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Newsweek
19-05-2025
- Business
- Newsweek
Student Loan Borrowers in These Jobs Have Most Long-Term Financial Impact
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. A new national survey reveals that public-sector employees are significantly more likely to hold student loan debt than their private-sector counterparts. However, they often face fewer long-term financial repercussions, thanks in part to structured forgiveness programs and targeted employer resources. Meanwhile, private sector workers continue to bear residual financial burdens despite repaying their loans. Researchers have labeled this phenomenon the "debt-overhang" effect. The report, released by the MissionSquare Research Institute on Monday, surveyed over 2,000 U.S. workers across both sectors and found that 43 percent of public employees carry student loan debt, compared to 36 percent in the private sector. Yet the effects of that debt diverge sharply across employment types, with private sector workers reporting more enduring financial stress, even post-repayment. Why It Matters The study highlights a troubling contradiction in the financial health of America's workforce: private sector workers who pay off their student loans may not achieve the same long-term financial security as public workers still in debt. This is due primarily to access disparities in employer-provided support and federal loan forgiveness programs. "Balancing competing financial priorities while managing student debt can significantly hinder wealth accumulation," said Dr. Zhikun Liu, vice president and head of the MissionSquare Research Institute, in a statement. Liu noted that even those who have paid off their loans may delay retirement savings or large purchases, extending financial insecurity into later life. Graduates of Columbia University's lauded School of International and Public Affairs (SIPA) celebrate at SIPA's commencement exercises at St. John the Divine cathedral May 17, 2004 in New York City. Graduates of Columbia University's lauded School of International and Public Affairs (SIPA) celebrate at SIPA's commencement exercises at St. John the Divine cathedral May 17, 2004 in New York To Know Among the key findings, nearly half of all employees (48 percent) reported receiving no employer-provided debt management resources, regardless of sector. However, only 29 percent of public employees were informed by their employer about the Public Service Loan Forgiveness (PSLF) program, which can forgive federal loans after a decade of qualifying payments for government or nonprofit workers. Despite the higher incidence of debt, public sector workers tend to fare better over time due to these support mechanisms. As a result, private sector workers often express more concern about their long-term financial outlook, even when their student loans have been paid in full. "The rising cost of education has outpaced inflation for decades, creating a financial barrier that hits private sector workers particularly hard," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9inning podcast, told Newsweek. "As long as education remains this costly, the wealth gap will likely continue to grow, reinforcing economic disparities." What People Are Saying Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: "For many public sector workers, the potential of student loan forgiveness was a major deciding factor in choosing that position. As the cost of higher education continues to outpace inflation, a lower salary plus forgiveness over 10 years may be more viable than a higher salary with 30 years of payments in a private sector career." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9inning podcast, told Newsweek: "Public sector workers often carry more student debt, but they have unique advantages. Programs like Public Service Loan Forgiveness (PSLF) can wipe out balances after a set number of qualifying payments. On top of that, many government jobs come with pensions under the Federal Employee Retirement System (FERS) and generous retirement plans like the Thrift Savings Plan, often with matching. These benefits are often ignored by many but their power in regard to retirement savings is truly unmatched." What Happens Next Researchers recommend a dual-track approach: better communication and expanded access to relief programs in the public sector, as well as new debt-support initiatives in the private sector. "For many private sector employees, student debt is a long-term financial drag. Without the automatic savings mechanisms like pensions and matching contributions that public sector workers enjoy, private employees often have to delay saving while chipping away at their loans," Thompson said. Without broader intervention, disparities in financial security between sectors could widen. "Any student loan repayment is competing for dollars that might otherwise go towards retirement savings or purchasing a home," Powers said. "It's a time value of money and compound interest problem."
Straits Times
13-05-2025
- Politics
- Straits Times
Poland to ban Bosnian Serb leader Dodik from its territory
FILE PHOTO: Bosnian Serb leader Milorad Dodik arrives at the Kremlin to attend a festive concert, held on the occasion of the 80th anniversary of the victory over Nazi Germany in World War Two, in Moscow, Russia, May 8, 2025. Alexander Kryazhev/Host agency RIA Novosti/Handout via REUTERS WARSAW - Poland will ban Bosnian Serb separatist leader Milorad Dodik from entering its territory, the foreign ministry said on Tuesday, amid a political crisis in the Balkan state where he is wanted for attacking the constitutional order. The decision means that Poland joins Germany and Austria in barring Dodik, who triggered Bosnia's biggest political crisis since the end of the country's war in the 1990s by allegedly defying rulings by the international envoy whose role is to prevent the multi-ethnic state from slipping back into conflict. "A procedure has been initiated regarding a national entry ban for Milorad Dodik," the Polish foreign ministry said in an email. "The procedure is ongoing. It will be finalised in a few days." The press office of Dodik's party did not immediately respond to an emailed request for comment. Bosnia's international peace envoy, Christian Schmidt, said in April he had ordered a halt of all budget allocations for the Dodik's party. Bosnia's state police, SIPA, tried to arrest Dodik in April but were stopped by his armed police forces. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
13-05-2025
- Politics
- Yahoo
Poland to ban Bosnian Serb leader Dodik from its territory
WARSAW (Reuters) - Poland will ban Bosnian Serb separatist leader Milorad Dodik from entering its territory, the foreign ministry said on Tuesday, amid a political crisis in the Balkan state where he is wanted for attacking the constitutional order. The decision means that Poland joins Germany and Austria in barring Dodik, who triggered Bosnia's biggest political crisis since the end of the country's war in the 1990s by allegedly defying rulings by the international envoy whose role is to prevent the multi-ethnic state from slipping back into conflict. "A procedure has been initiated regarding a national entry ban for Milorad Dodik," the Polish foreign ministry said in an email. "The procedure is ongoing. It will be finalised in a few days." The press office of Dodik's party did not immediately respond to an emailed request for comment. Bosnia's international peace envoy, Christian Schmidt, said in April he had ordered a halt of all budget allocations for the Dodik's party. Bosnia's state police, SIPA, tried to arrest Dodik in April but were stopped by his armed police forces.
Reuters
13-05-2025
- Politics
- Reuters
Poland to ban Bosnian Serb leader Dodik from its territory
WARSAW, May 13 (Reuters) - Poland will ban Bosnian Serb separatist leader Milorad Dodik from entering its territory, the foreign ministry said on Tuesday, amid a political crisis in the Balkan state where he is wanted for attacking the constitutional order. The decision means that Poland joins Germany and Austria in barring Dodik, who triggered Bosnia's biggest political crisis since the end of the country's war in the 1990s by allegedly defying rulings by the international envoy whose role is to prevent the multi-ethnic state from slipping back into conflict. "A procedure has been initiated regarding a national entry ban for Milorad Dodik," the Polish foreign ministry said in an email. "The procedure is ongoing. It will be finalised in a few days." The press office of Dodik's party did not immediately respond to an emailed request for comment. Bosnia's international peace envoy, Christian Schmidt, said in April he had ordered a halt of all budget allocations for the Dodik's party. Bosnia's state police, SIPA, tried to arrest Dodik in April but were stopped by his armed police forces.
Yahoo
07-05-2025
- Politics
- Yahoo
Dodik Is Pushing Bosnia to the Breaking Point—Again
When armed police prevented the arrest of Bosnian Serb leader Milorad Dodik on April 23, it marked the latest escalation in a growing crisis afflicting Bosnia, one that some warn could be an existential test for the fragile country. How could police themselves prevent an arrest? The answer lies in Bosnia and Herzegovina's notoriously complicated governing system. The security forces trying to arrest Dodik were from the central state police, SIPA, while those protecting him were from the Republika Srpska, or RS, one of two highly autonomous 'entities' created by the 1995 Dayton Agreement that brought the country's bloody four-year war to a close. The RS is a Serb-dominated region of which Dodik serves as president. The other entity, confusingly named the Federation of Bosnia and Herzegovina, is dominated by ethnic Bosniaks and Croats. Despite its complexity and deep flaws, the Dayton system, with subsequent amendments, has persisted for three decades. Arguably, it has preserved peace at the price of functionality. Now Dodik, who has frequently suggested that the RS should secede from Bosnia, threatens to tear even this system to the ground, with potentially drastic consequences. The attempt to arrest him was the latest escalation in an ongoing struggle between Dodik on one hand and state institutions and the representative of the international community on the other. In February, the Serb strongman was sentenced to one year in prison and banned from politics for six years for defying the Office of the High Representative, or OHR, an international body tasked with overseeing the Dayton arrangement. In response, the RS passed laws barring state institutions from operating in the entity and approved a draft constitution proclaiming a right to self-determination, while also announcing plans to create a separate army and judiciary. To get more in-depth news and expert analysis on global affairs from WPR, sign up for our free Daily Review newsletter. Meanwhile, it separately emerged that Dodik and several political allies were under investigation for allegedly attacking Bosnia's constitutional order. His failure to appear for questioning on this case led to the arrest warrant being issued. However, Dodik has continued to move freely in the RS, heavily protected by RS anti-terrorism police, and has even traveled to Russia, Serbia and Israel, in further defiance of the Bosnian state. Dodik is an inveterate brinksman who has often sparred with both Bosnian state institutions and Western powers. In January 2025, the U.S. imposed sanctions on individuals and businesses connected to him. But while he has frequently threatened secession, he has never acted on it. And in pulling back from the brink, he has often extracted concessions where possible from the international community and the Bosnian state. But there is a sense that this time he has crossed a red line. 'It is not an exaggeration to say that this is the ultimate test of Bosnia and Herzegovina as a functional state—indeed, as a state at all,' says Adnan Huskic, a political scientist at the Sarajevo School of Science and Technology. 'Nothing will be the same after this, regardless of the outcome.' In Huskic's best-case scenario, state authorities—including SIPA, the prosecutor's office and the Bosnian courts—will be able to assert themselves to permanently remove from the political scene the man he calls 'the most significant spoiler' of Bosnia's European Union aspirations: 'an outspoken Kremlin agent, a general disruptor and an autocrat who has captured all institutions in Republika Srpska and turned the entity into a financial black hole over nearly 30 years of unchallenged rule.' In the 30 years since the war ended, Bosnia has hobbled along under the Dayton formula, never breaking free of the divisive legacy of the conflict, nor lapsing back into it. But he warns that any weakness shown by the Bosnian state and its EU supporters leading to watered-down charges, or a scenario in which Dodik continues to evade arrest by moving between the RS and friendly countries such as Serbia, Russia and Hungary, could further destabilize Bosnia and the region, encouraging secessionist and irridentist movements elsewhere, at a critical time for Europe's security architecture. Ivana Maric, a Bosnian political analyst, says that this is indeed an opportunity for Bosnian institutions to assert themselves by apprehending Dodik, rather than relying on the OHR, the EU or the U.S., to which domestic leaders have appealed during previous crises. She says it is inevitable that Dodik and his companions will be brought in for questioning. She emphasizes the farcical nature of the situation, with SIPA and other state institutions still operating in the RS, despite the supposed ban. Perhaps more importantly for Dodik, his physical and political room for maneuver are narrowing. He and his party have long retained significant popular support in the RS, and secession has wider appeal among Bosnian Serbs than many international figures would like to admit. He has been feted by populist nationalist Hungarian Prime Minister Viktor Orban and broadly supported by Serbia. He also talks warmly of his meetings with Russian President Vladimir Putin. For many—probably most—Serbs in Bosnia, the RS is the protector of their rights and freedoms in a country in which they are outnumbered by Bosniaks. Dodik may also have seen a window of opportunity presented by the return to the White House of U.S. President Donald Trump, who looks more kindly on the likes of Orban and Putin, and is less enthusiastic about engagement with Europe. Yet on March 8, U.S. Secretary of State Marco Rubio accused Dodik of 'dangerous and destabilizing behavior' that is 'undermining Bosnia and Herzegovina's institutions and threatening its security and stability.' Closer to home, Serbian President Aleksandar Vucic, another populist strongman, has offered limited support, while Bosnian Croat leader Dragan Covic, who has regularly found common cause with Dodik, has condemned his actions and called on him to respect state institutions. Meanwhile, says Maric, the most vocal opposition comes not from Bosniak parties—which Dodik often uses as foils to shore up support, and vice versa—but rather from RS opposition parties, as within the RS, disquiet is rising. 'People are deeply unsettled,' says Aleksandar Trifunovic, a journalist and commentator based in Banja Luka, the entity's de facto capital. 'Since Dodik's conviction, tensions have risen sharply.' Trifunovic says a new draft RS Constitution that has been announced would, if adopted, 'effectively usher in a dictatorship—and that's putting it mildly.' Luka says Dodik often seeks to create chaos and project the illusion that he is in control as part of his strategy. 'But what makes this moment truly dangerous is that he is not in control,' he adds. 'Not of the situation, nor of its possible outcomes.' Trifunovic says that even Dodik himself does not know his next move. But external actors—namely, the U.S. and EU—are distracted, if they have not given up on the country altogether. 'The international community has for decades now had only one real expectation from Bosnia and Herzegovina: don't start another war. That's it,' he says. 'It's clear that a society which, 30 years after the war, has failed to move toward the European Union—a society trapped in perpetual conflict and one that continues to elect politicians who thrive on division and exclusion—no longer interests anyone.' In these circumstances, one cannot rule out further escalation. Yet in the 30 years since the war ended, Bosnia has hobbled along under the Dayton formula, never breaking free of the divisive legacy of the conflict, nor lapsing back into it. 'The curiosity of Bosnia and Herzegovina is that we have problems that are presented as unsolvable, crises that look like a war will break out tomorrow, conflicts after which you would think that there is no way for these parties and politicians to sit down at the same table again,' says Maric. 'And then everything is solved or forgotten overnight, and everyone pretends that nothing happened.' The current crisis shines a harsh light on the reality that Bosnia's political classes of all ethnicities, as well as the country's international guardians, have failed to both overcome the grim legacy of the war, and reform or replace the structures put in place to end it. After 30 years, what are the chances of them doing so now? 'Bosnia is a persistent problem that constantly threatens to boil over, but never seems to explode,' says James Ker-Lindsay, an academic focusing on Southeast Europe. 'With so many other immediate crises on the agenda, there's just no sense that this is an immediate problem that requires high-level political bandwidth.' With international officials having all but given up, and repeated attempts at internationally brokered reform having stalled, Ker-Lindsay says the country is 'stuck in deep political deadlock.' Those predicting Bosnia's imminent collapse have been proven wrong repeatedly over the past three decades. But this crisis need not be terminal to do real damage to Bosnia, the region and Europe as a whole. Andrew MacDowall is an independent consultant and writer. He is the founding director of the strategic consultancy Toros Advisory and has written extensively for publications including the Financial Times, The Guardian and Politico Europe. The post Dodik Is Pushing Bosnia to the Breaking Point—Again appeared first on World Politics Review.
