This Week in Student Loans: February 21February 21, 2020
Last Updated on December 4, 2020
Please note: Education Loan Finance does not endorse or take positions on any political matters that are mentioned. Our weekly summary is for informational purposes only and is solely intended to bring relevant news to our readers.
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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