Large part of expanded child tax credit may not reach struggling student loan borrowers
Approximately 9 million student loan borrowers are in default, and around half of them have a dependent child, according to an estimate by the National Consumer Law Center.The expansion of the child tax credit is aimed at lifting millions of American families out of poverty. Yet an omission in its legislative language may leave behind a group that would most benefit from it: struggling student loan borrowers.
The American Rescue Plan, the $1.9 trillion stimulus package signed into law in March, expanded the existing child tax credit, upping the payments, making them available to more people and doling out the money in monthly installments. Under the new rules, families can get up to $3,600 a year for each child below the age of 6, and as much as $3,000 for those between 6 and 17. Beginning in July, that led to eligible households receiving up to $300 a month per child.More from Personal Finance:
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Department of Education overhauls Public Service Loan Forgiveness Program to benefit more student borrowersThe U.S. Department of Education will revamp a program that provides loan forgiveness to government and nonprofit workers, the agency announced Wednesday.
Leer más »
Do You Qualify For $4.5 Billion Of Student Loan Forgiveness?Do You Qualify For The New Student Loan Forgiveness?
Leer más »
Democrats likely to throw billions in tax hikes overboard as spending plans shrinkDemocrats will likely drop hundreds of billions of dollars in proposed tax increases on the rich as they scramble to shrink the size of their “reconciliation” package
Leer más »
How A Personal Loan Helps Save You MoneyHere's how a personal loan is a smart financial move to get access to cash, save money and raise your credit score.
Leer más »
Troubled student loan forgiveness program gets an overhaulThe Biden administration is temporarily relaxing the rules for a student loan forgiveness program that has been criticized for its notoriously complex requirements — a change that could offer debt relief to thousands of teachers, social workers, military members and other public servants. The Education Department said Wednesday it will drop some of the toughest requirements around Public Service Loan Forgiveness, a program that was launched in 2007 to steer more college graduates into public service but, since then, has helped just 5,500 borrowers get their loans erased. Congress created the program as a reward for college students who go into public service.
Leer más »
If You Are Denied Student Loan Forgiveness, Do ThisWhile the debate continues about reforming or expanding existing student loan forgiveness programs, many borrowers have been applying for relief under these programs, only to be denied. In some cases, borrowers may still have options.
Leer más »