Elizabeth Guevara

1 day ago | investopedia.com | Elizabeth Guevara

KEY TAKEAWAYS The Department of Education will restart collections of defaulted student loans on May 5, and experts say defaulted borrowers should take action now to get back into good standing. The 5 million borrowers who are in default could have their wages garnished if they can't get back into good standing, according to the Department of Education. This means money would be withheld from borrowers' paychecks, tax refunds and Social Security benefits to pay what they owe.

1 day ago | investopedia.com | Elizabeth Guevara

KEY TAKEAWAYSThe Department of Education is restarting student loan collections starting May 5, but there are ways for borrowers who have missed a few payments to avoid defaulting. About 4 million borrowers are currently in late-stage delinquency, meaning they have not made a payment for 91 to 180 days, according to the Department of Education. Federal student loans are considered in default after 270 days of non-payment.

2 days ago | investopedia.com | Elizabeth Guevara

KEY TAKEAWAYSThe Department of Education will resume collections of defaulted federal student loans in two weeks. The Department of Treasury will restart student loan collections on May 5. Over the next two weeks, the department will start contacting defaulted borrowers to ask for a payment, help them enroll in an income-driven repayment (IDR) plan, or sign them up for loan rehabilitation.

5 days ago | investopedia.com | Elizabeth Guevara

Many American consumers have struggled to catch up after the COVID-19 pandemic and the stubborn inflation that followed, and experts say tariffs could add to their financial troubles. President Donald Trump has imposed a global 10% tariff on all imports into the U.S. and additional tariffs on some of the country's closest trading partners. Economists widely believe the tariffs will increase costs for American consumers and will drag down economic growth. Consumers seem to agree.

6 days ago | investopedia.com | Elizabeth Guevara

KEY TAKEAWAYSExports to China support thousands of U.S. jobs, and economists say those positions could be at risk if trade tensions between the two countries continue. In an escalating trade war with China, the U.S. has a tariff of 145% on Chinese goods, and China has placed a tariff of 125% on U.S. goods. Economists say these trade tensions will likely make it more expensive for American businesses to import and export Chinese goods and could threaten the labor market.