Applicants will not need to log in with a federal student aid ID, nor upload any documents, but they will have to accurately and honestly provide information about their monetary earnings. Depending on their income and whether or not they received a Pell Grant during their college career (a grant being money awarded to students that does not need to be paid back, unlike a loan), applicants can be eligible to receive up to $10,000 or $20,000 in debt relief forgiveness.

Since the pandemic began, student loan payments have been frozen in an effort to provide some kind of relief for those in debt. The application form is not live yet, but is expected to release sometime in October; federal officials have suggested that many should file the form by November 15^th in order to apply the debt cancellation to their current balances, although applications will continue until the end of 2023. If an applicant has $20,000 or lower left on their balance, they may be able to completely wipe out their remaining debt before the federal pause on loan payments ends on December 31^st of this year.

Already, there has been much debate over whether Biden has the authority to do this, and whether states would lose out on the money to be had by being repaid. Others have said that the plan benefits people of color more than others, which would violate the constitution’s right to equal protection of the laws—although cases like this were dismissed on the basis of having no standing.

According to NPR, loan forgiveness would raise the standard of living for millions, if not tens of millions, of people—although the subsequent increase in spending might increase inflation. Some also call the forgiveness unfair to those who saved and worked through college, or those who have managed to pay off their debt; on the other hand, there are many individuals who feel that their own suffering through debt should not mean that others have to suffer through debt as well.

How do you feel about debt forgiveness? Please let us know by leaving a comment down below.

According to the article, Professor Jeremy Siegel is claiming that the Federal Reserve doesn’t see that inflation rates are easing, therefore, the Federal Reserve plans to increase interest rates to combat what they see as high inflation rates, and Siegal believes that this will push the economy into the red.

In other words, Siegel is saying that by raising interest rates and making things more expensive, the Federal Reserve is trying to slow down consumer spending to prevent the economy from crashing if it grows too fast.

Think of it like putting more pressure on the brakes to slow down a car so you don’t hit the vehicle in front of you. Regular people tend to like being able to spend money freely, but in doing so, the economy—think of it again like the car—goes faster, causing inflation rates to go up as demand for products goes up. If consumer spending isn’t slowed by higher interest rates put forth by the Federal Reserve, the economy will crash—just like the car.

So now one of the major questions for us is: How can we combat a recession? In other words, how can we weather the storm, or even try to limit its effects, when we are just ordinary people?

1. Try to refrain from spending too much but at the same time not to be too afraid of spending. In a recession, customers and businesses may be too scared to spend money, but also remember, less spending contributes to a deeper recession, and how long it occurs for.
2. Spend money on right things and in right directions, such as paying off debt, or investing in improvements or good safety nets for yourself or your business.
3. Show your value at work. Without showing value, it would be hard for anyone to be safe at any workplace at a recession. During a recession, even Google or Facebook would lay off employees too. Therefore, it’s important to do your best and secure your current position.

Language Service Providers aren’t just responsible for their business, but also for their employees and their families. Weathering a recession is incredibly important for our business, so what can LSPs do?

1. Remember that language services as a need aren’t going to disappear, so don’t panic. With our increasingly globalized world, language service requests can come from virtually anywhere, even outside of the United States.
2. Cut costs where you can, but treat your employees—and your vendors—well. Employees are the backbone of every company, and one that is treated well will want to give back in every way that they can. Besides, letting go of good employees only to be looking to hire later and train someone new costs time and energy as well.
3. As a business, we often think a recession presents opportunities as well. We should all be more careful and thoughtful in planning and looking ahead to contribute to the health of our company.