Inside Older People’s Battles to Access Student-Debt Relief

  • Over 8 million borrowers over age 50 hold 22% of the federal student-debt load, or $336.1 billion.
  • Insider spoke with borrowers with debt burdens they fear won’t be paid in their lifetimes.
  • One borrower started with $79,000 in debt, paid $175,000, but still has a balance of over $200,000.
  • See more stories on Insider’s business page.

At 59 years old, David Wise has $236,485 of outstanding student loans, according to documents reviewed by Insider. That’s after making about $175,000 in payments over four decades.

He said that when he graduated from law school with the goal of becoming a public-interest

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Conservative legal group sues Biden administration over farmer loan program | Local Government

Sun dries a grain field while a combine awaits along Wisconsin Highway 32 near Lakewood.

A conservative Wisconsin legal group on Thursday announced it is suing President Joe Biden’s administration for the latest stimulus package’s use of race in determining eligibility for a farmer loan forgiveness program.

The lawsuit, filed by the Wisconsin Institute for Law and Liberty, alleges the Biden administration is engaging in unconstitutional race discrimination through a provision in the American Rescue Plan to provide debt relief to “socially disadvantaged” farmers and ranchers.

Follow along as Phil Hands shows

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Mortgage Rate Forecast For May 2021: Will Recent Lower Rates Last?


Springtime can be full of surprises, and this season delivered a plot twist — a drop in mortgage rates. After rising steadily the previous two months, rates dipped throughout April.

Plenty of people didn’t see that one coming. So the experts have taken a closer look at the financing climate ahead and determined whether earlier 2021 rate predictions need to be reassessed. Their consensus? Don’t expect rates to drop any further in the coming months.

The May rate outlook

At the end of April, the benchmark 30-year fixed-rate mortgage averaged 3.20 percent, according to Bankrate’s national survey of lenders –

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Why Home Equity Loans Are Still So Hard to Come By

Homeowners in the market for a home-equity line of credit, which is a revolving line of credit secured by a mortgage, might find them difficult to come by these days. Several large banks suspended the origination of these loans last year because of the pandemic and resulting economic uncertainty.

But despite a recovering jobs market, robust housing market and a record amount of home equity available to tap—$7.3 trillion through the end of the fourth quarter of 2020, the largest amount ever recorded, according to mortgage-technology and data firm Black Knight—several banks haven’t resumed originating Helocs.

Wells Fargo suspended the

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Rampant racial disparities plagued PPP loan distribution

Like other Black entrepreneurs in her Inglewood neighborhood, Annie Graham has struggled to keep her business afloat during the pandemic.

At Ms. Ann’s clothing boutique on Manchester Boulevard, the Easter finery Graham stocked last spring remains on the racks. Also untouched are many of the exclusively white outfits for weddings and parties that she sells at her storefront next door, the White House. Customers, she said, mostly buy dresses now for funerals.

Annie Graham, owner of Ms. Ann’s dress shop in Inglewood, had her application last year for a PPP loan rejected.

(James Bernal for Reveal / Los Angeles Times)

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COVID-19 loan program helps DJ get back in the mix

GRAND RAPIDS, Mich. (WOOD) — DJ Blaze feels at home behind his turntable. 

“That’s the ultimate high, when they’re dancing and feeling the music,” the DJ said. “I can’t explain the feeling.”

His love of music dates to the 1980s.  

“I used to call into the (radio) station and request Fat Boys and LL Cool J and Salt-N-Pepa,” Blaze said. 

The Grand Rapids-based DJ turned that passion into a job, but his performances were put out by COVID-19 shutdowns. 

“I was going to do an afterparty for 50 Cent in Las Vegas last year, but the week before I was

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Getting a boat loan: What you need to know

Before you set sail in a new boat, educate yourself on boat loans, so you don’t sink yourself with a bad loan. (iStock)

Setting sail on the water is a dream for many Americans. And in 2020, that dream became a reality for many new boat captains, as recent powerboat sales increased by 12% compared to 2019, according to the National Marine Manufacturers Association. With an average price of $37,000 for a traditional powerboat, many of these new boat owners likely needed a boat loan to purchase their vessel.

If you’re looking to hit the water, read

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Tunisia to seek $4bn loan from IMF, PM says | Business and Economy News

Tunisian prime minister says loan constitutes ‘last opportunity’ to save the cash-strapped country’s economy.

Tunisia will seek a $4bn loan programme from the International Monetary Fund (IMF) in talks starting next week, Prime Minister Hichem Mechichi told Reuters news agency, saying politicians faced a “last opportunity” to save the economy.

Mechichi said on Friday he expected talks to last about two months and had “confidence” Tunisia could secure financial support to help it through an economic crisis that has been aggravated by the COVID-19 pandemic.

“All efforts must be unified in Tunisia because we consider that we have reached the

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Student Loan Cancellation Faces Major Setback

Student loan cancellation just faced a major setback.

Here’s what you need to know — and what it means for your student loans.

Student Loans

Student loan cancellation hit a major speedbump, not in Congress or with the president, but in court. The U.S. Court of Appeals for the Second Circuit issued a ruling last month that could make it more difficult to discharge student loans in bankruptcy. While this may not impact one-time, wide-scale student loan cancellation, the ruling could impact any borrower that seeks to cancel student loans

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Search paycheck protection programs at this website

Want to know if your employer got a Paycheck Protection Plan or PPP loan? And for how much?

Or do you want to know which companies got taxpayer-funded loans?

Why the Small Business Administrationloan program frustrates borrowers

Previous PPP stories:Money flows for business loans. So, what’s the hold up? Big Banks

Who in Florida got a Paycheck Protection Program or PPP loans during the pandemic?

Here is a searchable website to see which companies got money from last year’s federal program to help businesses retain their workers amid the pandemic economic shutdown.

More:Small business owners may soon

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