US President Donald Trump speaks during a news conference in Bedminster, New Jersey, on August 7, 2020. (Photo by JIM WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)JIM WATSON/AFP via Getty Images

President Donald Trump signed an executive action on Saturday to enact a $400 weekly boost to state unemployment benefits, a cut from the $600 level it once was during the coronavirus pandemic.
But a closer look at the text of the order reveals the administration is actually setting up a “lost wages” program.
“This is outside the UI system entirely,” said Michele Evermore, a national unemployment expert, adding it could take months for overwhelmed states to design.
Governors are being ordered to work with the Federal Emergency Management Agency (FEMA) in order to set up the benefit system, and distribute benefits alongside existing state systems.
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President Donald Trump signed an array of executive actions on Saturday to bypass Congress and implement economic relief measures on his own.

Among them was a $400 weekly supplement to federal unemployment insurance through December 6. Trump claimed the relief would reach Americans in a “very rapid” manner, but neglected to say how.See the rest of the story at Business Insider

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How $600 unemployment benefits to jobless people helped rescue the American economyHere’s how the abrupt end of the $600 federal unemployment benefit will wreak havoc on jobless AmericansTrump indicates support for renewing boosted unemployment insurance payments, says he wants to ‘get funds to people so they can live’

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Senate Republicans unveiled a proposal to scale back federal unemployment benefits from $600 to $200 a week for two months, then implementing a 70% wage replacement scheme for unemployed Americans.
The GOP plan released on Monday would give states until October to transition onto the new system, and those struggling could request a two-month waiver afterward.
“It’ll be hard to implement, and it’s a solution in search of a problem,” Michele Evermore, policy analyst at the National Employment Law Project, told Business Insider of the GOP unemployment plan.
She said it could take four to five months instead for state unemployment offices to implement a new wage replacement program given their large backlogs and antiquated technology.
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Senate Republicans are proposing to scale back the $600 federal boost to unemployment benefits to $200 a week for two months, seeking a temporary measure to buy time for state systems to implement a 70% wage replacement program for jobless people.

Sen. Chuck Grassley introduced the plan on the Senate floor, saying it was more beneficial for the unemployed compared to the $25 weekly boost that Democrats implemented during the Great Recession a decade ago.See the rest of the story at Business Insider

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The GOP will reportedly seek to reduce coronavirus unemployment benefits to $200 a week until states can implement a 70% wage replacement scheme for jobless peopleMitch McConnell says he hopes to negotiate a stimulus agreement ‘in the next few weeks’ with millions of Americans set to lose their enhanced unemployment benefitsRepublicans are weighing a short-term extension for federal unemployment benefits, which would avoid a lapse in ramped-up payments for over 30 million Americans

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FILE PHOTO: Warwick University graduates on the day of their graduation ceremony in Warwick, Britain July 17, 2017. Picture taken July 17, 2017.     REUTERS/Russell BoyceRussell Boyce/Reuters

 

The Department of Education has not renewed contracts with student loan servicer Great Lakes and Nelnet, with plans to change the way student loans are serviced and repaid. 
The Department of Education wants to change to a model where loans are paid directly through studentaid.gov for more consistency and accountability. 
If the Department of Education doesn’t change plans, 12.3 million Great Lakes and Nelnet customers will have their loans changed to another servicer in December.
In the meantime, borrowers should continue making regular payments to their current servicer.
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As of December 2020, Great Lakes and parent company Nelnet will no longer service federal student loans. 

According to a press release by the Department of Education released July 24, the two companies haven’t made the list of the five companies with contracts to service federal student loans. The release states that five companies — EdFinancial Services, F.H. Cann & Associates, Maximus, MOHELA, and Trellis Company — will hold contracts from the Department of Education. See the rest of the story at Business Insider

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‘Let’s just see what happens’: Suze Orman advises Americans hold off buying homes during the pandemicIf our kids ever get our life insurance money, I hope they’ll spend it in 2 ways: on debt and index fundsIf your company has stopped matching 401(k) contributions, you can still save for retirement — you just might want to change how you do it

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