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Student Loans: A potential crisis is brewing that impacts millions of borrowers. Are you one of them? Find out more later in this email. |
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💵 Today’s Top Stories |
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| | Google TV advertises that it offers a whopping 800 free channels. Here are some of the channels that are and aren’t included, as well as how Google serves as a free content aggregator. Read more. |
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| | Travel and hospitality, project management and communications are among the 10 most popular freelance jobs right now, according to FlexJobs. What’s the most coveted freelance role in America? Read more. |
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💻️ Tech Tip From Kim Komando |
Not today, Amazon: Your Echo will hold onto your voice recordings for analysis unless you tell it not to. In your Alexa app, choose More > Settings > Alexa Privacy > Review Voice History. Here, you can delete recordings to your heart’s content. For a limited time, Kim Komando is offering a giveaway for a chance to win $500 for you and $500 to gift to someone you choose (a friend, family member, local hero, or stranger in need). To enter, sign up for Kim’s free newsletters that have a 4.9/5 rating. |
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🏫 Potential Student Loan Crisis Brewing |
The government paused collection on most federal student loans in March 2020 at the beginning of the COVID-19 pandemic in the United States. |
Required payments resumed in October 2023 with borrowers given a one-year grace period. Delinquencies began appearing on credit reports this year. |
This month, the U.S. Department of Education began collecting on defaulted loans for the first time in five years and two months. |
From 2013 to 2020, the share of student loans at least 90 days delinquent hovered in the double figures (10%+) – more than credit cards, auto loans and mortgages. That number nosedived to just 0.5% of student loans thanks to the forgiveness. |
But according to the Department of Education, 42.7 million borrowers owe a combined $1.6 trillion (Americans owe “just” $1.2 trillion to credit card companies). |
More than 5 million borrowers haven’t paid in more than 360 days (“many for more than seven years”). Another 4 million are in “late-stage delinquency (91-180 days).” |
Said the department: “There could be almost 10 million borrowers in default in a few months. When this happens, almost 25 percent of the federal student loan portfolio will be in default.” |
TransUnion reported 20.5% of student loan borrows as seriously delinquent 90+ days) in February, the highest number ever. |
Millions of Americans are in danger of wrecking their credit scores if they don’t take care of their student loan debts immediately. |
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📊 Stat of the Day |
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💰️ Deal Alert: Today’s Top Deals |
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🎙️ Podcast |
| Full Show: Is It Ever Okay To Borrow From Your 401(k)? and Clark-Approved Lost Luggage Solution |
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It can be tempting to take money out of your 401(k). After all, you pay yourself back, right? Not the case! Clark explains why it’s a slippery slope to pull money out of retirement savings – and what you should absolutely never take money out to buy. Also, lost checked bags has been a big problem over the last several years. But airlines are finally implementing solutions to prevent it from happening. |
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☎️ Need Money Help? |
The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information. |
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