Connect with us

Michigan

What Michigan borrowers need to know about a student loan forgiveness plan

Published

on

What Michigan borrowers need to know about a student loan forgiveness plan


A scholar debt plan introduced by President Joe Biden Wednesday will deliver reduction to 1000’s of Michigan debtors.

The Biden administration plans to forgive $10,000 per borrower and $20,000 per Pell Grant recipient who’re making lower than $125,000 individually or $250,000 for households. A pause on scholar mortgage repayments may also be prolonged “one last time” by Dec. 31. And the income-driven reimbursement plan is being overhauled to scale back prices for debtors.

“Right here’s what my administration goes to do to offer extra respiratory room for folks, so they’re much less burdened by scholar debt,” Biden mentioned throughout an Aug. 24 press briefing.

White Home officers say 43 million People might be impacted with about 20 million seeing their debt erased.

Advertisement

In Michigan, there are 1.4 million scholar mortgage debtors holding $51.3 billion in debt, federal knowledge reveals. About 700,000 of these with federal scholar loans will see their debt reduce in half or erased utterly, in line with the governor’s workplace.

“Individuals can use these financial savings to purchase a house, begin a enterprise, get married, or begin a household. I’ll work with anybody to maintain reducing the price of increased training and providing extra paths for Michiganders to earn a better training tuition-free, with out going into debt within the first place,” mentioned Gov. Gretchen Whitmer in an announcement.

Taking out scholar loans this 12 months? It’s going to price extra.

A two-year pause on federal scholar mortgage funds has now been prolonged eight instances all through the pandemic. With every deadline, Biden confronted rising strain to take broader motion to handle the $1.7 trillion scholar debt disaster.

The present cost pause was set to run out on Aug. 31.

Advertisement

“It undoubtedly will assist Michiganders who’ve scholar debt. Not solely the $10,000 discount in debt but additionally the deferment of funds till the tip of the 12 months,” mentioned William Elliott, a College of Michigan professor of social work who researches faculty financial savings accounts, faculty debt and wealth inequality.

Almost 425,000 Michigan debtors have lower than $10,000 in debt and one other 283,000 have lower than $20,000, federal knowledge reveals. Cumulatively they account for half the state’s scholar debtors and maintain about 12% of the debt.

The majority of the debt in Michigan, about $45 billion, is carried by 50% of scholar debtors.

Elliott says eradicating the “albatross of scholar debt” will change how Michigan debtors view their futures, skill to save lots of, employment prospects and the financial system.

“It’s not sufficient for some, nevertheless it’s going to be an entire lot for others. And it’ll assist all,” he mentioned. “Generally in coverage, that’s the perfect factor you are able to do within the second.”

Advertisement

Associated: Will scholar loans be forgiven? A $10K plan may erase debt for 1000’s of Michiganders.

Almost 8 million People will get automated scholar debt reduction, in line with the White Home. The U.S. Division of Schooling expects to launch an software in coming weeks for the remaining debtors.

Solely loans taken out earlier than June 30, 2022 are eligible for forgiveness.

The introduced modifications to income-driven reimbursement plans will cut back prices for low- and middle-income debtors. Revenue limits might be raised, and debtors might be required to spend solely 5% of their earnings on loans, down from 10%. Moreover, mortgage balances for these with $12,000 or much less might be forgiven after 10 years as an alternative of 20 years. And unpaid month-to-month curiosity received’t accumulate for these on an IDR plan even with a $0 cost.

“I consider my plan is accountable and truthful. It focuses the profit on center class and dealing households. It helps each present and future debtors and can repair a badly damaged system,” Biden mentioned.

Advertisement

The plan, setting a precedent for scholar debt forgiveness, will doubtless be challenged in court docket.

About 59% of People are apprehensive scholar mortgage forgiveness will worsen inflation, a latest CNBC Momentive Ballot discovered. Deputy director of the Nationwide Financial Council Bharat Ramamurti disputed these considerations saying the restart of funds will deliver “billions of {dollars} a month” to the federal authorities.

The Wharton Faculty of the College of Pennsylvania estimated this week a $10,000 forgiveness plan with a $125,000 earnings restrict will price the federal authorities about $300 billion.

Scholar mortgage funds have been frozen for 2 years. Right here’s how the pause helped 6 Michiganders.

Elliott believes scholar mortgage forgiveness ought to be the “first step and never the final step” in addressing the excessive price of school.

Advertisement

“I do assume that it must be pressed upon (Biden) that this isn’t the tip and there must be further issues carried out to finance training in a extra equitable method which might be extra long-term and impactful,” he mentioned. “We’re addressing the symptom. The symptom is due to a nasty option to finance training, folks have massive quantities of debt.”

Elliott says motion could be taken by U.S. lawmakers, state governments and native municipalities to decrease the price of faculty together with public service forgiveness packages and youngsters’s saving accounts.

Extra details about the scholar debt plan could be discovered at studentaid.gov.

Extra on MLive:

These Michigan faculties have the perfect worth nationally, Cash Journal says

Advertisement

‘Cancel scholar debt as soon as and for all,’ Michigan Lawyer Basic urges Biden

Scholar debt looms over Michiganders as two-year pause nears Might 1 deadline



Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Michigan

What injury? Freshman leads Michigan State past Colorado in Maui Invitational opener

Published

on

What injury? Freshman leads Michigan State past Colorado in Maui Invitational opener


So much for Jase Richardson’s sprained left ankle.

Less than a week after rolling it late in a game and being helped off the court, he led Michigan State on it.

The freshman guard came off the bench to score a career-high 13 points as the Spartans rolled to a 72-56 win against Colorado on Monday in the opening around of the Maui Invitational at the Lahaina Civic Center.

In the first tournament setting of the season, Michigan State overcame another miserable shooting performance beyond the arc (2-for-21) with a deep rotation, explosive transition game and active defense.

Advertisement

The Spartans (5-1) will play their second of three games in three days on Tuesday (6 p.m., ESPN) in a semifinal against Memphis (5-0), which survived a late rally to knock off No. 2 UConn 99-97 in overtime earlier Monday. The other half of the bracket features No. 4 Auburn, No. 5 Iowa State, No. 12 North Carolina and Dayton, who are all playing later Monday night.

Richardson made six of eight field goals and was one of 10 different scorers for the Spartans, whose bench outscored the Buffaloes 40-13. Frankie Fidler scored nine, Jeremy Fears had eight and six assists and Coen Carr had eight points.

Julian Hammond led Colorado with a game-high 15 points while Elijah Malone scored 14.

Any concerns about Richardson’s mobility after suffering a sprained ankle late in last week’s 83-75 win against Samford were quickly erased. He checked in less than four minutes into the game and immediately got in the paint for a basket. Richardson shot 4-for-4 from the floor in the first half and Carr made all three of his shot attempts as the two combined for 14 of Michigan State’s 23 bench points in the opening 20 minutes.

That helped make up for the awful 3-point shooting that has plagued the Spartans so far this season. They entered Monday’s game ranked 352nd out of 355 teams in the nation from beyond the arc at just 22.1 percent and picked up where they left off. Michigan State shot 50 percent (15-for-30) from the floor in the opening half despite missing all nine 3-point attempts.

Advertisement

After the teams traded baskets and slim leads, the Spartans closed the half on a 17-4 run. Colorado went scoreless for more than five minutes and missed 10 straight shots at one point before going into halftime trailing 38-25.

Coming out of the locker room, the Buffaloes put together an 8-2 run with a pair of triples from Hammond but three quick turnovers prevented them from further shrinking the deficit. After Michigan State missed its first 14 triple tries, Richardson knocked one down a little more than six minutes into the second half to reestablish a double-digit advantage. The Spartans cruised down the stretch to secure a spot in the semifinals.



Source link

Continue Reading

Michigan

New bowl projections have Michigan in play at four different sites

Published

on

New bowl projections have Michigan in play at four different sites


Michigan clinched bowl eligibility by landing its sixth win of the season over the weekend, a 50-6 beat down of lowly Northwestern.

And while all eyes are on the rivalry game against Ohio State this Saturday (Noon, FOX), the postseason is fast approaching. In 13 days, the Wolverines will learn of their bowl draw. It won’t be a high-profile game like years past, but several intriguing sites remain a possibility for Sherrone Moore’s team.

The most popular pick this week is the Music City Bowl in Nashville, set for Dec. 30 at Nissan Stadium. It would mark Michigan’s first-ever appearance in the game and pit the Wolverines against an SEC school.

ESPN’s Mark Schlabach has Michigan playing Ole Miss in the Music City Bowl, CBS Sports’ Jerry Palm predicts a Michigan-Missouri matchup in Nashville, while USA Today’s Erick Smith projects the Wolverines to play Texas A&M. All three SEC schools have been in the playoff picture this year, setting the stage for an intriguing neutral-site game.

Advertisement

Three other national writers have Michigan playing in three different bowl games. ESPN’s Kyle Bonagura predicts a Michigan-Syracuse matchup in the Duke’s Mayo Bowl on Jan. 3 in Charlotte. The Action Network’s Brett McMurphy, whose track-record projecting bowl sites and matchups is among the best, has the Wolverines playing Pittsburgh in the Pinstripe Bowl on Dec. 28 at Yankee Stadium in New York. And in an interesting outlier, The Sporting News’ Bill Bender projects a Michigan-Texas A&M matchup in the Dec. 31 ReliaQuest Bowl in Tampa, Fla.

How the top of the Big Ten fares when it comes to the 12-team playoff matters here. Getting four teams in like some are projecting would help Michigan’s standing in the bowl selection process. But if one of those teams gets left out (looking at you, Indiana), it would almost certainly kill any chance of returning to Florida.

After the playoff bids are doled out, the Citrus Bowl has the first pick of the remaining bowl-eligible Big Ten teams, followed by the ReliaQuest Bowl (former Outback Bowl). An 8 or 9-win Illinois would likely be the next Big Ten team off the board, followed by a 7 or 8-win Iowa. After that, though, is anyone’s guess.

And what if Michigan pulls off the upset in Columbus and gets to seven wins? It could suddenly move the Wolverines up the pecking order and give the ReliaQuest Bowl a reason to pick them, provided that Indiana does make the playoff.

This week will help offer some clarity with the Big Ten standings. There’s also a possibility of college football having too many bowl eligible teams this year. And while that certainly won’t affect Michigan — its brand and following are too large to keep out, even at 6-6 — but could limit the number of secondary bowls available to the Big Ten.

Advertisement
  • BETTING: Check out our guide to the best Michigan sportsbooks, where our team of sports betting experts has reviewed the experience, payout speed, parlay options and quality of odds for multiple sportsbooks.



Source link

Continue Reading

Michigan

Michigan State engineering prof, student design helmet inserts to help drown out crowd noise for QBs

Published

on

Michigan State engineering prof, student design helmet inserts to help drown out crowd noise for QBs


EAST LANSING, Mich. — The sight was a common one for Andrew Kolpacki. For many a Sunday, he would watch NFL games on TV and see quarterbacks putting their hands on their helmets, desperately trying to hear the play call from the sideline or booth as tens of thousands of fans screamed at the tops of their lungs.

When the NCAA’s playing rules oversight committee this past spring approved the use of coach-to-player helmet communications in games for the 2024 season, Kolpacki, Michigan State’s head football equipment manager, knew the Spartans’ QBs and linebackers were going to have a problem.

“There had to be some sort of solution,” he said.

As it turns out, there was. And it was right across the street.

Advertisement

Kolpacki reached out to Tamara Reid Bush, a mechanical engineering professor who not only heads the school’s Biomechanical Design Research Laboratory but also is a football season ticket-holder.

Kolpacki “showed me some photos and said that other teams had just put duct tape inside the (earhole), and he asked me, ‘Do you think we can do anything better than duct tape,?” Bush said. “And I said, ‘Oh, absolutely.’”

Bush and Rylie DuBois, a sophomore biosystems engineering major and undergraduate research assistant at the lab, set out to produce earhole inserts made from polylactic acid, a bio-based plastic, using a 3D printer. Part of the challenge was accounting for the earhole sizes and shapes that vary depending on helmet style.

Once the season got underway with a Friday night home game against Florida Atlantic on Aug. 30, the helmets of starting quarterback Aidan Chiles and linebacker Jordan Turner were outfitted with the inserts, which helped mitigate crowd noise.

DuBois attended the game, sitting in the student section.

Advertisement

“I felt such a strong sense of accomplishment and pride,” DuBois said. “And I told all my friends around me about how I designed what they were wearing on the field.”

All told, Bush and DuBois have produced around 180 sets of the inserts, a number that grew in part due to the variety of helmet designs and colors that are available to be worn by Spartan players any given Saturday. Plus, the engineering folks have been fine-tuning their design throughout the season.

Dozens of Bowl Subdivision programs are doing something similar. In many cases, they’re getting 3D-printed earhole covers from XO Armor Technologies, which provides on-site, on-demand 3D printing of athletic wearables.

The Auburn, Alabama-based company has donated its version of the earhole covers to the equipment managers of programs ranging from Georgia and Clemson to Boise State and Arizona State in the hope the schools would consider doing business with XO Armor in the future, said Jeff Klosterman, vice president of business development.

XO Armor first was approached by the Houston Texans at the end of last season about creating something to assist quarterback C.J. Stroud in better hearing play calls delivered to his helmet during road games. XO Armor worked on a solution and had completed one when it received another inquiry: Ohio State, which had heard Michigan State was moving forward with helmet inserts, wondered if XO Armor had anything in the works.

Advertisement

“We kind of just did this as a one-off favor to the Texans and honestly didn’t forecast it becoming our viral moment in college football,” Klosterman said. “We’ve now got about 60 teams across college football and the NFL wearing our sound-deadening earhole covers every weekend.”

The rules state that only one player for each team is permitted to be in communication with coaches while on the field. For the Spartans, it’s typically Chiles on offense and Turner on defense. Turner prefers to have an insert in both earholes, but Chiles has asked that the insert be used in only one on his helmet.

Chiles “likes to be able to feel like he has some sort of outward exposure,” Kolpacki said.

Exposure is something the sophomore signal-caller from Long Beach, California, had in away games against Michigan and Oregon this season. Michigan Stadium welcomed 110,000-plus fans for the Oct. 26 matchup between the in-state rivals. And while just under 60,000 packed Autzen Stadium in Eugene, Oregon, for the Ducks’ 31-10 win over Michigan State three weeks earlier, it was plenty loud. “The Big Ten has some pretty impressive venues,” Kolpacki said.

“It can be just deafening,” he said. “That’s what those fans are there for is to create havoc and make it difficult for coaches to get a play call off.”

Advertisement

Something that is a bit easier to handle thanks to Bush and her team. She called the inserts a “win-win-win” for everyone.

“It’s exciting for me to work with athletics and the football team,” she said. “I think it’s really exciting for our students as well to take what they’ve learned and develop and design something and see it being used and executed.”

___

Get alerts on the latest AP Top 25 poll throughout the season. Sign up here. AP college football: https://apnews.com/hub/college-football and https://apnews.com/hub/ap-top-25-college-football-poll



Source link

Advertisement
Continue Reading

Trending