Student loan borrowers may face significantly higher payments if the Trump administration rolls back the Biden-era SAVE plan, which was designed to halve monthly bills for millions. With SAVE already suspended due to legal challenges, experts warn that borrowers could see their payments double, leading to increased financial stress. Nearly a third of borrowers have already reported sacrificing essentials due to their current debt obligations.
Elon Musk has called for the elimination of the Consumer Financial Protection Bureau (CFPB), arguing that there are too many overlapping regulatory agencies. His comments come amid a renewed threat to the CFPB under President-elect Donald Trump, a long-standing target for Republicans and business groups.
Student loan servicers are facing scrutiny for pulling incorrect payments from borrowers" accounts, with some experiencing unauthorized debits or overcharges. While automatic payments can offer a slight interest rate discount, experts advise borrowers to set up bank alerts and contact their servicer immediately for refunds if errors occur. The Consumer Financial Protection Bureau has reported that some borrowers have waited months or years for refunds, highlighting the need for vigilance in managing student loan payments.
US banks are now required to provide customers access to their financial data, following a new rule from the Consumer Financial Protection Bureau. This open banking measure allows consumers to demand, download, and transfer their data for free, promoting competition among financial service providers. CFPB Director Rohit Chopra emphasized that this initiative aims to enhance consumer choice, lower loan costs, and improve overall services.
As the 2024 presidential election approaches, healthcare remains a pivotal issue, with costs soaring to $4.5 trillion, representing 17.3% of GDP. Candidates are addressing medical debt, with 20 million Americans owing $220 billion; Vice President Harris proposes measures to alleviate this, while former President Trump focuses on reducing insurance premiums and improving price transparency.
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