Morning Business Report: Student loan repayment changes could raise monthly bills for millions
Millions of student loan borrowers are entering a new phase of repayment changes that could lead to significantly higher monthly bills.
(LILAMAX)- Millions of student loan borrowers are entering a new phase of repayment changes that could lead to significantly higher monthly bills.
Beginning July 1, the Department of Education said it would start sending emails to borrowers enrolled in the SAVE plan outlining a timeline for switching repayment plans.
Borrowers will have 90 days after receiving the email to select a new plan. Those who do not make a selection by the end of that period will automatically be placed in the standard repayment plan, which could result in higher monthly payments.
New repayment plans and borrowing caps also take effect beginning July 1, with some borrowers expected to see their monthly bills increase by hundreds of dollars.
Meanwhile, thousands of U.S. companies are receiving tariff refunds after a Supreme Court decision found that IEEPA did not give the president authority to impose the tariffs in question.
About 330,000 companies could be eligible for refunds covering levies paid on more than 53 million shipments valued at $166 billion.
On Wall Street, the Dow climbed about 300 points Monday to a record close, finishing above 52,000 for the first time. Monday also marked Alphabet’s first day as a component of the 30-stock Dow Jones Industrial Average.
The Supreme Court also rejected President Donald Trump’s effort to remove Federal Reserve Governor Lisa Cook, reaffirming protections surrounding the central bank’s independence.
In a separate decision, the court expanded the president’s authority to remove officials at other independent federal agencies.
And the FDA selected Eli Lilly and Regeneron among the first seven companies participating in a pilot program aimed at accelerating reviews of new domestic drug manufacturing facilities.
The program allows regulators to begin reviewing facilities while they are still under construction, potentially cutting as much as 14 months from the process and helping medications reach patients sooner.
