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INTERVIEW: Elizabeth Warren puts student-loan servicers on notice. The 'days are over' when they could do 'a terrible job.'

Sen. Elizabeth Warren. REUTERS/Brendan McDermid Elizabeth Warren told Insider that the "days are over" when student loan companies could mislead borrowers. Two companies shut down their loan services, leaving 10 million borrowers without a servicer. Warren is holding a hearing on Tuesday to discuss how to best facilitate the transition to new servicers. See more stories on Insider's business page. Over the span of just two weeks this July, two different student loan companies shut down...
Tags: Congress, Senate, Elizabeth Warren, America, Trends, Joe Biden, Warren, John Kennedy, Education Department, PHEAA, Massachusetts Sen Elizabeth Warren, Pennsylvania Higher Education Assistance Agency, The Department of Education, Ayelet Sheffey, GSMR, Granite State Management and Resources


Biden has been assessing the legality of canceling $50,000 in student debt for millions of Americans. After several months, there's still no word.

President Joe Biden. AP Photo/Evan Vucci Early in his term, Biden asked the Education and Justice Depts. to review the legality of canceling student debt. They are assessing $50,000 in student debt being canceled per person, and no update has been released. Some Democrats remain adamant that Biden can cancel student debt under the Higher Education Act. See more stories on Insider's business page. Imagine getting your student debt canceled. President Joe Biden campaigned on it, vowing t...
Tags: Congress, White House, Politico, Trends, Joe Biden, Cnn, Warren, Department Of Justice, Biden, Justice Department, Sen Elizabeth Warren, Chuck Schumer, US Department of Education, Jen Psaki, Ron Klain, Klain


Biden wants to hear the public's stories about the student loan forgiveness program for public servants with a 98% denial rate

Suzanne Kreiter/The Boston Globe via Getty Images The Education Dept. is launching a public inquiry on the Public Service Loan Forgiveness program. The program, which is supposed to forgive student debt for public servants, rejects 98% of applicants. Anyone can submit comments which the department will consider when implementing improvements. See more stories on Insider's business page. If the Public Service Loan Forgiveness (PSLF) program worked as it should, then every qualifying pu...
Tags: Trends, Joe Biden, Biden, Donald Trump, Boston Globe, Education Department, Public Service Loan Forgiveness, Public Service Loan Forgiveness PSLF, PSLF, Suzanne Kreiter, Seth Frotman, Biden Harris Administration, Ayelet Sheffey, Student Borrower Protection Center, Getty Images The Education Dept, Julie Margetta Morgan


Biden wants to hear the public's stories about the student loan forgiveness program with a 98% denial rate

Suzanne Kreiter/The Boston Globe via Getty Images The Education Dept. is launching a public inquiry on the Public Service Loan Forgiveness program. The program, which is supposed to forgive student debt for public servants, rejects 98% of applicants. Anyone can submit comments which the department will consider when implementing improvements. See more stories on Insider's business page. If the Public Service Loan Forgiveness (PSLF) program worked as it should, then every qualifying pu...
Tags: Trends, Joe Biden, Biden, Donald Trump, Boston Globe, Education Department, Public Service Loan Forgiveness, Public Service Loan Forgiveness PSLF, PSLF, Suzanne Kreiter, Seth Frotman, Biden Harris Administration, Ayelet Sheffey, Student Borrower Protection Center, Getty Images The Education Dept, Julie Margetta Morgan


3 signs the labor shortage could end soon - and one major sign that it won't, according to UBS

The labor shortage is hitting fast food restaurants. Photo by Joe Raedle/Getty Images UBS Evidence Lab economists said job openings and retirement peaks may signify an end to the labor shortage. Job gains in leisure and hospitality are also promising signs that people are getting back to work. But bottlenecks, which slow economic growth, could prolong the labor shortage, they said. See more stories on Insider's business page. The labor shortage is tough on the economic recovery. Consum...
Tags: Labor, Trends, Ubs, Joe Raedle Getty, UBS Evidence Lab, Ayelet Sheffey, Samuel Coffin, Andrew Dubinsky Pablo Villanueva, John Hopkins Bloomberg UBS


6 million renters face eviction in 8 days when a Trump-era ban expires. Biden is poised to let it happen.

President Joe Biden speaks on the economy at Cuyahoga Community College Manufacturing Technology Center, on May 27, 2021, in Cleveland, Ohio. Nicholas Kamm/AFP via Getty Images Both a federal eviction ban and a moratorium on foreclosures expire in eight days. Some advocates are pushing for an extension of the eviction ban as new virus cases pile up. The Biden administration is poised to allow both relief programs to expire on July 31. See more stories on Insider's business page. On Jul...
Tags: Cdc, White House, Trends, Joe Biden, Delta, Biden, Trump, Freddie Mac, Fannie Mae, National Low Income Housing Coalition, Paul Williams, Jain Family Institute, Diane Yentel, Joseph Zeballos Roig, COVID, Ayelet Sheffey


The Delta variant could make the American shopper go back into lockdown, BofA says

Bolstered by three rounds of stimulus checks, US consumers have been spending more. Justin Sullivan/Getty Images The Delta variant could hurt the American shopper, and the economy, BofA Research says. As the variant surges, economists predict a pullback in spending given concerns of catching it. They cited Michigan, where spending declined after February's Covid wave, despite no change in restrictions. See more stories on Insider's business page. Something may be changing in the A...
Tags: US, Trends, Bank Of America, Joe Biden, Delta, Fox News, Michigan, Biden, Donald Trump, Trump, Juneau, Justin Sullivan Getty, BofA, Zhou, Ethan Harris, Ayelet Sheffey


Adjunct professors should be eligible for relief from the 'crushing burden' of student debt, Democrats say in new bill

Adjunct professors often work at several schools, have multiple jobs, and hold student loan debt. Four Democrats want them to eligible for relief under the Public Service Loan Forgiveness program. SDI Productions/Getty Images Four Democrats introduced a bill to make adjunct professors eligible for student loan forgiveness. The current Public Service Loan Forgiveness program only applies to full-time public servants - not adjuncts. And it rejects 98% of applicants, warranting reform. See mo...
Tags: Maryland, America, Trends, Joe Biden, Hawaii, Tammy Duckworth, Biden, Donald Trump, Mazie Hirono, John Sarbanes, Education Department, Public Service Loan Forgiveness, Hirono, Public Service Loan Forgiveness PSLF, PSLF, New Jersey Sen Cory Booker


Upstate New York's trial with universal basic income: $500 per month to 100 people for 1 year

Universal basic income has grown increasingly popular. To try it out 100 Ulster County residents in upstate New York will receive $500 monthly payments for one year. Getty Images/Cavan Images Upstate New York launched a pilot universal basic income program for 100 Ulster County residents. Those residents will receive $500 monthly checks for a year and must make less than $46,900 annually. Other cities have implemented similar programs, and some Democrats want every American to get permanen...
Tags: New York, Congress, California, America, Trends, Joe Biden, Democrats, St Paul, Upstate New York, Steele, Chicago Boston, Ulster County, AP News, Ayelet Sheffey, Getty Images Cavan Images Upstate New York, May Ulster County


Biden says he's 'tired of trickle down' leaving out the middle class: 'Just pay your fair share'

President Joe Biden. SAUL LOEB/AFP via Getty Images At a CNN town hall, Biden said he is "tired of trickle down" economics leaving out the middle class. Trickle-down economics is the idea that benefits for the wealthy will "trickle down" to the rest of society. Biden said a solution to creating an equitable economy is ensuring the wealthy pay their fair share in taxes. See more stories on Insider's business page. Economic recovery is largely driving President Joe Biden's agenda, an...
Tags: Massachusetts, Elizabeth Warren, America, Trends, Joe Biden, Cnn, Republican, Biden, Cincinnati, Joe Biden SAUL LOEB, Ayelet Sheffey


Most Americans don't want the government to send checks to families forever, survey finds

The first expanded child tax credit checks will be sent out to families on July 15. Alexi Rosenfeld/Getty Images A Morning Consult/Politico survey found 52% of voters don't want permanent monthly checks for families. 54% support Biden's child tax credit, which sends up to $300 monthly checks to families with kids. Many Democrats are pushing for it to be permanent, but passing it through Congress will be hard. See more stories on Insider's business page. The first batch of $300 ...
Tags: Congress, Montana, Washington, America, Trends, Joe Biden, Democrats, Maine, Biden, Bennet, Democratic, Colorado Sen Michael Bennet, Joseph Zeballos Roig, Alexi Rosenfeld Getty, Ayelet Sheffey, Congress Sen Angus King


Another student-loan company is shutting down its services, leaving close to 10 million borrowers in limbo

Eric Raptosh Photography/Getty Images Student-loan company Granite State Management and Resources is not renewing its loan servicing contract after December. The Pennsylvania Higher Education Assistance Agency announced the same thing 2 weeks ago. Close to 10 million borrowers will now have to be transferred to new servicers before the payment pause lifts. See more stories on Insider's business page. Following the Pennsylvania Higher Education Assistance Agency (PHEAA) announcing two ...
Tags: Politico, Trends, Warren, Capitol Hill, Granite State, Education Department, Consumer Financial Protection Bureau CFPB, PHEAA, Massachusetts Sen Elizabeth Warren, Richard Cordray, Pennsylvania Higher Education Assistance Agency, Cordray, Ayelet Sheffey, GSMR, Eric Raptosh Photography Getty Images Student, Granite State Management and Resources


Another student-loan company is shutting down its services, bringing total number of borrowers in limbo to nearly 10 million

Eric Raptosh Photography/Getty Images Granite State Management and Resources is not renewing its loan-servicing contract after December. The Pennsylvania Higher Education Assistance Agency announced the same thing two weeks ago. Nearly 10 million borrowers will have to be moved to new servicers before the payment pause lifts. See more stories on Insider's business page. After the Pennsylvania Higher Education Assistance Agency (PHEAA) announced two weeks ago it would not extend its fe...
Tags: Massachusetts, Politico, Trends, Warren, Capitol Hill, Granite State, Sen Elizabeth Warren, Consumer Financial Protection Bureau, Education Department, PHEAA, Richard Cordray, Pennsylvania Higher Education Assistance Agency, Cordray, Ayelet Sheffey, Eric Raptosh, GSMR


Free school lunch is now an option for 6.2 million students in California, regardless of income

Getty California passed the nation's first free school lunch program for every student regardless of income. This $54 million investment would cover lunches for the next school year, impacting 6.2 million students. Lawmakers are pushing for universal free school meals nationwide to fight childhood hunger. See more stories on Insider's business page. Giving every student the option to eat lunch for free is the latest way California is choosing to make use of its significant budget ...
Tags: New York, Minnesota, California, Boston, Trends, Chicago, Wisconsin, Kirsten Gillibrand, Vermont, Gavin Newsom, Sanders, Tony, Newsom, Gwen Moore, Sens Bernie Sanders, Ilhan Omar


NYC food trucks are a microcosm of the changed economy. Mondays and Fridays are their slowest days and many have changed locations.

Food cart in NYC. Noam Galai/Getty Images The work-from-home economy is hurting NYC food truck vendors, the NYT reports. Many had to switch locations, Mondays and Fridays are the slowest, and pre-pandemic profits are gone. Although June jobs data showed remote work declining, a return to pre-pandemic levels is unlikely. See more stories on Insider's business page. Before the pandemic, stopping at a food truck on the way to and from work was a New York City staple. But the work-from-hom...
Tags: New York City, Trends, Bureau of Labor Statistics, New York Times, Times, Midtown Manhattan, Alam, Noam Galai Getty, Times We, Ayelet Sheffey, Nicko Karagiorgos, Uncle Gussy, Karagiorgos, Royal Grill Halal Food


$10 million in student debt is wiped out for 2,500 South Carolina students using stimulus funds

Alex Wong/Getty Images South Carolina State University, an HBCU, canceled $9.8 million in student debt for 2,500 students. This impacts the students who had past-due payments or couldn't afford to return to school. The debt cancellation was made possible through both Trump and Biden's stimulus funds. See more stories on Insider's business page. South Carolina State University just became the latest school to act on the $1.7 trillion student-debt crisis in the country.Last week...
Tags: Trends, Joe Biden, Biden, Donald Trump, Young, South Carolina, South Carolina State, Trump, Historically Black College, Delaware State University, Leslie Young, South Carolina State University, Massachusetts Sen Elizabeth Warren, Ayelet Sheffey, University HBCU, Alexander Conyers


Biden wants to address the housing shortage. He just called a White House meeting with builders and labor unions.

A red-hot real-estate market has kickstarted new home construction, but builders face a shortage in lumber. Chris Delmas/AFP/Getty Images Top Biden officials met with homebuilders and labor unions last week to discuss the housing shortage. Decades of underbuilding have caused home prices to rise, making homes unaffordable for many. The National Association of Home Builders said it was a good first step, but "we are not out of the woods yet." See more stories on Insider's business page....
Tags: White House, Trends, Bloomberg, Joe Biden, Biden, National Association of Home Builders, Raimondo, Brian Deese, CHRIS DELMAS, Ben Winck, Ayelet Sheffey, AFP Getty Images Top Biden, Council of Economic Advisers Chair Cecilia Rouse, According to the National Association of Realtors


The 'ever-worsening affordability crisis' in housing came from decades of underbuilding, industry group says

Construction workers build homes on a lot in Vaughan, a suburb with an active real estate market, in Toronto, Canada, May 24, 2017. Mark Blinch/Reuters The National Association of Realtors stressed the urgency of addressing the housing shortage in a report. It cited decades of underbuilding for the current "affordability crisis" that is just getting worse. Building would need to increase by 60% to make up for the lack of available housing, it said. See more stories on Insider's busines...
Tags: US, Trends, Joe Biden, Commerce, Vaughan, Toronto Canada, NAR, National Association of Home Builders, Gina Raimondo, Lawrence Yun, National Association of Realtors NAR, Mark Blinch, Rosen Consulting Group, Ayelet Sheffey, Housing and Urban Development Marcia Fudge, Reuters The National Association of Realtors


Inside the 'vicious cycle' of spiralling student-loan debt caused by servicers just not picking up the phone

Shutterstock Some student-loan borrowers told Insider they are struggling to get help from their loan servicers. Even though some qualify for debt relief, they accumulate more debt instead. Lawmakers have been pushing to hold the servicers accountable, but further reform is pending. See more stories on Insider's business page. Charles Moore, 49, was on the phone for four hours with the company that collects his student loans. Moore, who holds more than $50,000 in student debt, wanted ...
Tags: Senate, Trends, Warren, Capitol Hill, Costa, South Carolina, Kennedy, Moore, John Kennedy, Charles Moore, Navient, PHEAA, Massachusetts Sen Elizabeth Warren, Public Service Loan Forgiveness PSLF, Steeley, Ayelet Sheffey


AOC vows progressives will 'tank' the bipartisan infrastructure bill if a reconciliation bill including more care-economy and climate change measures isn't passed in tandem

Rep. Alexandria Ocasio-Cortez, D-N.Y. AP Photo/Jacquelyn Martin Biden's bipartisan infrastructure deal cut out a number of care-economy measures from his initial plan. AOC said progressive will "tank" the deal if a reconciliation bill isn't passed at the same time. The reconciliation bill would include more care-economy measures and climate change initiatives. See more stories on Insider's business page. After President Joe Biden reached an agreement with a bipartisan group of ...
Tags: New York, Senate, Trends, Joe Biden, House, Nancy Pelosi, Biden, Aoc, Pelosi, United States Senate, Alexandria Ocasio Cortez, Ocasio Cortez, Ayelet Sheffey, Jacquelyn Martin Biden


California lawmakers just agreed to send up to $1,000 monthly checks to 40 million residents

California lawmakers on Thursday approved a guaranteed-income program for residents. Reuters/Beawiharta California lawmakers on Thursday approved a program to provide monthly checks to residents. The guaranteed-income program would prioritize pregnant people and those aging out of the foster system. The state is the first to implement this type of program, which many Democrats have pushed for. See more stories on Insider's business page. In the first-of-its-kind state initiative, Calif...
Tags: Congress, California, Trends, Joe Biden, Biden, Gavin Newsom, Legislature, Santa Clara County, Cortese, Dave Cortese, California Department of Social Services, Ayelet Sheffey, Reuters Beawiharta California


California lawmakers just approved the nation's first guaranteed income program

REUTERS/Beawiharta California lawmakers approved a program that would provide monthly checks to residents. This guaranteed income program will prioritize pregnant people and those aging out of the foster system. The state is the first to implement this type of program, which many Democrats have been pushing for. See more stories on Insider's business page. In the first-of-its-kind state initiative, California just approved a program to distribute monthly checks to its residents, mark...
Tags: Congress, California, Trends, Joe Biden, Biden, Gavin Newsom, Santa Clara County, Cortese, Dave Cortese, California Department of Social Services, Ayelet Sheffey, Beawiharta California


California lawmakers just agreed to send $1,000 monthly checks to 40 million residents

REUTERS/Beawiharta California lawmakers approved a program that would provide monthly checks to residents. This guaranteed income program will prioritize pregnant people and those aging out of the foster system. The state is the first to implement this type of program, which many Democrats have been pushing for. See more stories on Insider's business page. In the first-of-its-kind state initiative, California just approved a program to distribute monthly checks to its residents, mark...
Tags: Congress, California, Trends, Joe Biden, Biden, Gavin Newsom, Santa Clara County, Cortese, Dave Cortese, California Department of Social Services, Ayelet Sheffey, Beawiharta California


America’s CEOs couldn’t say it any louder: We’re about to charge you more

Creative Touch Imaging Ltd./NurPhoto via Getty Images Inflation surged 0.9% from May to June, sparking concerns for CEOs of major companies. Biden has said elevated inflation is only temporary, but some CEOs think it could persist. To offset inflation, some of those execs said they'll be increasing prices on daily consumer goods. See more stories on Insider's business page. While the economy is showing promising signs of recovery, adding 850,000 payrolls in June, inflation is als...
Tags: Politics, America, Trends, Markets, Joe Biden, Economy, Bureau of Labor Statistics, Retail, Inflation, Biden, Pepsico, Jamie Dimon, Fed, Helen, Lewis, Pepsi


The CEOs of major companies are increasingly talking about inflation. Here's what has 3 of them worried.

In this photo illustration, hands are seen counting $100 bills. Valera Golovniov/SOPA Images/LightRocket via Getty Images Inflation, or increased pricing for goods, is on the rise as the economy reopens. Biden's administration and the Fed says the price increases should be temporary. But CEOs of major companies are saying that higher prices could persist. See more stories on Insider's business page. The country is reopening and the economy is recovering from the pandemic, and while...
Tags: Europe, Labor, Trends, Joe Biden, Bureau of Labor Statistics, United States, Republican, Biden, Pasadena, Pepsico, Jamie Dimon, Cnbc, Blackrock, Fed, Reuters, Jpmorgan


What America's CEOs are saying on inflation: We're going to charge you more

In this photo illustration, hands are seen counting $100 bills. Valera Golovniov/SOPA Images/LightRocket via Getty Images Inflation, or increased pricing for goods, is on the rise as the economy reopens. Biden's administration and the Fed says the price increases should be temporary. But CEOs of major companies are saying that higher prices could persist. See more stories on Insider's business page. The country is reopening and the economy is recovering from the pandemic, and while...
Tags: Europe, Labor, America, Trends, Joe Biden, Bureau of Labor Statistics, United States, Treasury, Janet Yellen, Republican, Biden, Pasadena, Pepsico, Jamie Dimon, Cnbc, Blackrock


23 Democrats are worried about 'plunging' student-loan borrowers back into repayment in October without a long-term plan for protecting their wages and credit scores

Brad Doherty/AP Images 23 Democrats asked the Education Dept. how it will protect borrowers' wages when student-loan payments resume. They cited how nearly half of borrowers with defaulted loans can't return to good credit standing. Democrats are worried about "plunging" the borrowers back into repayment in October without long-term help. See more stories on Insider's business page. Even if the pause on student-loan payments does get extended past October, it would only be tem...
Tags: Massachusetts, Trends, Democrats, New Jersey, Social Security, Department, Center for American Progress, Education Department, AP Images, National Consumer Law Center, Ayanna Pressley, Miguel Cardona, Ayelet Sheffey, Brad Doherty, Education Department and Treasury Department


Student-loan companies aren't prepared to restart payments in October, which could be a 'financial catastrophe' for borrowers, senators say

Drew Angerer/Getty Images Elizabeth Warren asked student-loan servicers last month how they were preparing borrowers to restart payments. They responded on Tuesday that they need more time, calling the transition into repayment "unprecedented." Lawmakers and advocates are calling on Biden to extend the payment freeze through next year. See more stories on Insider's business page. The resumption of student-loan payments on October 1 is quickly approaching as borrowers, lawmakers, and a...
Tags: Minnesota, Senate, Massachusetts, Trends, Joe Biden, Warren, Biden, Chuck Schumer, Bobby Scott, American Civil Liberties Union ACLU, Patty Murray, Education Department, Ed Markey, Tina Smith, Service Employees International Union SEIU, Sens Elizabeth Warren


Student-loan companies aren't prepared to restart payments in October, which could be a 'financial catastrophe' for borrowers

Drew Angerer/Getty Images Elizabeth Warren asked student-loan servicers last month how they were preparing borrowers to restart payments. They responded on Tuesday that they need more time, calling the transition into repayment "unprecedented." Lawmakers and advocates are calling on Biden to extend the payment freeze through next year. See more stories on Insider's business page. The resumption of student-loan payments on October 1 is quickly approaching as borrowers, lawmakers, and a...
Tags: Minnesota, Senate, Massachusetts, Trends, Joe Biden, Warren, Biden, Chuck Schumer, Bobby Scott, American Civil Liberties Union ACLU, Patty Murray, Education Department, Ed Markey, Tina Smith, Service Employees International Union SEIU, Sens Elizabeth Warren


'Men have done much better,' Biden's Commerce Secretary says as the share of women in the workforce hits a 30-year low

Commerce Sec. Gina Raimondo. Paul Morigi/Getty Images for Fortune/Time In The lack of caregiving has forced women out of the labor force during the pandemic. Commerce Sec. Gina Raimondo told Fortune that caregiving needs to be a part of infrastructure. Vice President Kamala Harris has called women's exodus from the workforce a "national emergency." See more stories on Insider's business page. Jobs are once again being added to the labor market and the economy is showing signs of ...
Tags: Trends, Joe Biden, Commerce, New York Times, Biden, Fortune, Kamala Harris, Democratic, Census Bureau, Raimondo, Gina Raimondo, Ayelet Sheffey, American Families Plan, Commerce Sec, Gina Raimondo Paul Morigi Getty, Sec Gina Raimondo