US announces expansion of COVID-19 emergency flexibilities to additional federal student loans in default
FILE - In this Aug. 9, 2017, photo, flags decorate a space outside the office of the Education Secretary at the Education Department in Washington. President-elect Joe Biden has chosen the education commissioner for Connecticut and a former public school teacher to serve as education secretary. (AP Photo/Jacquelyn Martin)WASHINGTON – On Tuesday, the US Department of Education announced an expansion of the pause on federal student loan interest and collections to all defaulted loans in the Federal Family Education Loan Program. This action will help more than one million additional borrowers burdened by debt during the COVID-19 pandemic. Related: DeVos suspends federal student loan payments through January 2021
Taylor veteran offered tax lifeline after being swindled out of money
TAYLOR, Mich. – An American hero who had fallen on some rough times had a life-changing day. Ogden got bamboozled and was swindled out of the money he had to pay the taxes on his Taylor home. He found himself drowning in debt before he stumbled onto Disability Network Wayne County Detroit, who stepped in to help. Ogden was given enough money Thursday to pay back all his taxes and he was able to step into the black from a mountain of red. The funding came from COVID Cares Act monies, distributed by the Disability Network Wayne County Detroit.
Washtenaw County sheriff forgives more than $500k in prisoner debt, ending 'absurd cycle'
It’s this absurd cycle, along with reincarceration, that we are focused on.”While all inmates receive free basic care items upon incarceration, like deodorant, soap, a toothbrush, toothpaste, and feminine hygiene products,it's up to the inmate to fund other essentials, usually by having friends or family supply commissary funds. However, if the inmate is unable to pay for services or supplies, they begin incurring debt, and when money is dropped into their commissary accounts, it goes toward the debt.This, as Sheriff Clayton says, is an “absurd cycle” that prevents inmates from seeking health services, and makes it more difficult for inmates to get back on their feet financially once they've been released. This reliance on outside funds to pay off debt can also create rifts between families and can create a barrier to reunification or continued financial support.According to the Sheriff's Office, there is a notable improvement in mood and behavior when individuals are able to access supplies and services beyond those provided upon entry, which creates a safer environment for jail staff and incarcerated individuals.In addition to the debt relief, the Washtenaw County Sheriff's Office is also looking to adjust fees for services, such as medical care, copies of paperwork, barber services, intake kits, booking fees, and over the counter medication. According to a recent breakdown of fees and debt that have accrued since 2013, more than 17,198 individuals are affected by more than $291,318 in booking fee debt and more than 4,580 individuals owe a combined total of $64,867 for medication.The move by Sheriff Clayton's office follows suit with progressive policy changes made by Washtenaw County Prosecutor Eli Savit, who, since being appointed last month, has committed to no longer charging cases involving marijuana or magic mushrooms , nor will the county pursue charges for consensual sex work , or low-level offenses for juveniles . Savit has also banned drug charges from racist 'pretext stops '.You can read the full press release at Washtenaw.govmetrotimes.com
Washtenaw County Sheriff’s Office forgives over $500,000 in jail debt
ANN ARBOR, Mich. – The Washtenaw County Sheriff’s Office announced that it has forgiven $509,888 of outstanding debt incurred by 31,614 individuals while at Washtenaw County Jail. The decision, made by Sheriff Jerry Clayton and supported by the Washtenaw County Board of Commissioners, affects community members incarcerated between January 1, 2013, to December 31, 2020. “Our decision to eliminate this debt reflects our understanding of the stress and financial burden of incarceration,” said Clayton through a release. AdThe sum of $509,888 was identified after a review of the jail debt owed since 2013. In 2019, it increased the amount of money an indigent incarcerated individual was allowed from $3 per week to $5 per week and expanded what items that money could buy.
Get out of debt in 2021: Is it time to enlist some help?
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How to manage debt and deal with debt collectors
How to manage debt and deal with debt collectors The COVID-19 pandemic is making the holiday season even more stressful. At a time when people are struggling to make ends meet, how do you put gifts under the tree without driving yourself into debt? Dan Geltrude, CPA and founder of Geltrude & Company, joins CBSN to discuss how to better manage your debt.cbsnews.com
Lets improve your credit score together!
The advertiser paid a fee to promote this sponsored article and may have influenced or authored the content. This article is sponsored by MSU Federal Credit UnionHost Tati Amare spoke with Deidre Davis from Michigan State University Federal Credit Union (MSUFCU) about the importance of knowing and improving your credit score. Deidre explained that a credit score usually ranges between 300-850. Your credit score is determined by 5 factors; Payment history, the amount you owe, types of credit used, length of credit history, and new credit. To learn more about how MSU Federal Credit Union can teach you how to improve your credit score, visit their website msufcu.org.
For some, credit cards are a major part of tax season, survey finds
Tax season and credit cards seem to go hand-in-hand like peanut butter and jelly, at least if you believe the findings of a recent study conducted by Credit Card Insider. Using SurveyMonkey to conduct an online survey of 3,114 adults from Feb. 3-5, Credit Card Insider found out the following information when it comes to how important credit cards are for people during tax season. 14% of respondents who expected to owe this year planned on using a credit card to pay their taxes. Of those expecting a tax refund, 40% had credit card debt. 75% of those with debt plan to use their tax refund toward paying it off.
Student debt relief scams on the rise
The student loan numbers are staggering: 40 million borrowers with more than $1.2 trillion in outstanding debt. That’s an average student loan balance of $29,000. Yahoo finance senior columnist Michael Santoli joins “CBS This Morning: Saturday” to discuss how the debt is attracting scam artists.cbsnews.com