This Week in Student Loans: February 21February 21, 2020
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This week in student loans:
- 30,000 borrowers are being charged for student loans that were already discharged
- USC announces new tuition-free plan
- Younger employees want help paying down student debt
- 49% of Americans expect to live paycheck to paycheck this year
30,000 borrowers are being charged for student loans that were already discharged
30,000 borrowers of student loans from a private lender thought their loans would be discharged when they declared bankruptcy years ago – however the lender disagreed, and they are continuing to be charged. The borrowers are now suing the U.S. Bankruptcy court for the Eastern District of New York.
Source: Yahoo Finance
USC announces new tuition-free plan
The University of Southern California (USC) recently announced two major changes to its financial aid plan, one of which makes attendance tuition-free for applicants whose family’s household income falls at or below $80,000. Owning a home will also not be counted in the calculation to determine a student’s financial need.
Younger employees want help paying down student debt
A recent report from consumer research firm Hearts and Wallets revealed that younger workers would rather have employers assist them with repaying student loans than help them save for retirement. Two-thirds of workers of ages 21 to 27 said companies should help them pay down student debt, while just 27% said companies should help them save for retirement.
Source: Investment News
49% of Americans expect to live paycheck to paycheck this year
A new survey revealed that a whopping 49% of Americans expect to live paycheck to paycheck through each month of this year. It also revealed that 53% don’t have an emergency fund that covers at least three months of expenses. Despite the negative sentiment, 91% did say they wanted to develop better money habits in 2020.
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