni Schirmer, a researcher and organizer with the Debt Collective, a debtor activist group, “but to not even be granted the dignity of a clear date of when that happens just makes it even more of a problem.” She described providing a ballpark estimate for the restart of payments instead of an exact date as signaling an “almost cruel indifference” to how resumed monthly student-loan bills will impact borrowers. 

That uncertainty could exacerbate the stress that student debt already places on borrowers, according to Daniel A. Collier, an assistant professor of higher education at the University of Memphis, who is studying the impact of student debt on mental health. What he’s found is that people who are the most uncertain about what’s going on with their student loan have the highest rates of psychological distress and suicidal ideation. For example, these borrowers worry they’re not getting an accurate sense of their balance or the number of payments they need to make before qualifying for a forgiveness plan. 

“People are concerned about the pause because they don’t know what a restart looks like, this has never been done before,” he said. In the past, when payments have resumed after more limited pauses, delinquencies and defaults spiked — part of the Biden administration’s legal rationale for tying mass debt cancellation to the restart of payments. Borrowers don’t know “when it’s going to start, what their repayments are actually going to be,” Collier added. 

Kevin Noonan, who together with his wife has about $100,000 in student debt, said he’s benefited from the pause. The couple has used the extra room in their budget to pay down private student loans. Still, Noonan is “frustrated” with the lack of clarity surrounding the resumed payments and the status of the Biden administration’s loan-forgiveness plan.  

“Not knowing is the hardest part,” he said. “I have a Google alert set up, every time student loans come up I check everything. You kind of just have to plan for the worst-case scenario.”  

Megan and Kevin Noonan have about $100,000 in student debt. Courtesy of Kevin Noonan As the Department of Education prepares to resume student loan payments, advocates and servicers are raising concerns about the lack of clarity surrounding the timeline and the resources available to servicers to ensure a smooth transition. The payment pause, which was put in place in March 2020, is set to end in July, but the exact date is still uncertain. This lack of clarity could create an obstacle to a seamless return to repayment, and servicers are working with fewer resources than previously anticipated. The Department of Education is also in the process of implementing several initiatives aimed at overhauling the student-loan system, including an overhaul of the student-loan servicing system and initiatives to make it easier for borrowers to access the forgiveness already available to them under the law. However, these initiatives won’t be fully realized before the end of the summer. As the Department of Education prepares to resume payments, advocates and servicers are raising concerns about the lack of clarity and resources available to ensure a smooth transition.The Biden administration’s proposed student loan plan, which aims to make student loan payments more affordable for borrowers, is facing delays. The plan, which was announced in August, is likely not to be ready by the end of the summer. The plan builds on an existing income-driven repayment plan called REPAYE and eligible borrowers who enroll in REPAYE now will have their monthly payments automatically updated as the terms of the new plan are finalized and implemented.

For many borrowers, the financial burden of resuming student-loan payments will be significant. Thomas Simons, a senior economist at Jefferies, estimates the return to repayment will cost borrowers about $18 billion per month. He sees the hit to borrowers’ wallets as analogous to the impact of a payroll-tax increase in 2013.

The amount borrowers are saving by not making student-loan payments accounts for about 2% of discretionary spending. Many borrowers will likely be juggling other bills, too, such as rent, groceries and other basic needs, which have risen since the advent of the coronavirus pandemic.

Kelly, a student-loan borrower from Charleston, W. Va., found a job in her field after graduating, but was laid off during the pandemic. She started working some side gigs and eventually launched a dog-grooming business. Despite the business’s success and her passion for it, it likely won’t be enough to cover her bills once she has to start paying on her student loan again.

The Biden administration’s proposed student loan plan is facing delays, leaving many borrowers in a difficult financial situation. The return to repayment will cost borrowers about $18 billion per month, and many will be juggling other bills, such as rent, groceries and other basic needs, which have risen since the pandemic. It remains to be seen how the Biden administration will address this issue and help borrowers manage their student loan payments.The tech sector has been on a tear lately, with megacap stocks like Apple, Amazon, and Microsoft leading the charge. Analysts say that Big Tech still has the power to extend the rally and weather an economic storm. This week, Disney+ and Hulu will be removing dozens of shows from their streaming services. rnrnPresident Biden recently said he likely has the authority to use the 14th Amendment to raise the debt ceiling, but it may be too late. With the economy slowly recovering, many are wondering if now is a good time to buy a house. One man wanted to buy a $40,000 car, but his wife said no. He then decided to take a different approach, and the results were unexpected. rnrnIt’s clear that the tech sector is still a major force in the market, and it’s important to stay informed about the latest developments. Whether you’re looking to buy a house or a car, it’s important to consider all of your options and make the best decision for your situation.