A Wall Street Journal survey of economists seems to validate what many have long predicted for 2023, namely, that a recession will occur owing to rising interest rates.
The survey conducted on Saturday revealed that 61% of economists anticipate a recession this year.
How To Survive Global Recession?
The worst inflation the United States has seen in forty years looks to be receding, and new data could convince the Federal Reserve to alter course. Also uncertain are the timing and intensity of a potential recession.
Nevertheless, there are ways to survive a recession relatively undamaged. In fact, I’m confident that you’ve already made the most important step by consulting your financial counselor. From there, it could be a good idea to discuss financing options for the duration of the epidemic.
Here’s where I would advise retirees to put their savings if they’re prepared to invest it to support them through a recession.
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What Student Loan Borrowers Should Know?
Borrowers are battling with delayed student loan forgiveness on numerous fronts as the Biden administration implements multiple student loan debt relief measures simultaneously. In the next months, the difficulties, which are mostly attributable to low federal financing, are certain to worsen.
Nonetheless, the Biden administration has introduced a number of temporary or one-time student loan forgiveness programs intended to provide billions of dollars in debt relief to millions of federal student loan debtors. The following efforts are included in these:
Limited PSLF
Exemption Public Service Loan Cancellation (PSLF) is a federal student loan forgiveness program for borrowers who work in eligible nonprofit or government positions for at least ten years.
IDR Account Modification
Another one-time modification to federal Income-Driven Repayment (IDR) programs, similar to the Public Service Loan Forgiveness (PSLF) Waiver in that it will allow certain historical loan periods that would otherwise be rejected to count towards loan forgiveness under IDR plans.
New IDR Scheme
The Biden administration recently unveiled the specifics of a revamp of the Revised Pay As You Earn (REPAYE) IDR plan. Under the proposed modifications, many borrowers will enjoy cheaper monthly payments and a quicker discharge of their student loans.
Borrower Opposition to Repayment Borrower Defense to Repayment is a federal student loan discharge program that can result in loan forgiveness for borrowers who were deceived by their schools. The administration announced group discharges for hundreds of thousands of borrowers last year.
One-Time Student Loan Cancellation The vast, one-time student debt relief effort proposed by President Biden would have forgiven up to $20,000 in federal student loans for the majority of borrowers.
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