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White House announced $6 billion student loan forgiveness for 78,000 public service workers

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The White House recently announced a $6 billion loan forgiveness program. Nurses, teachers and firefighters are among the 78,000 public service workers who will qualify. Fox Business reports:

Due to fixes to the Public Service Loan Forgiveness (PSLF) program, workers that never received forgiveness are now having their debts partially forgiven or canceled. Only about 7,000 public service borrowers received forgiveness prior to the Biden Administration, now that total hovers closer to 870,000, the announcement said.

“Today’s announcement comes on top of the significant progress we’ve achieved for students and student loan borrowers in the past few years,” the announcement stated. “This includes: providing the largest increases in Pell Grants in over a decade to help families who earn less than roughly $60,000 a year; fixing Income-Driven Repayment plans so borrowers in repayment for years get the relief they earned; and creating the most generous Income-Driven Repayment plan in history – the SAVE plan.”

However, there is concern over fairness that older generations are still paying off student loans and could risk losing Social Security. A group of representatives wrote a letter to Congress, hoping to address the issue of seniors still paying down student loans. Currently, under the Treasury Offset Program (TOP), the government can collect funds, such as tax refunds and Social Security, to pay outstanding student loan balances, reports Fox Business.

“Under the TOP, the federal government can withhold up to 15 percent of monthly Social Security or disability benefits for defaulted student loans,” the lawmakers explained in their letter.

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Economy

2024 Presidential Election Details Unprecedented Diversity Shift in Republican Party 

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Following President-elect Donald Trump’s re-election, NBC News National Political Correspondent Steve Kornacki highlighted how the Republican Party has become “more diverse than it’s ever been in modern times.” Kornacki shared this insight on Meet The Press with Kristen Welker, explaining how data shows minority groups have increasingly moved toward the GOP, while the Democratic base has grown among white, college-educated voters.

Kornacki credited Trump’s impact on reshaping the Republican Party, noting that over the past eight years, the GOP has gained ground among voters under 30, those earning under $50,000, and those without college degrees. Using a screen to display recent election data, Kornacki compared shifts from the “pre-Trump” era in 2012 to now, showing a significant increase in support for Republicans among minority groups.

“Again, pre-Trump versus now,” he explained. “The Black vote is still overwhelmingly Democratic, but there’s been a 15-point shift. It used to be 87 points for the Democrats, down to 72. Hispanic voters, once solidly Democratic, are now basically a toss-up. And Asian Americans have moved by 32 points toward the GOP as well.”

These shifts, he said, represent a profound change since Trump first became the GOP’s leading figure, solidifying the party’s appeal to a broader array of Americans and transforming the Republican coalition.

Kornacki pointed out the reverse trend for the Democratic Party, which has increasingly attracted white voters, especially those with higher incomes and college degrees. As the Republican coalition diversified, Democrats gained support from college-educated voters and households earning more than $100,000 annually.

In a review of key swing states, Kornacki highlighted Trump’s success in securing states like Wisconsin and noted Trump’s historic achievement of winning the popular vote, a first for a Republican in 20 years. He also mentioned “giant strides” in typically blue states like California, emphasizing how Trump’s expanded voter base contributed to his overall win.

Welker confirmed that the election results are essentially finalized, though counting remains underway in some areas. “If you remember from 2020, it took about a month to get all the national popular vote,” Kornacki added, noting that California, where only 75% of ballots have been counted, will add millions of votes to the national total due to mail-in ballot delays.

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