Biden Has Forgiven $9.5 Billion in Student Loan Debt

On the campaign trail, President Joe Biden pledged that he would make student loan forgiveness a top focus as president. So far, however, none of his broader proposals to reduce some of the $1.6 trillion in federal debt have come to fruition.

But Biden didn’t completely neglect his promise; his administration has discharged nearly $10 billion in student loan debt since January. That’s more than either of the previous two administrations canceled in their first year in office.

Here’s a closer look at who’s benefited from student loan forgiveness so far this year, and the likelihood of a widespread student

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Student loan bills are still on pause. What to do with the extra money

kool99 | iStock | Getty Images

1. Add to your emergency savings

The pandemic has taught us how important it is to have a healthy savings account to fall back on.

People should try to build up at least six months’ worth of expenses in cash should they have to live through a period of unemployment, he said.

To get the best return on your cash, keep your money in a high-yield savings account, experts say.

It’s worth shopping around with different banks to find the best offer. The average online savings account rate is 0.45%, while it’s just 0.13%

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SBA to Increase EIDL Loan Amounts to $2 Million After Labor Day

The Small Business Administration is expected to lift the cap on its Covid Economic Injury Disaster Loans (EIDL) sometime after Labor Day on September 6, bringing the low-interest long term loan available to any small businesses struggling amid the pandemic back up to $2 million. 

The cap was set at $500,000 in March 2021, after the SBA spent several months approving only loans of up to $150,000. Traditionally, the EIDL loan program–which has a 30-year maturity date–has a $2 million cap and loan interest terms that range from 2.75 percent for nonprofits to 3.75 percent for businesses.

Despite the promising

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WRAPUP 2-Canada’s CIBC, TD earnings beat estimates but diverge on loan growth

(Adds share prices, comment from CIBC analyst call, context)

By Nichola Saminather

TORONTO, Aug 26 (Reuters) – Toronto-Dominion Bank (TD) and Canadian Imperial Bank of Commerce (CIBC) closed out Canadian lenders’ third-quarter results reporting with better-than-expected profits on Thursday, driven mostly by releases of reserves to cover bad loans, but CIBC’s strong loan growth from a year earlier eluded TD.

CIBC’s loan balances climbed 8% as of July 31, while TD’s fell 0.5% from a year earlier, as declines in the latter’s U.S. lending offset strong loan growth in Canada. This contributed to flat revenues at TD, while CIBC’s rose

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Brex targets start-up loan market with new $150 million debt service

While several lenders have historically offered loan services to start-ups, Brex is looking to take advantage of the increase in venture debt financing with a $150 million fund. The newly launched Brex Venture Debt will look to compete with the likes of Silicon Valley Bank, American Express and Bank of America Corp. to offer early stage venture-backed businesses an alternative financing option.

Brex, which ranked No. 6 on this year’s CNBC Disruptor 50 list, offers start-ups high credit lines and software to manage their finances and credit lines. While its main product – an unsecured, high-limit charge card for start-ups

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When does a home equity loan make sense?


While the pandemic created unique challenges in nearly every sector of the economy, the US housing market surprised everyone by holding strong, and that pattern has continued into 2021.

Recent data from the National Association of Realtors shows that, from June 2020 to June 2021, the median price for single-family existing homes saw a near-record year-over-year increase of 22.9%. And interest rates for many financial products continue teetering near record lows.

This has left many consumers wondering if now’s the best time to access the equity that’s built up in their homes over the last few years. If

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Biden is forgiving another $1.1B in student loan debt. Who qualifies this time?

Biden is forgiving another $1.1B in student loan debt. Who qualifies this time?

Biden is forgiving another $1.1B in student loan debt. Who qualifies this time?

Just one week after it wiped the slate clean of $5.8 billion in student loan debt held by more than 323,000 Americans, the Biden administration has announced it’s canceling another $1.1 billion in loans.

Officials say the new action provides relief to former students of a school that made “widespread representations” as it fought a losing battle to stay in business. About half the borrowers being granted forgiveness have defaulted on their loans, the U.S. Department of Education says.

Debt cancellation will give them more financial room

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