Moyo Studio | E+ | Getty Images The Federal Reserve announced a half percentage point, or 50 basis points, interest rate cut at the end of its two-day meeting Wednesday. And, naturally, some Americans will want to make the most of the central bank’s first rate cut since the early days of the Covid pandemic. … Read more
Sopa Images | Lightrocket | Getty Images Student loan giant Navient has reached a $120 million settlement with the Consumer Financial Protection Bureau over its practices with student loan borrowers, the company tells CNBC. The CFPB sued Navient in 2017 for misleading borrowers and providing them with bad information, causing many to pay more than they needed … Read more
A senior Biden administration official says the U.S. Department of Education did not plan to begin forgiving up to $147 billion in student debt for as many as 25 million Americans before publishing a final rule on the program — despite claims to the contrary by seven Republican state attorneys general. Those AGs last week … Read more
Cooper Union’s Foundational Building, left, and 41 Cooper Square facility, right, in New York’s Greenwich Village. Image source: Mario Morgado In a move years in the making, the Cooper Union for the Advancement of Science announced Tuesday a return to full-tuition scholarships for all graduating seniors. The New York City-based private college, founded in 1859, … Read more
A group of seven GOP-led states on Tuesday sued to block the Biden administration’s latest effort to provide student loan forgiveness. The lawsuit, led by Missouri Attorney General Andrew Bailey, accuses Education Secretary Miguel Cardona of trying to unlawfully provide $73 million in student debt relief overnight with hundreds of billions more to follow. “This … Read more
Without financial aid, the price tag at some four-year colleges and universities — after factoring in tuition, fees, room and board, books, transportation, and other expenses — is now nearing $100,000 a year. But even though college is getting more expensive, students and their parents rarely pay the full amount. Aside from their income and savings, most families rely on … Read more
The Federal Reserve could start lowering interest rates as soon as next month, based on the latest inflation data. “We think that the time is approaching,” Fed Chair Jerome Powell said at a press conference after the last Federal Open Market Committee meeting in July. For Americans struggling to keep up with sky-high interest charges, a likely September rate cut may bring some … Read more
Kumikomini | Istock | Getty Images In 2004, Sabrina Finch returned to school to become a nurse. Her mother, Rebecca, was excited for Sabrina, then in her early 30s, to finally have a career. She’d watched for years as Sabrina struggled to get by working low-wage jobs, including in fast-food restaurants and factories. As a … Read more
We Are | Digitalvision | Getty Images Who doesn’t have to make payments? The U.S. Department of Education is placing federal student loan borrowers enrolled in the Biden administration’s new income-driven repayment plan, known as SAVE, into an administrative forbearance. They will remain in forbearance while the legal battle involving SAVE plays out. What that … Read more
Ramon Montiel-García, 18, a graduate of KIPP Northeast Denver Leadership Academy in Colorado. Credit: Ramon Montiel-García Ramon Montiel-García, a newly minted high school graduate from KIPP Northeast Denver Leadership Academy in Colorado, was accepted to his first-choice school, Wheaton College in Massachusetts. However, with a sticker price of nearly $80,000 per year, including tuition, fees, and … Read more
