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☆ A millennial dad's $0 student-loan payments gave his family some breathing room. Then courts blocked Biden's repayment plan leaving 8 million borrowers like him in limbo.
▼ + stars: | 2024-07-25 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Throughout his repayment, Pedrick has been on an income-driven repayment plan, which calculated his payments based on his five-figure salary. "And I was really thankful not to have to pay my student loan payments at that point." Earlier this year, two separate groups of attorneys general filed lawsuits to block the SAVE plan. The department is still carrying out account adjustments, during which it brings borrowers' payments up to date to bring them closer to relief. Are you concerned about the future of your student-loan payments?

Persons: Alan Pedrick, he's, Pedrick, Joe, He's, Biden, — Pedrick, Bill Cassidy, Biden's, Cassidy, Miguel Cardona, Cardona, it's, I'm Organizations: Service, Business, GOP, SAVE, forbearance, Education Department, Senate, Republican

☆ A major student-loan company is being sued over claims it mismanaged 8 million borrowers' accounts, blocking them from lower payments and debt relief
▼ + stars: | 2024-07-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA major student-loan company just got hit with a lawsuit over claims it harmed the millions of borrowers it services. The lawsuit claims that MOHELA's mismanagement has harmed the 8 million borrowers it services and requests that a judgment be entered requiring MOHELA to provide relief to harmed borrowers for violating consumer protection law. "Individually, any one of MOHELA's failings would be sufficient to cause financial, mental, and emotional distress," the lawsuit said.

Persons: —, servicer MOHELA, MOHELA, Randi Weingarten, it's, Elizabeth Warren, Chuck Schumer, Bernie Sanders, Warren, Winston Berkman, Breen Organizations: Service, Teachers, Business, Education Department, AFT, Federal, Democratic, we're Locations: American, Sens

☆ Student-loan borrowers can likely count on more debt cancellation if Kamala Harris wins the presidency
▼ + stars: | 2024-07-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

This could be good news for student-loan borrowers looking for relief. When it comes to broader student-loan forgiveness, Harris has stood behind Biden's efforts to cancel student debt. AdvertisementBiden's administration is now working toward a second attempt at broader student-loan forgiveness, which is expected to benefit over 30 million borrowers. Harris's office did not immediately respond to a request for comment from Business Insider on the higher education and student-loan forgiveness policies she might prioritize as a candidate. Beyond student-loan forgiveness, Harris has also vouched for free college and supported Sen. Bernie Sanders's College for All Act, which would make tuition free for students at community colleges and four-year public institutions making up to $125,000 a year.

Persons: —, Joe Biden, Kamala Harris, Biden, Harris, Pell Grant, Sen, Bernie Sanders's Organizations: Service, Business, Corinthian College, Education Department, Corinthian, Administration, Politico, Bernie Sanders's College, All

☆ A Gen X dad who commutes over 10 hours a week to work in a different state says it's advanced his career but takes away from family time
▼ + stars: | 2024-07-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Jae Kim has come to terms with driving over 700 miles each week to get to work. He decided to make the move and figure out his work situation once his family was settled. Eight years later, he's still driving about five hours there each week to get to the office and five hours back home. BI previously spoke to Dennis Dabney, a Gen X dad who flies weekly from Texas to Arizona for work. He recommends that anyone considering a long commute go into it "with eyes wide open" because it's not for every family situation.

Persons: Jae Kim, Kim, he's, I've, there's, I'm, Dennis Dabney, Dabney, it's Organizations: Service Locations: Auburn , Alabama, South Carolina, Alabama , South Carolina, Georgia, Alabama, Texas, Arizona

☆ 8 million student-loan borrowers on Biden's new repayment plan don't have to make payments after a federal court blocked the program in full
▼ + stars: | 2024-07-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +1 min

The 8th Circuit blocked the SAVE student-loan repayment plan in full. Student-loan borrowers on SAVE won't have to make payments as the legal process continues. This will likely spark confusion for borrowers who already received bills with lower payments. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . On Thursday, the 8th Circuit Court of Appeals blocked the SAVE student-loan repayment plan in full, meaning that key provisions of the plan, like lower monthly payments and a shorter timeline to debt cancellation, cannot be implemented.

Persons: — Organizations: Circuit, SAVE, Service, GOP, Business

☆ A federal court has now blocked Biden's new student-loan repayment plan in full, prohibiting borrowers from getting cheaper payments and debt cancellation
▼ + stars: | 2024-07-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +1 min

The 8th Circuit on Thursday blocked the SAVE student-loan repayment plan in full. This means that debt cancellation and cheaper payments through the plan cannot be implemented. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA major repayment plan for millions of student-loan borrowers is once again blocked. Earlier this year, two separate groups of GOP state attorneys general filed lawsuits to block the SAVE plan, and at the end of June, two federal courts placed preliminary injunctions on the plan.

Persons: — Organizations: Service, Appeals, GOP, Business

Read previewFormer President Donald Trump said the Federal Reserve should not cut interest rates before the presidential election, according to an interview he did with Bloomberg Businessweek. The Federal Open Market Committee has two interest rate decisions scheduled before the election in July and September. "I think it's past time for them to cut interest rates," Zandi said. During a February interview with Fox News, Trump accused Powell of being "political" and planning interest rate cuts to coincide with the election. "I think he's going to do something to probably help the Democrats, I think, if he lowers interest rates," Trump said, adding that "it looks to me like he's trying to lower interest rates for the sake of maybe getting people elected."

Persons: —, Donald Trump, Trump, Jerome Powell, Mark Zandi, Powell, Zandi, Claudia Sahm, Sahm, he's Organizations: Service, Federal Reserve, Bloomberg Businessweek, Business, Democratic, Federal, Reserve, Banking, Housing, Urban Affairs, Fed, New Century Advisors, Fox News, Stanford's Business, Government, Society, Trump, Wall Street

☆ 35,000 student-loan borrowers in public service are getting $1.2 billion in debt wiped out after fixes to a key relief program
▼ + stars: | 2024-07-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +1 min

The Education Department announced $1.2 billion in debt relief for 35,000 student-loan borrowers in public service. The relief is a result of ongoing fixes to the Public Service Loan Forgiveness program. AdvertisementAnother batch of student-loan borrowers will soon see their balances turned to zero. On Thursday, President Joe Biden's Education Department announced that it approved $1.2 billion in student-loan forgiveness for 35,000 public service workers. The relief is a result of ongoing fixes to the Public Service Loan Forgiveness program, which forgives student debt for government and nonprofit workers after 10 years of qualifying payments.

Persons: —, Joe Biden's Organizations: Education Department, Public, Service, Joe Biden's Education Department, Business

☆ More student-loan borrowers are getting debt cancellation through bankruptcy 2 years after Biden streamlined the process
▼ + stars: | 2024-07-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewThe Biden administration's new process to help student-loan borrowers get rid of their debt in court is working. On Wednesday, the Justice Department released an update on bankruptcy for borrowers following new guidance it released in 2022. "Our clear, fair, and practical standards are helping struggling borrowers find relief that was previously out of reach," Under Secretary of Education James Kvaal said in a statement. "This data should puncture the myth that struggling borrowers cannot discharge their student loan debt through bankruptcy," he continued. AdvertisementThe Justice Department did not immediately respond to Business Insider's request for the total number of borrowers who have received discharges through this process.

Persons: —, Biden, Education James Kvaal, Sen, Elizabeth Warren, Benjamin Mizer Organizations: Service, Justice Department, Business, Education, Justice, Department of Justice, Student Defense, Democratic

☆ Lower interest rates could be coming soon. Here's what's at stake if they aren't.
▼ + stars: | 2024-07-17 | by ( Madison Hoff | Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

At the end of July, the Federal Open Market Committee will announce its next decision on interest rates. Some economists have recently been pointing to similar concerns with the Fed keeping interest rates high. As Sahm pointed out, it would take time for reduced interest rates to "flow through to the economy." "You want to begin a process of taking the pressure off of the economy," Sahm said. AdvertisementZandi said interest rates on credit cards and Buy Now, Pay Later rates could come down, along with a decline in auto lending rates and mortgage rates.

Persons: —, Mark Zandi, Jerome Powell, Powell, Claudia Sahm, it's, Sahm, Sen, Elizabeth Warren, Brian Rose, Rose, Zandi, Austan Goolsbee, Goolsbee Organizations: Service, Moody's, Business, Federal, CME FedWatch, Fed, Banking, Housing, Urban Affairs, Sahm Consulting, Federal Reserve, Democratic, UBS, Chicago Federal, Wall Street Journal

☆ Why you're going to be hearing a lot about tariffs on China for the next 4 months
▼ + stars: | 2024-07-16 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewFormer President Donald Trump has finally announced his running mate — and his choice means you'll likely hear a lot about tariffs on China in the coming months. Tariffs, or taxes on goods imported from another country, are intended to raise government revenue and bolster domestic manufacturing. As president, Trump was staunchly protectionist and used tariffs to enforce his "America First" policies — he imposed a series of tariffs on China that ultimately led to a trade war between the two economies. According to the Tax Foundation, Trump's tariffs raised taxes by nearly $80 billion. Biden's tariff policies have been more targeted than Trump's.

Persons: —, Donald Trump, Sen, JD Vance —, Ohio —, Vance, Trump, Joe Biden, — Trump, Biden, they're, Joseph Stiglitz Organizations: Service, Trump, Republican, Trump Republican, Business, CBS News, Tax Foundation, CBS Locations: China, Ohio, United States, America, Pennsylvania, Michigan, —

☆ JD Vance has some ideas on how to get Americans to have more babies
▼ + stars: | 2024-07-16 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewSen. JD Vance, now a vice-presidential nominee, has some strong opinions on how America can better support families. Vance, the author of "Hillbilly Elegy" and a former venture capitalist, has been outspoken about his views on family and birth rates. "We should worry that in America, family formation, our birth rates, a ton of indicators of family health have collapsed," Vance said in 2021 remarks. But Vance's actions as a senator suggest some support for Democratic policies, such as an expansion of the child tax credit. Vance expressed support for the credit, saying at the time that "we're the party of families," Punchbowl News reported.

Persons: —, Sen, JD Vance, Vance, He's, he's, we're, would've, Democratic Sen, Ron Wyden, Jason Smith —, Joe Biden, Biden Organizations: Service, Business, Republican National Committee, Social Security, Democratic, Tax Relief, American Families and Workers, Republican, Punchbowl Locations: America, Ukraine, Washington

☆ JD Vance's history shows how he splits from Republicans on some key issues
▼ + stars: | 2024-07-16 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

On Monday, former President Donald Trump selected the Republican senator from Ohio to serve as his running mate. He went from a "Never Trump Republican" to Trump's pick for vice president, and he supports a range of conservative issues, from increased tariffs to opposing abortion rights. When it comes to raising taxes, Vance also hasn't ruled out that possibility. Related storiesStill, on other issues like trade, abortion, and education, Vance has stayed behind Trump's policies. He also aligns with his party on issues like gun control, rejecting Democratic efforts for stricter gun laws.

Persons: JD Vance, Donald Trump, Vance, Trump, Hitler, Democratic Sen, Sherrod Brown, Elizabeth Warren, He's, Warren, Biden, Lina Khan, Khan, hasn't Organizations: Service, Corporate America, Republican, Business, GOP, Democratic, Trump, Biden, Federal Trade Commission, Big Tech Locations: Ohio, Silicon

☆ Wendy's CEO got ripped for pushing dynamic pricing. It could be coming to a store near you.
▼ + stars: | 2024-07-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +8 min

With digital price tags, big retailers, in theory, could do the same. Federal Reserve Chair Jerome Powell has said that type of dynamic pricing is "incredibly important in our economy." AdvertisementSome experts agree, saying dynamic pricing practices could benefit consumers who are able to gain some understanding of the system and shop around. After customers complained online that those changes would surge prices, a spokesperson announced the company did not intend to implement surge pricing. How does dynamic pricing impact you?

Persons: There's, Uber, it's, Greg Cathey, Elizabeth Pancotti, Pancotti, Jerome Powell, Powell, John Zhang, Wendy's, Sen, Sherrod Brown, Zhang, — Organizations: Service, Walmart, Business, Roosevelt Institute, Federal, Wharton School, University of Pennsylvania, Democratic, SNAP

☆ A Gen Xer got $112,000 in student loans forgiven after paying off a 'worthless degree' for over a decade. Now she can enter retirement debt-free.
▼ + stars: | 2024-07-14 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Read previewSheila Reed, 57, is no longer facing a lifetime of student-loan payments. 'I'm just glad it's over'Reed didn't know she would struggle so much to pay off her student loans. But with the relief, she can now begin to save money as she nears retirement and is grateful her student loans are in the rearview mirror. Advertisement"Now, when I do think about the student loans, I think of them being discharged," she said. Are you struggling with student-loan payments?

Persons: —, Sheila Reed, Reed, I'm, Reed didn't, she's Organizations: Service, Westwood College, Business, BI —, Education Department, Westwood, Public, Corinthian Colleges, ITT Technical Institute, Republican

☆ The key to earning more money, switching careers, and getting sober for this millennial: going back to college at 32
▼ + stars: | 2024-07-13 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

It's not an exaggeration to say going back to school changed Erin Vaughan's life. Advertisement"It is truly one of the hardest things I've ever done, but the most rewarding thing," Vaughan told Business Insider. AdvertisementShe's among a growing number of older adults who have decided to return to school later in life to give themselves another shot at higher education. On top of that, a report from Gallup and the Lumina Foundation on the state of higher education in 2024 found that "adults' interest in pursuing some form of higher education is at the highest level" the organizations ever recorded. The high cost of college is also a key factor as to why many Gen Zers have chosen to skip higher education altogether, instead choosing to pursue careers that do not require college degrees.

Persons: It's, Erin Vaughan's, Vaughan, —, I've, she's, hasn't, doesn't, Xer, Zers Organizations: Service, Business, BI, National Bureau of Economic Research, Gallup, Lumina Foundation, Vaughan Locations: Los Angeles

☆ Student-loan borrowers are entering a new 'Wild West' where any form of debt relief is much less certain
▼ + stars: | 2024-07-11 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Read previewLegal challenges against student-debt relief efforts continue, making the fate of millions of borrowers all the more uncertain. When it comes to higher education, the ruling will impose more barriers on regulations that are particularly controversial, like efforts to forgive student debt. The Education Department is working on finalizing its second attempt at a broader debt relief plan, which it hopes to implement this fall. But striking down Chevron could pose even more barriers to debt relief and many higher education regulations borrowers rely on. After the Supreme Court's Chevron ruling, Sen. Bill Cassidy — top Republican on the Senate education committee — sent a letter to Education Sec.

Persons: —, Chevron, Jon Fansmith, Fansmith, Joe Biden, haven't, It's, Neal Hutchens, Sen, Bill Cassidy —, Miguel Cardona, Cassidy, Hutchens Organizations: Service, Business, American Council, Education, Higher, Education Department, Chevron, of Educational Policy, University of Kentucky, Republican, Sec Locations: Chevron

☆ Biden's second attempt at broader student-loan forgiveness could now happen in October
▼ + stars: | 2024-07-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +1 min

The Education Department announced it plans to finalize its broader student-loan forgiveness plan in October. This means millions of borrowers could get relief weeks before the election. The department also plans to propose a separate debt relief rule for borrowers facing hardship. AdvertisementMillions of student-loan borrowers could benefit from President Joe Biden's broader debt relief plan just weeks before the election. The department's broader plan to cancel student debt — proposed after the Supreme Court struck down Biden's first attempt — is expected to be finalized in October.

Persons: —, Joe Biden's, Biden's Organizations: Education Department, Service, Business

☆ Some student-loan borrowers might get debt cancellation now that a major forgiveness program is back
▼ + stars: | 2024-07-09 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +1 min

The Education Department has resumed processing Public Service Loan Forgiveness applications. The department will prioritize debt relief for borrowers who met PSLF requirements during the pause. AdvertisementA major student-loan forgiveness program is once again up and running. As of July 1, the Education Department resumed processing applications for the Public Service Loan Forgiveness program, which forgives student debt for government and nonprofit workers after 10 years of qualifying payments. Now, the task of managing PSLF will be split among several federal servicers, and the Education Department will oversee the program through studentaid.gov.

Persons: — Organizations: Department, Service, Education Department, Public, MOHELA, Business Locations: PSLF

☆ The 'coveted soft landing' is here, Biden's top labor official says — and it could set Americans up for an interest rate cut in September
▼ + stars: | 2024-07-08 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Since last fall, the Federal Reserve has held interest rates steady as it continued fighting to get inflation closer to its 2% target. Alongside the Federal Open Market Committee's announcement to hold interest rates steady during its most recent meeting in June, the Summary of Economic Projections penciled in just one interest rate cut for 2024. However, Powell said during the June press conference that there was still time to change that projection — and that a rate cut in September is "plausible." "It's going to be the totality of the data, what's happening in the labor market, what's happening with the balance of risks, what's happening with the forecast, what's happening with growth," he said. CME FedWatch, which estimates market assessments of the probability of interest rate cuts, projects a 93% chance interest rates will remain steady in July and a 72% chance rates will be cut by September.

Persons: —, Jerome Powell, Julie Su, Su, Powell, Jan Hatzius, Goldman Sachs, Hatzius Organizations: Service, Federal Reserve, Business, of Labor Statistics, Fed, CNBC Locations: —

☆ Mike Bloomberg donates $1 billion to cover Johns Hopkins medical school tuition for students
▼ + stars: | 2024-07-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Read previewMost medical students at Johns Hopkins University won't have to worry about student loans. On Monday, Johns Hopkins announced that Bloomberg Philanthropies, founded by the billionaire Michael Bloomberg, would donate $1 billion to make tuition free for medical students with family incomes under $300,000 a year, beginning this fall. Johns Hopkins said the gift would also allow it to cover living expenses for medical students with family incomes under $175,000 a year. It estimated that nearly two-thirds of current and incoming medical students would qualify for free tuition or free tuition and covered living expenses. Monday's announcement will build on donations Johns Hopkins has received over the past few years to reduce student-debt loads for its graduates.

Persons: —, Johns Hopkins, Bloomberg Philanthropies, Michael Bloomberg, Bloomberg, Ruth Gottesman, David Gottesman, Berkshire Hathaway Organizations: Service, Johns Hopkins University, Bloomberg, Business, Association of American Medical Colleges, Princeton, Amherst, Harvard Locations: Berkshire, Berkshire Hathaway, Bronx

☆ Trump's new platform pledges to 'end inflation' and maintain the retirement age to receive Social Security and Medicare benefits
▼ + stars: | 2024-07-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

On Monday, Trump's campaign announced that the Republican National Committee adopted the former president's platform for the Republican Party. It also promised to preserve Social Security and Medicare benefits without any cuts, including no efforts to raise the retirement age to receive federal benefits. The latest Social Security and Medicare Board of Trustees report found that the program will only be able to pay out full benefits for the next 11 years , after which 83% of the benefits will be available. The platform said that "Trump has made absolutely clear that he will not cut one penny from Medicare or Social Security. American Citizens work hard their whole lives, contributing to Social Security and Medicare.

Persons: —, Donald Trump, Trump's, Trump, Joe Biden, Biden, Nobody's, Bill Clinton Organizations: Service, Republican National Committee, Republican, Business, Government, American Energy, American System of Justice, White House, Senate, Social Security, GOP, Federal, Trump, Citizens, Seniors

☆ A Gen X dad supercommutes from Texas to Arizona every week. He explains why it's worth it for his career — despite the extra costs.
▼ + stars: | 2024-07-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Then 2022 rolled around, and Dabney was offered a promotion within his company to be a program director — in Phoenix. Dabney was excited about the opportunity, and he viewed it as the perfect chance to advance his career and boost his income. And that has been crucial to decisions that I've made over the years about where to go and where to work," Dabney told Business Insider. While he said his company helped him with relocating costs, he estimated the supercommute costs him around an extra $20,000 each year. Advertisement"It was a nonstarter ripping my kids out of high school to go to Louisiana and then eventually Phoenix," Dabney said.

Persons: Dennis Dabney, Dabney, —, I've, he's, it's, Nick Bloom, Alex Finan Organizations: Service, Air Force, Business, Survey, Census Bureau, Stanford Locations: Virginia, Fort Worth , Texas, Phoenix, Fort Worth, Louisiana, Texas

☆ Student-loan companies put up 'excessive barriers' and gave borrowers inaccurate information about debt relief, a federal consumer watchdog says
▼ + stars: | 2024-07-03 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +1 min

The CFPB found student-loan servicers put up "excessive barriers" when it came to helping borrowers. Long hold times and inaccurate information about debt relief harmed borrowers, the report said. AdvertisementMany student-loan borrowers aren't getting the help they need from their servicers, according to a new report. Over the past few years, borrowers with both federal and private student loans have reported challenges with their servicers, from an inability to get the information they need to make their payments to inaccurate information. The CFPB's latest report detailed its findings that many of those companies did not operate in borrowers' best interests.

Persons: servicers, Long, — Organizations: Education Department, Service, aren't, Consumer Financial, Business

☆ Student-loan borrowers on Biden's new repayment plan get a win after a federal court rules that cheaper monthly payments can go into effect
▼ + stars: | 2024-07-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The legal roller coaster for millions of student-loan borrowers on President Joe Biden's new repayment plan continues. A court ruled that borrowers on the SAVE income-driven repayment plan can get the new benefits set to go into effect in July, like lower payments, for the time being after a legal challenges blocked their implementation. The Education Department did not immediately respond to a request for comment from Business Insider on the stay. This means that for now, the Education Department can continue working to implement the new SAVE provisions set to go into effect this July. For now, borrowers continue to await further guidance from the Education Department.

Persons: Joe Biden's, Persis Yu Organizations: Service, Business, Biden's Education Department, GOP, Kansas, Circuit, Education Department, Democratic, Protection, Department, Education, SAVE, Republican Locations: Kansas, Missouri

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