The MAGA Account could simply be a case of overcomplicating a straightforward solution. The news hit this week with a flurry of articles. The House and Senate are considering what is being called a “MAGA Account,” short for the “Money Account for Growth and Advancement.” The proposal has taxpayers funding $1,000 to every baby born in the years 2025 through 2028. In addition, it would allow parents, family, or friends to add contributions up to $5,000 per year until the child turns eight. If this sounds familiar, it’s because it is. The concept of government-subsidized “baby bonds” was first proposed…

The Department of Education revealed on Thursday that 96% of income-driven repayment requests for more than two million student loan borrowers remain unprocessed, as loan servicers struggle to work through a massive backlog of applications. And the situation may be about to get much worse. The information was unveiled in a court-ordered filing this week in an ongoing legal challenge brought by a national teacher’s union over stalled IDR applications. The union and the department had reached an agreement whereby the litigation would be paused while the department releases publicly available updates on IDR processing every 30 days. This week’s…

Trump Policy Reinstates Social Security Benefits Seizure For Defaulted Student Loans For older Americans with defaulted student loans, the resumption of student loan garnishment by the federal government could drastically cut their Social Security benefits, potentially leaving them with just $750 per month to live on. While a Biden-era rule had shielded a larger portion of Social Security benefits from seizure, the Trump administration has reverted to a decades-old garnishment policy that lowers the protected amount significantly. Under President Joe Biden, defaulted student loan borrowers on Social Security were poised to be protected up to 150% of the federal poverty…

The job outlook for the Class of 2025 is murky, and the Federal Reserve’s interest rate decisions are a big reason why. The Fed doesn’t hire or fire workers, but its interest rate decisions influence how much it costs businesses to borrow, invest and expand. Higher interest rates can lead companies to slow hiring, while lower rates may do the opposite. Right now, those rates are high—and have been for more than a year—as the Fed tries to bring down inflation. A pause on rate hikes is currently in place, but possible cuts later this year could shift the hiring…

The Trump administration released its first official update on student loan income-driven repayment plan application processing on Thursday, outlining how many IDR and PSLF Buyback applications have been processed and how many more are still in the queue. The numbers indicate that the Department of Education has processed only a small fraction of outstanding applications, and a huge backlog remains. The new information comes five days after the department expected IDR processing to fully resume for federal student loan borrowers after an extended pause. The update was filed in an ongoing legal battle over the department’s decision to halt all…

Dalvin Cook was an NFL player for the Minnesota Vikings. An altercation that took place in 2020 resulted in a personal injury lawsuit against Cook by Daniel Cragg and Anne St. Amant on behalf of Gracelyn Trimble (who was apparently injured in the altercation) in the Dakota County District Court in Minnesota. Cook and Trimble settled that action in 2024. Meanwhile, back in 2021, Cook sued Cragg, St. Amant and their law firm, Eckland & Blando, LLP, in Hennepin County, Minnesota, claiming that they defamed him. Cook alleged that the defendants in this defamation suit had provided to the media…

Low-income workers who leave their jobs or reduce their hours to care for frail parents or spouses risk losing their own Medicaid benefits, according to a House committee’s budget plan. At the same time, major cuts in projected federal Medicaid funding threaten the ability of states to continue to provide services to low-income seniors and younger people with disabilities. Older adults and their families could be profoundly affected by two major Medicaid changes in the section of the House budget approved by the Energy and Commerce Committee on May 14. The first would require states to bar Medicaid coverage for…

U.S. tariffs on Chinese imports continue to squeeze supply chains, beauty brands are finding themselves caught in the crossfire. For Black consumers who drive more than $9 billion in beauty product spending annually these tariffs are having a major impact. Many of the beauty brands they shop with rely on affordable packaging, containers, and raw materials from abroad, and these new cost burdens threaten to push smaller players out of the market. The Breakdown You Need To Know: S&P Global reported that tariffs on Chinese goods have come down to 30% from 145%, but can still increase production costs for…

Student Loan Forgiveness Potentially In Jeopardy For Millions A low-profile provision buried in the GOP’s 2025 tax proposal could spark one of U.S. history’s most significant rollbacks in student loan forgiveness and repayment eligibility, specifically targeting the Public Service Loan Forgiveness program. The bill would allow the Treasury Secretary to unilaterally revoke the nonprofit status of any organization it designates as a terrorist supporting organization. While its language appears aimed at bad actors, the downstream effect could destabilize the PSLF for the more than 12.8 million Americans who work at nonprofits. A Quiet Change In A Tax Bill Could Rock…

I recently streamed “The Beekeeper,” and Adam Clay is right at home with the John Wicks, Robert McCalls, and Bryan Millses of the world. While the movie was entertaining enough, with a few new elements and twists here and there to make it different, I was struck by a particular scene where a character asks: “I’m 28 years old, why would I need an estate plan?” This article is inspired by that question and tries to answer other estate planning FAQs. Estate Planning FAQs What Is An Estate Plan? An estate plan outlines how your assets will be managed or…