Latest news with #Harvard
Straits Times
5 hours ago
- Business
- Straits Times
Harvard clash with Trump, new tax may cost $1.28b a year
Find out what's new on ST website and app. The university said it will continue to cut expenditures, while a hiring freeze remains in place. WASHINGTON - Harvard University warned that the combined cost of federal actions against the school, including a recently passed tax increase on its endowment, could approach US$1 billion (S$1.28 billion) annually. The university said its leadership in each school and unit will continue to cut expenditures and a hiring freeze for faculty and staff remains in place, according to a letter sent out by president Alan Garber and other leaders on July 14. 'The unprecedented challenges we face have led to disruptive changes, painful layoffs, and ongoing uncertainty about the future,' Mr Garber and the officers wrote. The Trump administration has made Harvard its primary target in its efforts to reshape higher education, freezing more than US$2.6 billion in research funding , threatening its tax-exempt status and trying to stop international students from enrolling. The government initially accused the school of failing to tackle antisemitism , but the attack has broadened to include accusations of political bias and for promoting diversity initiatives in hiring and admissions. Harvard has sued the government twice, for cutting off federal funding including from the National Institutes of Health and National Science Foundation, and to prevent a ban on international students, who have been a large source of revenue. 'We hope that our legal challenges will reverse some of these federal actions and that our efforts to raise alternative sources of funding will be successful,' the officials wrote. Top stories Swipe. Select. Stay informed. Business 'Some cannot source outside China': S'pore firms' challenges and support needed amid US tariffs Multimedia From local to global: What made top news in Singapore over the last 180 years? World Trump arms Ukraine and threatens sanctions on countries that buy Russian oil Singapore Turning tragedy into advocacy: Woman finds new purpose after paralysis Opinion Sumiko at 61: Everything goes south when you age, changing your face from a triangle to a rectangle Sport World Aquatics C'ship women's 10km open water swimming event delayed by a day due to water quality Singapore HSA intensifies crackdown on vapes; young suspected Kpod peddlers nabbed in Bishan, Yishun Singapore Ex-cop charged after he allegedly went on MHA portal, unlawfully shared info with man 'As that work proceeds, we also need to prepare for the possibility that the lost revenues will not be restored anytime soon.' The school, the richest and oldest in the US, has a US$53 billion endowment which provides almost 40 per cent of its annual operating budget. In 2024, Harvard's operating revenue base was US$6.5 billion, according to its annual report. Operating expenses were US$6.4 billion after increasing 9 per cent. Harvard explained in the letter that the reconciliation bill passed in July could raise the federal tax on income from its endowment to as high as 8 per cent from 1.4 per cent. BLOOMBERG
Yahoo
7 hours ago
- Yahoo
‘Terrible tragedy': Gov. Healey visits Fall River senior living facility after devastating fire
Gov. Maura Healey visited the heavily damaged building of a senior living facility in Fall River on Monday morning, hours after a deadly fire killed nine residents and hospitalized 30 others. A fire broke out at about 9:30 p.m. on Sunday at the Gabriel House Assisted Living Residence, which drew nearly 50 firefighters to the scene and left a vulnerable population calling for help from their windows. Healey visited the Oliver Street facility that housed nearly 70 residents, and she offered her condolences to the families who suffered losses. 'We lost nine folks last night in this terrible tragedy and our hearts and our sympathies are with the families,' she said. 'Many were in wheelchairs, many were immobile, many had oxygen tanks,' Healey said of the residents at the facility. 'They were severely compromised individuals in this assisted living facility, which made it all the more challenging.' Rehousing efforts are underway for the facility residents, as well as an investigation by state authorities, according to Healey. The Gabriel House opened in 1999 and has a total of 100 units, according to a state website. It's owned by a nonprofit. Fall River Fire Chief Jeffrey Bacon described rescue efforts as 'super labor-intensive and man-power intensive' due to the mobility issues for many of the residents. The first firefighters at the scene saw flames coming out of the front doors and multiple residents were hanging out of the window, screaming for help, Bacon said. Police officers also helped with rescuing residents from the building, he said. 'Typically, police don't perform that function, but they did a tremendous job last night and saved countless lives,' Bacon said. The fire chief confirmed that there are quarterly inspections done of assisted living facilities in the city, but he would not comment on any information about the Gabriel House. He said that smoke was 'everywhere in this building from top to bottom and left to right,' and that residents stayed in their rooms because they could not self-evacuate. Bacon said he would not comment Monday morning on potential causes for the fire and that he wanted to remain 'as far away from speculation as we can.' 'We're, again, very early on in the investigation,' Bacon said. Trump admin halted Harvard grant, but Defense Dept. still paid it, court docs say Man stole two cars, got into several hit-and-run crashes in Boston, DA says 'I'm lucky I'm alive': Fall River residents recount fatal fire at assisted living facility Children's card game UNO makes its Las Vegas casino debut Country music legend plays for fans while awaiting surgery after stroke Read the original article on MassLive.
Toronto Star
13 hours ago
- Lifestyle
- Toronto Star
The summer sweatshirt is nostalgic, cosy, perfect. Here, 9 classic crewnecks to throw on
When we think of summer style, linen sets, raffia bags and strappy sandals often steal the spotlight. But there's one item we instinctively reach for when the sun dips or the air conditioner kicks in: the summer sweatshirt. Comfortable and nostalgic in equal measure, the crewneck sweatshirt is a perennial favourite. It's the layer you throw on with shorts at the cottage, toss over a swimsuit after a swim or pull on for an early-morning workout à la Princess Diana — those iconic paparazzi shots of her in oversized Harvard and Northwestern crewnecks, bike shorts and black shades live rent-free on Pinterest boards everywhere.
Toronto Star
13 hours ago
- Lifestyle
- Toronto Star
The summer sweatshirt is nostalgic, cozy, perfect. Here, 9 classic crewnecks to throw on
When we think of summer style, linen sets, raffia bags and strappy sandals often steal the spotlight. But there's one item we instinctively reach for when the sun dips or the air conditioner kicks in: the summer sweatshirt. Comfortable and nostalgic in equal measure, the crewneck sweatshirt is a perennial favourite. It's the layer you throw on with shorts at the cottage, toss over a swimsuit after a swim or pull on for an early-morning workout à la Princess Diana—those iconic paparazzi shots of her in oversized Harvard and Northwestern crewnecks, bike shorts and black shades live rent-free on Pinterest boards everywhere.
Newsweek
13 hours ago
- Business
- Newsweek
Student Loan Update: Gen Z Hit With Highest Payments
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Millions of Americans with federal student loans have seen a sharp rise in monthly payments, with Gen Z borrowers now facing the steepest costs. New survey data from Empower reported that Gen Z participants pay an average of $526 per month toward student loans, significantly above the overall average payment of $284 for all age groups. The findings come as borrowers respond to the end of pandemic-era payment relief and major legislative changes in 2025 that eliminated income-driven repayment options, increasing financial strain for the newest generation in the workforce. Why It Matters The surge in loan payments for Gen Z is reshaping the financial futures of millions of young Americans. With nearly one-third of all borrowers experiencing increased monthly payments in 2025, more than half (56 percent) say their student loan obligations limit their ability to save or invest. Almost half delay major life milestones like buying a home or planning for retirement. Harvard graduates listen to speakers during the commencement ceremony in Harvard Yard on May 29, 2025, in Cambridge, Massachusetts. Harvard graduates listen to speakers during the commencement ceremony in Harvard Yard on May 29, 2025, in Cambridge, Massachusetts. Libby O'Neill/Getty Images What To Know While the average student loan payment is $284, Gen Z was paying substantially more, with an average of $526 each month, according to the Empower survey of more than 400 student loan borrowers. "Gen Z is facing the highest student loan payments largely due to the interest rates on their loans," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. "Over the years, those rates have steadily climbed, and this generation is bearing the brunt of that increase. As a result, their monthly payments are significantly higher than those of previous borrowers." Across all borrowers surveyed, 34 percent said they were paying $200 or more per month. The added stress has not only affected finances but also mental health, with 59 percent of borrowers reporting anxiety related to their debt. And borrowers are not always prioritizing their student loan debt, as 54 percent said they prioritize other types of debt, like credit cards and car loans. The burden on Gen Z has grown in the wake of the One Big Beautiful Bill Act signed by President Donald Trump that removed the income-driven repayment plans established during President Joe Biden's administration. Under the new law, available repayment options provide less relief for those earning lower incomes, especially younger borrowers just starting their careers. The end of the pandemic-era forbearance and stricter repayment requirements have produced heightened monthly payments, with substantial repercussions for budgeting and debt prioritization among Gen Z and millennials. Collectively, Americans now owe more than $1.7 trillion in student loan debt, with balances having increased sixfold since 2003. As of 2024, 42.7 million Americans held federal student loans, and a significant portion are delinquent on their payments. As loan repayment resumed, only 22 percent of Gen Z borrowers felt confident about paying back their student loans, Empower found. Half of all borrowers contributed less to savings or retirement accounts as a result of their debt. Additionally, the lingering debt has led 42 percent of borrowers to wish they had chosen a different major or school, and 57 percent now say they regret their level of indebtedness. "Long-term, this is going to delay major milestones: starting families, buying homes and climbing the career ladder," Thompson said. "Many will feel pressured to stay with companies that offer student loan repayment perks, curbing their upward mobility and locking them into jobs they might otherwise leave." What People Are Saying Rebecca Rickert, head of communications and consumer insights at Empower, told Newsweek: "When post-grads are spending over $500 a month on loan payments, it can push other financial priorities like emergency savings or homeownership down the list. This is often coupled with more reliance on credit, and later entry into financial independence." Leslie Silva, principal attorney with McCall Sweeney & Silva P.C and a student loan expert, told Newsweek: "The current student loan system, and the changes in the new domestic policy bill, do nothing to help borrowers alleviate the burden of the cost of higher education. Half of millennial and Gen X borrowers have suffered delays in other major financial decisions due to student loan debt. The new bill places limits on what parents and borrowers can apply for to fund higher education. While some hope that these limits force institutions to lower their costs, that is a very unlikely outcome." Kevin Thompson, CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "The current student loan system, in my opinion, was designed to keep borrowers tied to the workforce. This wasn't by accident, it was by design. By saddling young people with debt early, the system ensures a steady flow of labor from a group that must keep earning just to stay afloat." Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek: "They [Gen Z] enrolled and completed college at a time when the cost of tuition and housing had risen dramatically, and, on top of those elevated prices, those who attended in the last few years have had to take out loans with higher interest rates. The result is higher monthly payments that are creating real hardship for some borrowers who are just getting started in their careers." What Happens Next Borrowers previously enrolled in income-driven plans face a transition period of at least one year and, starting July 2026 to July 2028, will have select new repayment arrangements as the latest legislation takes effect. Gen Z and other borrowers are likely to face ongoing financial strain, delayed major life decisions, and an increasing demand for financial guidance amidst the rapidly changing student loan policy landscape. Silva said that moving forward, students and parents should expect to pay more out of pocket or rely more on private loan companies as the changes take effect. "We can expect to see a resurgence in private student loans forcing new student borrowers into even more debt at higher interest rates. Private student loan companies do not have a limit on applicable interest rates, whereas federal student loans do," Silva said. And the more debt student borrowers have, the longer it will take them to buy homes or contribute to retirement plans, Silva added. "It is possible we could see more support from the institutions themselves, but there has not been much evidence to support a decrease in the cost of higher education," Silva said.
