Author: Linda DiProperzio

New York Bill Would Give Tax Break to Employers Who Help Workers Pay Off Student Debt

Senator Betty Little of New York at an unrelated hearing.Assemblyman Billy Jones, a Democrat from Chateaugay, New York (NY), helped introduce a bill that would offer a tax credit to employers who help their employees pay off student loan debt. While the idea isn’t new, the tax credit in this bill differs from some previous efforts. Bill Jones was the author of the legislation according to the NY Assembly website.The legislation, A07491, would give employers a tax credit worth up to $10,000 in exchange for helping their workers repay federal and state student loans. It is designed to encourage...

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Could Bankruptcy Bills that Aim to Erase Student Loan Debt Hurt the Economy?

The United States Capitol Building in Washington, D.C.A new bill introduced to U.S. Congress would allow individuals who file for bankruptcy to also discharge their student loan debt. Some critics warn that if the bill passes, it could cause big problems for the U.S. economy.Bill H.R. 2366—Discharge Student Loans in Bankruptcy Act of 2017—was designed to help those in financial distress including student debtors. Right now, student loans are not eligible for cancellation by bankruptcy. This bill could potentially erase hundreds of billions of currently delinquent student loans.The thought process behind the bipartisan bill follows a simple logic. If...

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Woman Creates “Katie Thanks You” in Attempt to Pay Off Her Student Loan Debt

Part of the University of Michigan-Flint campus, located along the Flint River.One woman figured out an ingenious way to pay off her student debt, amounting to more than $90,000. In fact, it’s so simple you’ll wonder why you didn’t think of it.Katie Curnow launched Katie Thanks You in late March, a project where people contribute money to assist her in paying off her the debt. What do they get in return? Curnow gives you her gratitude, which she expresses in fun and interesting ways — depending on the level of the “donation.”Curnow accrued her massive debt while earning a...

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Bipartisan Bill Tackles Student Loan Debt and Bankruptcy

Representative John Katko with Elise Stefanik and Richard Hanna visiting Fort Drum, New York.In an effort to help those who are dealing with financial hardship—including those struggling with student loan debt--a bipartisan bill was introduced that would allow student loan debt to be dismissed in bankruptcy.U.S. Representative John Katko is the lead Republican cosponsor of the Discharge Student Loans in Bankruptcy Act while its sponsor Representative John Delaney, a Democrat, initially introduced the bill in 2015. Renewing these efforts, Representatives Katko and Delaney reintroduced the bill in early May, dubbing it a bipartisan effort.Currently, federal law doesn’t allow student loan...

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Bill Reintroduced to Help Private Student Loan Borrowers in Default

Congresswoman Shelley Moore speaking at the 2013 Conservative Political Action Conference in Maryland.Senators Shelley Moore Capito and Gary Peters have reintroduced the Federal Adjustment in Reporting (FAIR) Student Credit Act, bipartisan legislation to assist private student loan borrowers who default on their loans according to a press release from Gary Peters.With around $8 billion in total private student loans in the US—and about 850,000 of them in default— the lawmakers want to find a way to help these borrowers get on track with their debt and also wipe it off of their credit reports so they can achieve other...

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