As President Joe Biden leaves behind a mixed student loan forgiveness legacy, Donald Trump is set to return to the White House in less than two weeks. And he’ll be inheriting a federal student loan system experiencing historic levels of turmoil. Biden has had some significant success in dramatically improving the Public Service Loan Forgiveness and Total and Permanent Disability Discharge programs, while allowing more borrowers to receive loan forgiveness under income-driven repayment, or IDR, than ever before. However, Biden was ultimately forced to withdraw several student loan forgiveness initiatives. And the SAVE plan — a central feature of his…

The Internal Revenue Service (IRS) announced that IRS Free File tax software programs will be available starting Friday, January 10, 2025. Free File is a program designed to help eligible taxpayers prepare and file their federal tax returns at no cost. For taxpayers with an Adjusted Gross Income (AGI) of $84,000 or less, IRS Free Tax Software provides easy to use options for tax filers. This year, eight private-sector partners are participating in the program, with one offering support in Spanish. How IRS Free File Works IRS Free File is an IRS partnership with private tax software companies. Each tax…

Later this year, Rep. Tom Suozzi (D-NY) will reintroduce his public catastrophic long-term care insurance bill, called the WISH Act. Suozzi is doing all the right things: Looking for Republican support and trying to engage the private insurance industry, long-term care providers, and employers, as well as advocates for older adults and people with disabilities. But he has a big problem: While the idea of public insurance may be gaining traction, raising taxes to pay for it is a much tougher sell. Suozzi’s original 2021 bill explicitly proposed raising payroll taxes to fund the insurance program, an idea consistent with…

Traditional finance isn’t just adopting crypto – it’s being rebuilt around it. JPMorgan is launching instant dollar-euro conversions on its rebranded Kinexys blockchain, where transaction volumes have grown tenfold to process over $2 billion daily. Visa’s new Tokenized Asset Platform enables banks like BBVA to create and manage digital tokens, with pilot programs starting in 2025. Mastercard’s Crypto Credential service operates across 13 countries in Europe and Latin America, simplifying transactions through partnerships with Bit2Me and Mercado Bitcoin. Morgan Stanley’s E-Trade is exploring direct crypto trading services, while Goldman Sachs makes bold moves in the digital asset space – spinning…

Generative AI: A Double-Edged Sword For Investment Decisions And Inequality The rapid proliferation and adoption of generative artificial intelligence (GenAI) has sparked a revolution across many industries, including the financial sector. A newly published study by Alex Kim and colleagues, “AI, Investment Decisions, and Inequality,” explores how GenAI influences individual investment decisions. The researchers sought to answer whether GenAI-based tools enhance investors’ ability to process data and make better investment decisions as well as whether access to GenAI narrows or widens gaps among different types of investors. Their findings illuminate the promise of GenAI, but also uncover a paradox. While…

Modern technology makes it very easy to spend. Have you ever decided to use a new site or app to order food or buy a product? Is it just me or are you overjoyed when you see the PayPal or Apple Pay logo pop up on the checkout page? It means I will not have to spend the next five minutes entering addresses and payment information to a site that may or may not have robust security protocols. Instead of five minutes, it’s 30 seconds and done. While this may have saved me time during my holiday shopping or having…

December into January is its own special season for many industries, including commercial real estate investing, but also any other type where someone wants you to trust them with your money. ‘Tis the season of predictions and forecasts. Experts come up to your door like a tardy caroling group, come around to offer their vast expertise. There’s one problem, though. It’s hard to know who might be right. Not that even real experts are always correct, but you want a sense that people aren’t off in their own worlds like some fund managers, television personalities, and other prognosticators have appeared…

The Biden administration unveiled updated guidance last month for borrowers in the SAVE plan. Millions of borrowers who had sought lower payments and eventual student loan forgiveness under the program remain stuck due to legal challenges, and the future of SAVE is now in serious doubt. The SAVE plan is the newest income-driven repayment, or IDR, plan, that was released last year by the Biden administration. The program provides borrowers with lower payments, interest benefits, and several routes to eventual student loan forgiveness. But SAVE remains blocked following a court order issued last August in response to a legal challenge…

President Donald Trump is expected to secure the confirmation of Pam Bondi as Attorney General. Bondi, the former Florida Attorney General, became Trump’s nominee after Rep. Matt Gaetz withdrew from consideration due to insufficient support ahead of his confirmation hearing. Bondi’s primary task will be to reshape the Department of Justice (DOJ), a frequent target of Trump’s criticism during his campaign. Among the DOJ’s priorities will be the Federal Bureau of Prisons (BOP), one of the largest budgetary demands within the department and one fraught with operational challenges. The BOP is facing significant financial pressures. Despite the inmate population decreasing…

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode: Learn how to budget irregular income, set sustainable financial goals, and curb mindless spending for a better 2025.How do you create a budget when you’re paid in large, irregular chunks of income? What are practical ways to curb unnecessary spending and stick to financial goals? Hosts Sean Pyles and Sara Rathner discuss how to break down irregular income into manageable monthly budgets and how to cut out habits that hurt your finances, like mindless phone scrolling. They begin with a discussion of financial New…