tldrdaily.news logo
Tag

Interest Accrual

All articles tagged with #interest accrual

legalentertainment2 years ago

"Rapper Blueface Faces $14M Debt from Vegas Incident as Interest Grows"

Rapper Blueface is facing a growing financial burden as the $13 million judgment against him for a Las Vegas shooting incident at Euphoric Gentleman's Club has now increased to over $14 million due to interest. Despite taking a plea deal that resulted in probation, Blueface has not paid the debt, which includes compensation for the venue's lost revenue and employees' lost wages. The owner of the club is determined to collect the full amount, while the rapper continues to make selective personal expenditures.

via TMZ|
#blueface#euphoric-gentlemans-club#interest-accrual
finance2 years ago

The Unintended Consequences of Student Loan Forgiveness: The Lingering Burden of $35,000 Debt

The Supreme Court's decision to strike down President Biden's student loan forgiveness program has left millions of Americans facing the resumption of loan payments and the accrual of interest starting on September 1, 2023. A TransUnion study reveals that many borrowers have accumulated additional debt during the payment pause, with the average consumer already carrying $35,000 in student loan debt. As a result, consumers are expected to experience "payment shocks," with 50% of them facing monthly payments of over $200 and one in five facing payments of over $500. The study also found that borrowers have taken on additional credit products, such as bank card debt, auto loans, and mortgages, further increasing their financial burden. The Biden administration has announced a 12-month "on-ramp" to repayment to help financially vulnerable borrowers, but interest will begin to accrue immediately, making it advisable for consumers to resume payments as soon as possible.

via Yahoo Finance|
#borrowers#debt-problem#finance
education2 years ago

The Impact of Loan Types on Restarting Student Debt Payments

As the pandemic-era pause on student loan payments and interest comes to an end, the difference between subsidized and unsubsidized loans becomes apparent. Subsidized loans do not accrue interest while the borrower is in school or during deferment, with the U.S. Department of Education covering the interest. On the other hand, unsubsidized loans start accruing interest immediately, making them more expensive. The payment pause and interest waiver, which cost the government $5 billion a month, will end on September 1, and borrowers are advised to consider income-driven repayment plans rather than deferment or forbearance.

via CNBC|
#education#interest-accrual#payment-pause
education2 years ago

Understanding Student Loan Interest and Repayment: Updates and Implications

More than 40 million Americans will have to start repaying federal student loans in October after a Supreme Court ruling struck down President Biden's student loan forgiveness plan. Interest on student loans will begin accruing on September 1, and the first payment will be due in October. The Biden administration has implemented a temporary 12-month "on-ramp" period from October 1, 2021, to September 30, 2024, to help borrowers who are not ready to start making payments. However, missed payments during this period will still accrue interest and will not count towards loan forgiveness. The administration remains committed to its student debt forgiveness plan and is initiating a rulemaking process to explore options for loan relief.

via USA TODAY|
#biden-administration#education#interest-accrual