All articles tagged with #financial hardship
Originally Published 6 days ago — by NBC News
Oscar-nominated actor Mickey Rourke publicly denounced a GoFundMe campaign set up by his team to help pay his rent, expressing frustration and embarrassment, and clarified he was unaware of the campaign, which was created without his consent amid his financial struggles.
Originally Published 2 months ago — by Yahoo
The ongoing government shutdown has left over 750,000 federal workers unpaid for a month, leading to financial struggles such as missed bills, car repossessions, and reliance on food banks, with many workers resorting to credit cards and second jobs to survive while the political impasse continues.
Originally Published 2 months ago — by Federal News Network
Many federal employees are experiencing financial difficulties due to the ongoing government shutdown, with about 1.4 million missing their full paychecks, including air traffic controllers facing delays and stress, and furloughed workers relying on savings or side jobs to cope with the economic impact.
Originally Published 5 months ago — by WSFA
The only grocery store in downtown Montgomery, Knicker Knacker Market, owned by Ron Dean, has closed due to financial difficulties and IRS issues, leaving the community without a nearby grocery option. Dean, who has served the community for nearly two decades, needs $17,000 to regain access to his store and continue serving residents like Lisa Busler, who relies on it for independence. The community is encouraged to donate to help reopen the store and support a local business that has been a vital part of the neighborhood.
Originally Published 5 months ago — by Business Insider
Many Americans in their 80s work out of financial necessity, with limited savings and ongoing expenses, highlighting the growing trend of older adults working longer due to insufficient retirement funds and economic shifts, often relying on part-time jobs, self-employment, or family support to make ends meet.
Originally Published 5 months ago — by AL.com
Claire's Stores Inc., a popular jewelry and accessories retailer for young women, is nearing bankruptcy after skipping rent payments at several locations and facing ongoing financial difficulties since its 2018 bankruptcy reorganization, with a potential Chapter 11 filing imminent.
Originally Published 6 months ago — by TheStreet
JetBlue Airlines faces financial difficulties and plans significant cost-cutting measures, including route reductions and layoffs, amid a challenging industry environment, but has some room for recovery according to financial analysis.
Originally Published 7 months ago — by NBC News
Veterans are frustrated as the VA continues to overpay them for years due to administrative errors, then demands repayment, often causing severe financial hardship, despite veterans' efforts to report changes. The VA blames veterans for failing to report eligibility changes, but records show many did so timely, highlighting systemic issues and outdated technology that hinder proper benefit management.
Originally Published 1 year ago — by CNBC
President Biden's administration has unveiled a new plan to provide relief to student loan borrowers, aiming to reduce or eliminate debt balances for millions of individuals. The plan includes forgiving excessive interest, discharging long-term balances, and providing relief for attendees of low-value programs, among other provisions. Up to 25 million borrowers could benefit from the proposed measures, which are expected to roll out in the coming months pending a public comment period.
Originally Published 1 year ago — by CNBC
President Biden is set to unveil a new student loan forgiveness plan that aims to erase up to $20,000 in interest for millions of borrowers. The plan targets specific groups facing financial hardship and intends to "cancel runaway interest," potentially benefiting up to 25 million Americans. The proposed plan also includes forgiving the debt of certain eligible borrowers and aims to address the burden of student loan debt on low- and middle-income individuals. Biden hopes to initiate the forgiveness process before the November election through the rulemaking process.
Originally Published 1 year ago — by The Hill
The Biden administration has announced new student loan plans that could provide relief to millions of Americans, including $20,000 in loan forgiveness for balances that have grown due to unpaid interest, automatic debt relief for those who qualify under certain programs, and relief for those enrolled in low-financial-value education programs or experiencing financial hardship. The administration estimates that more than 30 million Americans would benefit from these plans, with a focus on helping Black and Latino borrowers and those who attended community college. If finalized, the plans would begin this fall, but they are likely to face legal challenges.
Originally Published 1 year ago — by USA TODAY
The Biden administration has proposed a new plan to determine which low-income Americans could qualify for student debt relief, taking into account life challenges that prevent borrowers from making progress on their loans, such as disabilities or high-cost burdens for essential expenses. The plan aims to provide automatic relief for borrowers highly likely to default in two years, potentially impacting hundreds of thousands of borrowers. Progressive lawmakers and advocates have praised the proposal, while critics have raised concerns about rising student debt and college completion rates. The Education Department will discuss the plan in its final session of student loan relief talks next week.
Originally Published 1 year ago — by POLITICO
The Biden administration has expanded its plans to automatically cancel student debt for Americans experiencing financial hardship, proposing a one-time debt relief program that would discharge loans for borrowers at high risk of default. The proposal outlines factors such as household income and loan repayment history to determine hardship, and will be debated in a public hearing next week. This move comes after the Supreme Court struck down Biden's previous attempt to cancel a large amount of student debt, and the administration is aiming to be as expansive as possible within legal limits while expecting legal challenges.
Originally Published 1 year ago — by The Associated Press
The Biden administration is proposing to expand student loan forgiveness to include relief for borrowers facing financial hardship, those with large sums of interest, older loans, and those who attended low-value for-profit college programs. The relief proposal aims to automatically erase loans for eligible borrowers and reset accrued interest for those earning up to $125,000 or $250,000 as a couple. The plan is going through a rulemaking process and faces potential legal challenges from conservatives.
Originally Published 1 year ago — by CNBC
The Biden administration has revealed its proposal for who may qualify for its student loan forgiveness plan, focusing on struggling borrowers with balances greater than what they originally borrowed, students from schools of questionable quality, and those experiencing financial hardship. The U.S. Department of Education outlined factors such as unreasonable loan balances relative to household income, high child-care and health-care expenses, and other debt obligations, disability, or age as potential identifiers of financial hardship. Lawmakers have pressured the administration to consider relief for financially strapped borrowers, leading to an additional rulemaking session to focus exclusively on this category, which could potentially cover millions of Americans.