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Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. A recent study released by Lending Tree revealed that a lot of Americans are using buy now, pay later (BNPL) loans from companies like Klarna and Affirm to buy groceries (25%, up from 14% in 2024). As economic fears mount and uncertainty about the economy continues, people are turning to financing their everyday necessities. But using BNPL loan services is a mistake, especially for those who struggle with debt. BNPL is an interest-free loan, allowing consumers to split their purchase into smaller payments. For those who have an issue with credit cards or deal with debt, this could be an alternative. But if you begin making late payments, you can be charged high fees, which is a problem for those who have multiple loans. While the existence of BNPL loans isn’t necessarily a problem, how they’ve come to be used is concerning. Recently, DoorDash announced its plans to accept BNPL financing through...
The five-year pause is over. And for more than 5 million Americans, it’s about to get real. Starting May 5, the Department of Education will resume student loan debt collection for borrowers in default. These are individuals who haven’t made payments in at least 270 days. After years of pandemic-era relief dating back to 2020, the federal government is flipping the switch back on. This time, it’s bringing wage garnishments, seized tax refunds, and a wave of financial pressure with it. This isn’t just a policy shift for people already juggling rent, groceries, and gas; it’s a potential financial blow. The Government’s Warning Shot About Student Loan Debt ABC News reports that emails will go out to borrowers over the next two weeks. If you’re in default, you’ll be asked to either make a payment or enter a repayment plan. But if you don’t? The government has clarified that it will begin collecting through legal mechanisms like intercepting tax refunds , dipping into Social Security,...
Student loan borrowers may be experiencing whiplash this year, as the rules and guidelines for repayment have continued to see massive sweeping changes. If you’ve been following along with political news in recent months, you’re likely already aware of the fact that president Donald Trump has plans to dismantle – and perhaps entirely abolish , the Department of Education. This is a far cry from Joe Biden’s economic plans , which included wiping out millions in student loan debt over the course of his term, and setting the stage for additional loan forgiveness down the line. Whether you’re a borrower concerned about your financial future, or just a passive onlooker questioning the economic impact of Trump’s many executive orders , you may be interested in what happens to unpaid student loans when and if the Department of Education goes the way of the dodo bird. Luckily we’ve got you covered, with a comprehensive look into the history of the Department of Education, what Trump is...
Five NAACP students will be leaving college debt-free, thanks to Pharell Williams. The iconic record producer and philanthropist kicked off his Something In the Water Festival in Washington D.C. on Friday, June 17. Just hours before the musical event began, Williams surprised the student leaders with the groundbreaking news during a panel pertaining to the Black student debt crisis at the St. Regis hotel in D.C, ABC 7 News reports. “For all of you on the stage, we are clearing your current student loan debt,” said a moderator during the event. Breaking: #SomethingInTheWater just announced they’re paying the student debt of all 6 panelists/NAACP members! #CancelStudentDebt pic.twitter.com/BqBS9AqIoc — NAACP (@NAACP) June 17, 2022
Joe wants folks to know that he’s out here doing it! According to Complex, the Joe Biden administration has managed to cancel a total of $15 billion in student loan debt since taking office in 2021. A press release from the Department of Education also confirmed that more than 675,000 borrowers have come out on the winning end of his student loan forgiveness program. The news comes on the heels of President Biden’s move to extend the pause on student loan debt payments until May of this year. “Given these considerations, today my Administration is extending the pause on federal student loan repayments for an additional 90 days – through May 1. 2022 – as we manage the ongoing pandemic and further strengthen our economic recovery, ” he wrote. “Meanwhile, the Department of Education will continue working with borrowers to ensure they have the support they need to transition smoothly back into repayment and advance economic stability for their own households and for our nation.”