The Daily Money: Student loan payments having little impact on the post-covid economy

The relaunch of student loan payments was expected to pose a hurdle to an economy facing a sharp slowdown and possibly even a recession. It isn't.

Advertisement Read in browser The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW Tue Dec 26 2023 Daniel de Visé | Personal Finance Reporter Good morning, and Happy Boxing Day! It's Daniel de Visé with your Daily Money. The relaunch of student loan payments this fall was expected to pose a hurdle to an economy facing a sharp slowdown and possibly even a recession next year, Paul Davidson reports. It isn't, at least partly because many of the borrowers, who collectively owe $1 trillion, aren't paying up amid a year-long grace period. Others are taking advantage of the Biden Administration's income-based payment and  loan forgiveness programs. "It's posing less of a drag (on the economy) and one small factor helping to avoid recession," says economist Nancy Vanden Houten of Oxford Economics. Tax season is coming. Michael Burrell, Getty Images/iStockphoto Tax season can be terrifying. Here's everything you need to know The pause between Christmas and New Year's is a moment when many of us begin to contemplate the looming labors of tax season. When is the earliest I can file a return? When is the latest? Have the income brackets changed? What about deductions? Tax season formally begins in late January. In 2023, the IRS set January 23 as the official start of the season, marking the date the agency began accepting 2022 tax returns. Here are answers to 12 other common questions that crop up in the weeks before tax season begins. 📰 More stories you shouldn't miss 📰 That new car smell: Next year will be the best year to buy a new vehicle since 2019, economist says Worried about taxes? It's not too late to cut what you owe the government. Reports say: Over $1 million in beauty products seized during California raid, woman arrested Motley Fool: Which retirement account should be your number one focus before the end of 2023? Honda recalls 2023: Check the full list of models recalled this year About The Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. Do taxes seem terrifying? We answer your biggest tax season questions From deadlines and deductions to brackets and your refund, here are answers to common questions about the 2024 tax season. READ MORE Advertisement Tinder launches $500-a-month subscription. Here's how to sign up For the small price of $499 per month, you can join Tinder's invite-only subscription service. Here's what it gets you and how to join READ MORE Want to save money? How to cut your tax bill before it's too late. If you act before New Year's Day, you can save thousands of dollars in federal, state and local income taxes. READ MORE New car prices may come down in 2024. Here's why. All signs point to the economy avoiding a recession, interest rates coming down and new vehicle supply improving, meaning car buyers will find deals. READ MORE Over $1M beauty products seized during California raid, reports say Local reports say the California Highway Patrol raided a warehouse and found the products. Brenda Yanez was arrested in connection with the case. READ MORE Student loan payments post-COVID freeze having minimal economic impact Many student loan borrowers miss payments or take part in plans to cut the debt as COVID pause ends. That's curbing economic impact of the payments. READ MORE IRA vs. 401(k): Why an IRA is a good investment for the end of year Contributing to a traditional IRA can lower your tax burden before filing next year's taxes. READ MORE Tax and investment tips for 2024 The economy is always shifting and rules on taxes, 401(k)s, IRAs and other investments can be confusing. We have expert advice for navigating 2024. READ MORE How expedition cruises can offer transformative travel experiences Expedition cruises take travelers to remote and often extreme places, and can have a lasting impact. READ MORE Spirit Airlines says it put unaccompanied child on wrong flight An airline spokesperson said an internal investigation is underway to determine how the child ended up on the wrong flight. READ MORE Advertisement Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. SEE ALL NEWSLETTERS ➔ Newsletters   |    eNewspaper   |   Crosswords Follow Us Problem viewing email? View in browser Unsubscribe  •  Manage Newsletters  •  Terms of Service  •  Privacy Policy/Your California Privacy Rights  •   Privacy Notice  •  Do Not Sell My Info/Cookie Policy  •  Feedback