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Credit scores decline for millions as US student loan collections restart
People in favor of canceling student debt protested outside the Supreme Court on June 30, 2023, in Washington.
Mariam Zuhaib/Associated Press
Millions of Americans are seeing their credit scores suffer now that the US government has resumed referring missed student loan payments for debt collection. After 90 days of non-payment, student loan servicers report delinquent, or past-due, accounts to major credit bureaus, which use the information to recalculate the borrower's score. Falling behind on loan payments therefore can affect an individual's credit rating as severely as filing for personal bankruptcy. A lower credit score makes it harder or more expensive to obtain car loans, mortgages, credit cards, auto insurance and other financial services at a time when inflation, high interest rates, and layoffs have strained the resources of some consumers. The Federal Reserve Bank of New York reported that in the first three months of 2025, 2.2 million student loan recipients saw their scores drop by 100 points, and an additional 1 million had drops of 150 points or more. — ASSOCIATED PRESS
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WORKPLACE
Tax law might be coming for your free office snacks
A change in tax law may make companies rethink a popular workplace perk: food and drink. Starting in 2026, companies will no longer be able to deduct the cost of on-site cafeterias or takeout for workers who stay late. And accountants say the change probably applies to office snacks and coffee, too. Though the cost of such staff freebies is relatively small in the grand scheme of employee benefits, the potential change in tax law comes as many businesses are trimming expenses in the face of tariffs and economic uncertainty. US tax law allow companies to deduct certain business costs, such as insurance, rent, and office supplies, from their income before they pay taxes. But meals are treated differently, depending on the category. For instance, a company can deduct 50 percent of the restaurant bill for taking a client or a job candidate to lunch under current law. But a provision that allows companies to deduct cafeteria costs or
any meals they provide in the workplace 'for the convenience of the employer' is poised to sunset in 2026. If it does, US businesses would be looking at an additional $300 million a year in taxes, based on estimates by the Joint Committee on Taxation. — WASHINGTON POST
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MEDIA
What was Terry Moran thinking?
Terry Moran, a longtime ABC News correspondent, was ousted from his network last week over a post on social media platform X that castigated the Trump administration in searing, personal terms.
Lorenzo Bevilaqua/ABC/Photographer: Lorenzo Bevilaqua/
Terry Moran wasted no time ending the speculation. 'It wasn't a drunk tweet,' he said, flashing a lopsided grin Sunday as he chatted on Zoom. Moran, a longtime ABC News correspondent, was ousted from his network last week over a post on social media platform X that castigated the Trump administration in searing, personal terms. In his first interview since then, he offered no apologies. Recounting how he came to write his fateful post, Moran, 65, said it was 'a normal family night' that began with a walk with his dog: 'I was thinking about our country, and what's happening, and just turning it over in my mind.' He returned home for family dinner and a movie. He and his wife put their children to bed. And then: 'I wrote it, and I said, 'That's true.'' 'That' was a provocative post, published after midnight June 8, tearing into Stephen Miller, the White House deputy chief of staff, as 'richly endowed with the capacity for hatred.' Moran wrote that Miller 'eats his hate' as 'spiritual nourishment' and assigned the term 'world-class hater' to both Miller and President Trump, whom the correspondent had interviewed in the Oval Office weeks earlier. The since-deleted post stunned Moran's colleagues and prompted a furious riposte from Vice President JD Vance, who demanded an apology from ABC. Two days later, the network said it would not renew Moran's contract, citing 'a clear violation of ABC News policies.' There had been no triggering event, Moran said, only his own ruminations, which he continues to stand behind: 'I don't think you should ever regret telling the truth. And I don't.' — NEW YORK TIMES
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TECH
The Trump family's next venture? A mobile phone company.
Donald Trump Jr. participated in the announcement of Trump Mobile in New York's Trump Tower on June 16.
Richard Drew/Associated Press
The Trump family is licensing its name to a new mobile phone service, the latest in a string of ventures announced while Donald Trump is in the White House despite ethical concerns that the US president could mold public policy for personal gain. Eric Trump, the president's son running The Trump Organization in his absence, announced a new venture Monday called Trump Mobile. The plan is to sell phones that will be built in the United States, and the phone service will maintain a call center in the country as well. The announcement of the new mobile phone and service, called T1 Mobile, follows several real estate deals for towers and resorts in the Middle East, including a golf development in Qatar announced in April. A $1.5 billion partnership to build golf courses, hotels, and real estate projects in Vietnam was approved last month, though the deal was in the works before Trump was elected. The Trump Organization on Monday said the new, gold-colored phone available for $499 in August, called the T1 Phone, won't be designed or made by Trump Mobile, but by another company. The Trump Organization did not respond immediately to a request for more details. — ASSOCIATED PRESS
GOVERNMENT
Trump fires nuclear regulator as White House seeks to soften oversight
A top nuclear safety regulator was fired by the White House in a two-sentence email Friday night as the administration attempts to dilute the Nuclear Regulatory Commission's independent oversight of power plants. The email, sent to Commissioner Christopher Hanson by Trent Morse, a deputy director of presidential personnel, does not give any reason for the firing. President Trump has signed executive orders aimed at speeding up approvals of nuclear reactors on US soil during his term. One of the orders last month accused the commission of stifling the nuclear power industry by being overly cautious about safety. The Office of Personnel and the White House did not immediately respond to request for comment. Hanson said in a statement that the firing is 'without cause' and 'contrary to existing law and longstanding precedent regarding removal of independent agency appointees.' His term was supposed to run through June 2029. Hanson declined an interview request. His statement does not indicate whether he plans to pursue legal action. — WASHINGTON POST
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AVIATION
Air India crash seen triggering $475 million in insurance claims
The crash site of Air India Ltd. Flight 171 in Ahmedabad, Gujarat, India, on June 13.
Siddharaj Solanki/Bloomberg
India's deadliest plane crash in more than decade is set to send shock waves through the aviation insurance industry and trigger one of the country's costliest claims, estimated at around $475 million. The claim for the aircraft hull and engine is estimated at around $125 million, according to Ramaswamy Narayanan, chairman and managing director at General Insurance Corporation of India, one of the firms that has provided coverage for Air India. He estimates additional liability claims for loss of life for passengers and others will be around $350 million. The financial repercussions of the crash that killed 241 people on board and others as it fell in a densely populated part of Ahmedabad in western India on Thursday will ripple through the global aviation insurance and reinsurance market. It's also likely to make insurance costlier for airlines in India. — BLOOMBERG NEWS
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Fox Sports
37 minutes ago
- Fox Sports
Louisiana is poised to hike its sports betting tax to help colleges pay their athletes
Associated Press Louisiana is poised to hike taxes on sports betting to pump more than $24 million into athletic departments at the state's most prominent public universities. Legislation pending before Gov. Jeff Landry would make Louisiana the first state to raise taxes to fund college sports since a judge approved a landmark settlement with the NCAA allowing schools to directly pay athletes for use of their name, image and likeness (NIL). Anticipating the court's approval, Arkansas this year became the first to waive state income taxes on NIL payments made to athletes by higher education institutions. More states seem almost certain to adopt their own creative ways to gain an edge — or at least keep pace — in the rapidly evolving and highly competitive field of college sports. 'These bills, and the inevitable ones that will follow, are intended to make states 'college-athlete friendly,'' said David Carter, founder of the Sports Business Group consultancy and an adjunct professor at the University of Southern California. But 'they will no doubt continue to stoke the debate about the `perceived' preferential treatment afforded athletes.' The new NCCA rules allowing direct payments to college athletes kick in July 1. In the first year, each Division I school can share up to $20.5 million with its athletes — a figure that may be easier to meet for big-time programs than for smaller schools weighing whether to divert money from other purposes. The settlement also continues to allow college athletes to receive NIL money from third parties, such as donor-backed collectives that support specific schools. Louisiana bill sponsor: `We love football' The Louisiana legislation won final approval just two days after a judge approved the antitrust settlement between the NCAA and athletes, but it had been in the works for months. Athletic directors from many of Louisiana's universities met earlier this year and hashed out a plan with lawmakers to relieve some of their financial pressures by dividing a share of the state's sports betting tax revenue. The biggest question for lawmakers was how large of a tax increase to support. The initial proposal sought to double the state's 15% tax on net proceeds from online sports betting. But lawmakers ultimately agreed on a 21.5% tax rate in a compromise with the industry. One-quarter of the tax revenue from online sports wagering — an estimated $24.3 million — would be split equally among 11 public universities in conferences with Division I football programs. The money must be used 'for the benefit of student athletes,' including scholarships, insurance, medical coverage, facility enhancements and litigation settlement fees. The state tax money won't provide direct NIL payments to athletes. But it could facilitate that indirectly by freeing up other university resources. The legislation passed overwhelmingly in the final days of Louisiana's annual session. 'We love football in Louisiana – that's the easiest way to say it,' said Republican state Rep. Neil Riser, who sponsored the bill. Smaller universities are feeling the squeeze Many colleges and universities across the country have been feeling a financial squeeze, but it's especially affected the athletic departments of smaller schools. Athletic departments in the top Division I football conferences take in millions of dollars from media rights, donors, corporate sponsors and ticket sales, with a median of just 7% coming from student fees and institutional and government support, according to the Knight-Newhouse College Athletics Database. But the remaining schools in Division I football bowl conferences got a median of 63% of the revenue from such sources last year. And schools without football teams got a median of 81% of their athletic department revenues from institutional and governmental support or student fees. Riser said Louisiana's smaller universities, in particular, have been struggling financially and have shifted money from their general funds to their sports programs to try to remain competitive. At the same time, the state has taken in millions of dollars of tax revenue from sports bets made at least partly on college athletics. 'Without the athletes, we wouldn't have the revenue. I just felt like it's fairness that we do give something back and, at the same time, help the general funds of the universities,' Riser said. Other states are investing in college sports Louisiana would become the second state behind North Carolina to dedicate a portion of its sports wagering revenues to colleges athletics. North Carolina launched online sports wagering last year under a state law earmarking part of an 18% tax on gross gaming revenue to the athletic departments at 13 public universities. The state's two largest institutions were excluded. But that might be about to change. Differing budget plans passed by the state House and Senate this year both would start allotting sports betting tax revenue to the athletic programs at the University of North Carolina at Chapel Hill and North Carolina State University. The Senate version also would double the tax rate. The proposals come a year after University of North Carolina trustees approved an audit of the athletics department after a preliminary budget projected about $100 million of debt in the years ahead. Other schools also are taking actions because of deficits in their athletic departments. Last week, University of Kentucky trustees approved a $31 million operating loan for the athletics department as it begins making direct NIL payments to athletes. That came after trustees in April voted to convert the Kentucky athletics department into a limited-liability holding company — Champions Blue LLC — to more nimbly navigate the emerging financial pressures. Given the money involved in college athletics, it's not surprising that states are starting to provide tax money to athletic departments or — as in Arkansas' case — tax relief to college athletes, said Patrick Rishe, executive director of the sports business program at Washington University in St. Louis. 'If you can attract better athletes to your schools and your states, then this is more visibility to your states, this is more potential out-of-town economic activity for your state," Rishe said. 'I do think you're going to see many states pursue this, because you don't want to be the state that's left exposed or at a disadvantage.' recommended
Fox Sports
an hour ago
- Fox Sports
Red Sox baseball boss Breslow says Devers trade does not mean 'waving of the white flag on 2025'
Associated Press BOSTON (AP) — The Boston Red Sox thought they would be better off with a happy clubhouse than a disgruntled Rafael Devers. A day after trading their erstwhile third baseman to the San Francisco Giants, Red Sox President Sam Kennedy told reporters on Monday night that Devers' refusal to change positions made it untenable for him to remain with the team. 'In terms of what was missing, it just was that alignment in terms of what we felt we needed from him that would be in the absolute best interest of the ball club,' Kennedy said. 'That's a non-starter for us. We have to have that. We couldn't get there. … So we made the decision that we made.' Less than two years after signing Devers to a 10-year, $313.5 million contract, the Red Sox sent him to the San Francisco Giants on Sunday night for pitchers Jordan Hicks and Kyle Harrison and a pair of prospects. The deal came on the day Boston earned a fifth straight win and completed a sweep of the rival New York Yankees – a rare cause for excitement this season. 'It was a shock for sure after the run that we just had this past week," pitcher Garrett Crochet said in Seattle before Monday night's game against the Mariners. 'There's a lot of season ahead of us. So, it's really just keeping your eyes forward and knowing that there's still work to be done.' Asked what the move means for this year's team, closer Aroldis Chapman said: 'I don't know. I don't really know.' Chief Baseball Officer Craig Breslow acknowledged on the conference call Sunday night that the deal leaves a hole in the lineup, but he hoped it would pay off this season. Although there is a newly created need for a power hitter, the team now has roster and payroll flexibility to add players at the trade deadline, he said. 'It's important to point out that this is in no way signifying a waving of the white flag on 2025,' he said. 'We are as committed as we were six months ago to putting a winning team on the field, to competing for the division and making a deep postseason run.' A homegrown, three-time All-Star who joined Ted Williams as the only Red Sox players to have multiple 30-homer seasons before turning 25, Devers' relationship with the team soured when it signed Gold Glove third baseman Alex Bregman this offseason. Devers, who led the league in errors for a third baseman in each of the last seven seasons, balked at moving to designated hitter and then refused to play either first or third position when Bregman and first baseman Triston Casas were both injured. 'We have a responsibility to do everything we can to improve the club. And we felt we were doing that by bringing Alex Bregman to the Red Sox,' Kennedy said. 'And we have a responsibility, ironically, to every single player in that clubhouse to do everything in our power to improve the club. So it was something that we were committed to doing. And I do not regret that for one minute.' But they lost Devers in the process. 'We worked at it. We had a different vision for him going forward that he had, and we couldn't get there. We couldn't find alignment,' Kennedy said. 'And we reached that inflection point and made the decision to make a big move.' The move came as a shock to Red Sox fans still salty over the salary dump of Mookie Betts in 2020 – a year after he won the AL MVP – in a trade that yielded little in return. The team also let Xander Bogaerts leave as a free agent before deciding that Devers was the player they were willing to invest in. Now, just one full season later, he's gone, too. 'There's some reasons that it didn't work out," manager Alex Cora said. "But the last few months hasn't been easy. We made decisions in the offseason. Circumstances changed in the last month and that's the business decision we made as an organization. Now Raffy is going to be with the Giants and like I said, we have to turn the page and be ready for this team.' Breslow insisted that the deal was not an attempt to cut payroll — like the deals for Betts, who went on to win two World Series in Los Angeles, or Chris Sale, who won the NL Cy Young Award in his first season with the Braves. The baseball boss acknowledged that he second-guessed himself over how he handled the Bregman signing, which caught Devers by surprise, and the attempts to get the 28-year-old All-Star to change positions. 'I think about that question all of the time,' Breslow said. "This is not the outcome that we had expected. And it's forced me to reflect on the interactions that I've had, not just with Raffy, but with other players and opportunities to communicate differently.' The Red Sox winning streak has come with Bregman and outfielder Wilyer Abreu injured, joining outfielder Masataka Yoshida and first baseman Triston Casas on the injured list. In their place, the team has relied on callups like Kristian Campbell, Marcelo Mayer and top prospect Roman Anthony, who made his major league debut to much hype last week. Breslow said the front office will continue to look for ways to improve the team, with a middle of the lineup hitter a new need. 'For some reason, this team (is) an example where the hole was not greater than the sum of the parts,' he said. "And being great teammates and sacrificing and stepping up for each other and embodying this shared vision, we believe that those are principles that we need to be faithful to. 'And so, at the end of the season, I think we we could look back and say we've won more games than we otherwise would have," he said, "because of the way that this roster is now able to come together.' ___ AP Sports Writer Andrew Destin in Seattle contributed to this report. ___ AP MLB: recommended
Miami Herald
2 hours ago
- Miami Herald
Jean Chatzky sends strong message on 401(k), Social Security
As many Americans are aware, planning for retirement inevitably involves assessing several critical financial checkpoints regarding one's age to ensure long-term financial stability and to uphold one's desired lifestyle. Daily living expenses - including essentials such as food, utilities, phones and transportation - shape U.S. workers' budgets and influence how much they can save and invest. Evaluating Social Security benefits and reliance on personal savings, such as 401(k) plans, is equally crucial. Key challenges also include managing rising health care costs, countering inflation's impact on fixed income, and ensuring that one's assets are set to last throughout retirement. Jean Chatzky, former NBC "Today Show" financial editor and current AARP (American Association of Retired Persons) understands these concerns - and steps in to help Americans make some sense out of ways to maximize monthly Social Security paychecks and employee-sponsored 401(k) plans. Don't miss the move: Subscribe to TheStreet's free daily newsletter Chatzky advises people to carefully consider when to claim Social Security, cautioning that early withdrawals lead to reduced monthly benefits. For those expecting a long retirement, she emphasizes the advantages of waiting until age 70 to maximize Social Security payments. In the case of couples, she recommends that the higher-earning spouse delay distributions if one partner anticipates a longer lifespan, ensuring greater financial security. She also points to the benefits of working while receiving Social Security, noting that some people do so out of financial necessity, while others value the engagement and sense of purpose employment provides in retirement. Related: Shark Tank's Kevin O'Leary warns Americans on 401(k)s In addition to Social Security, Chatzky warns about the risks and rewards associated with retirement savings accounts such as 401(k) plans. She stresses the fact that Americans face a significant possibility of exhausting their funds during retirement. To address this concern, she offers strategies designed to improve financial longevity and reduce the likelihood of running out of money. Because Social Security monthly paychecks alone are not enough to provide retired people with enough income on which to live, it is of vital importance that, during their working years, Americans put money away in retirement savings accounts. Employer-sponsored 401(k) plans are a great place to start, especially if one's company matches employee contributions - as those funds are essentially free money. More on retirement: Jean Chatzky shares major statement about Social SecurityShark Tank's Kevin O'Leary has blunt words on 401(k) plansDave Ramsey strongly cautions U.S. workers on Social Security Chatzky emphasizes the benefits of automated 401(k) contributions and of gradually increasing the percentage with each pay raise to accelerate retirement savings. She advises that those new to saving and facing financial constraints start with 3% of their income, while individuals in a better financial position begin at a higher rate. Chatzky suggests raising contributions by 2% annually until reaching the maximum limit. Her goal is for people to save 10% yearly if they begin before their mid-thirties, including employer matches, or 15% if they start later. Chatzky explains her view that simply enrolling in a workplace retirement plan reduces the likelihood of depleting funds in retirement to 20%. Related: Jean Chatzky sends strong message to Americans on Social Security Chatzky emphasizes the point that saving money consistently is the key to freeing up more of one's income to contribute to a 401(k) plan. "When I hear people suggest that you 'live on what you make,' I always shake my head," Chatzky wrote in "Money Rules," her book on personal finance tips. "If you're living on what you make, you're spending every dime. The key is to live on less than you make," she added. "This is non-negotiable. Why? Because if you do it consistently, you're automatically saving consistently." Chatzky advises Americans to be proud of their step-by-step achievements in planning financially for their future. "With the same enthusiasm you brought to watching your lima bean plant take root in grade school - watch that stash start to grow," Chatzky wrote. "Take pride in it. You're accomplishing something very few people can. And that will inspire you to set aside more." The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
