• Loans

    Utah’s exit from student loan servicing may mean $289M scholarship fund

    Utah is getting out of the student loan servicing business, which could result in the creation of a $289 million endowment for scholarships and grants for Utah students. Earlier this month, the Utah Board of Higher Education authorized the sale of the Federal Family Education Loan Program portfolio administered by the Utah Higher Education Assistance Authority. The authority is a subsidiary of the Utah System of Higher Education. Financial advisers estimate the net proceeds of the sale of the federal student loan portfolio could be between $207 million and $220 million, according to a document prepared for an upcoming legislative  

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  • Loans

    Democrats step up pressure on Biden on student loan forgiveness

    Democrats are once again pressing President BidenJoe BidenJill Biden campaigns for McAuliffe in Virginia Fill the Eastern District of Virginia  Biden: Those who defy Jan. 6 subpoenas should be prosecuted MORE to act on student loan forgiveness, stepping up the pressure on the White House to deal with the issue even as it struggles to bring a divided party together around the president’s agenda. “Today would be a great day for President Biden and Vice President Harris to #CancelStudentDebt,” Senate Majority Leader Charles SchumerChuck SchumerHispanic organizations call for Latino climate justice in reconciliation Senate to vote next week  

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  • Loans

    Nia DaCosta Talks Captain Marvel 2 and Her Student Loan Debt

    Photo: Rachel Murray/Getty (Getty Images) A few months after Nia DaCosta officially signed on to direct the new Candyman—which has gone on to become the first movie directed by a Black woman to premiere at the top of the box office—the director happened to bump into New York Times columnist and illustrator Julia Rothman, who was randomly interviewing people on the street about their relationships to debt. While those not familiar with DaCosta’s earlier work like Little Woods might not have recognized her name at the time, what she said about her $100,000 student loan  

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  • Loans

    Loan forgiveness not coming easily for some PPP borrowers

    Andrew Song’s restaurant and karaoke bar is a ghost of what it used to be. The shuttered business in Manhattan still has an outdoor dining structure up and a menu posted by the door. A phone sits on the dusty host stand inside. After eight years in business, Song shut down Le Midi last summer, during the pandemic. Now, he’s left with debt. The business got nearly $250,000 through the federal Paycheck Protection Program. His lender, Citibank, told him he has to pay back more than $25,000. Song can’t figure out why. Was it something in his application? Did he  

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  • Unsecured Loans

    Should I Take Out a Personal Loan to Start My Small Business?

    Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners. Launching a small business is no easy task. They require a ton of time, patience, planning and often, a lot more money than you may have anticipated. Fortunately, there are funding options that aspiring small business owners can turn to. Two of the most common are small business loans and personal loans. And while they may seem really similar and practically interchangeable, there are actually  

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  • Loans

    Student loan repayment pause extended until 2022, Biden admin announces

    Laura Fink, Gianno Caldwell on cancelling student loan debt, taxes The Department of Education extended a pause on student loan repayment, interest, and collections, allowing borrowers more time to plan amid renewed concerns about COVID-19 due to the delta variant.  “The payment pause has been a lifeline that allowed millions of Americans to focus on their families, health, and finances instead of student loans during the national emergency,” Secretary of Education Miguel Cardona said in a statement. “As our nation’s economy continues to recover from a deep hole, this final extension will give students and borrowers the time they need  

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  • Loans

    Biden administration extends federal student loan payment pause

    The Biden administration is extending the pause on federal student loan payments one last time until Jan. 31.The pandemic relief benefit was set to expire on Sept. 30 after an unprecedented 19-month suspension. The freeze was initially put in place by Congress and then extended by both the Trump and Biden administrations.”As our nation’s economy continues to recover from a deep hole, this final extension will give students and borrowers the time they need to plan for restart and ensure a smooth pathway back to repayment,” said Education Secretary Miguel Cardona in a statement.Borrower balances have effectively been frozen for  

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  • Loans

    Auto loan approval ratings hit highest level since 2015

    It hasn’t been this easy to get a car loan in years. Why it matters: It comes amid a demand bonanza that got underway at the onset of the pandemic — when traveling by car became the more appealing mode of transportation. Car loan approval ratings are at the highest since 2015, according to Cox Automotive. What’s happening: Auto loans are getting cheaper and lengthier, two factors that lower monthly payments — what “most consumers are focusing on, more than anything else,” says Cox Automotive economist Jonathan Smoke. “Consumers have been consistently seeing better rates every month this year than  

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