Minn. lawmaker proposes revoking convicted protesters’ student loans, food stamps

Ruben Onsu

A Minnesota lawmaker introduced legislation to punish any person convicted of crimes in connection with a protest by making them ineligible for state government assistance — including food stamps, student loans, unemployment benefits and health care.

The legislation, authored by Republican state Sen. David Osmek, would affect a litany of state programs. It faces a difficult path to become law because the state House and governor’s office are controlled by Democrats.

The bills says after a conviction the person would not be eligible, “for any type of state loan, grant, or assistance, including but not limited to college student

read more

Democratic senators urge Education Department to remove millions of student loan borrowers from default status

Ruben Onsu

The New York Times

Amid Biden Climate Push, a Question Looms: Is America’s Word Good?

WASHINGTON — President Joe Biden faces a fundamental question as he convenes heads of state this week in a virtual summit to declare that the United States is ready to reclaim a leadership role in the fight against climate change: Is America’s word still any good? The question is dogging Biden as he tries to reassert the American role in other parts of the world stage after four years of Donald Trump’s America First isolationism. Trading partners wonder how long a thaw on multilateral economic

read more

Distressed Firm Sritex Is Said to Pause Dollar Loan Payments

Ruben Onsu

Indonesia’s biggest listed clothing company has paused payments on a dollar loan as it prepares a debt restructuring proposal, a person familiar with the matter said.

PT Sri Rejeki Isman, known as Sritex, intends to maintain the pause until it submits the restructuring plan to lenders which it expects to do by the week starting Aug. 9, the person said, asking not to be identified because the details are private.

Joy Citradewi, head of corporate communications, said in response to Bloomberg questions that the company was preparing a debt restructuring proposal but declined to elaborate on further details.

Shipments

read more

Operating loans drive decline in ag lending

Ruben Onsu

With federal pandemic aid in their hands, farmers and ranchers borrowed far less money than usual from ag bankers during the opening months of this year for equipment, livestock, and operating expenses, according to a Federal Reserve survey of commercial lenders. “The volume of non-real-estate farm loans was about 10% less than a year ago, continuing a recent trend of reduced loan demand,” said a Kansas City Fed summary of the data on Thursday.

“Reduced demand for loans to finance operating expenses drove the overall decline in non-real-estate farm lending. The amount of new operating debt declined to the lowest

read more

Inside Borrowers’ Battles to Get Student-Debt Relief

Ruben Onsu
  • Biden’s Education Department has canceled billions in student debt, but trillions remain outstanding.
  • Even if you qualify for relief, you may not know about it, or you could get a 0% rate of forgiveness.
  • Borrowers told Insider there’s a lack of clarity, and experts say much more needs to be done. 
  • See more stories on Insider’s business page.

Nearly 45 million people in the US have outstanding student-loan debt. That adds up to a $1.7 trillion problem.

President Joe Biden, who promised during his campaign to immediately tackle the crisis, has moved to do so via the Department

read more

Student loan reform crusader mounts campaign for Trump ally’s House seat

Ruben Onsu

A bankruptcy attorney specializing in student loan debt is running as a Democrat for a New York House seat that is currently held by a staunch Trump ally.

Austin Smith, in his first bid for public office, launched a campaign for the 2022 House office currently held by Rep. Lee Zeldin (R-NY) in the 1st congressional district of New York, representing eastern Long Island.

“I’m a bit old fashioned and for all my rabble-rousing in my legal career to date, I am skeptical of utopias and weary of the unintended consequences of the promises of utopias,” Smith told Yahoo Finance.

read more