Morning Business Report: Loan defaults, store closures, market swings
Nearly 10 million federal student loan borrowers are at risk of default, and the U.S. Department of Education is aiming to hold colleges accountable.
(LILAMAX)- Nearly 10 million federal student loan borrowers are at risk of default, and the U.S. Department of Education is aiming to hold colleges accountable. The administration is invoking rules that would allow the government to cut off federal financial aid to institutions with high default rates among former students. Such a move could severely impact a school’s ability to attract and retain students, potentially threatening their long-term viability.
Retail pharmacy chain Rite Aid has filed for bankruptcy protection for the second time and announced plans to cut jobs. The company cites mounting debt, inflation, retail theft, and increased competition as key factors behind its ongoing struggles. Despite the filing, Rite Aid says the majority of its stores will remain open in the coming months, continuing to offer pharmacy services, prescriptions, immunizations, and more — both in-store and online.
The S&P 500 has snapped its longest winning streak in two decades as uncertainty over global trade and tariffs puts pressure on markets. Investors remain on edge, watching for developments in U.S. trade negotiations with major partners around the world.
Starting this summer, Americans may have the option to access their Social Security numbers digitally. The Social Security Administration is preparing to roll out digital identification as an alternative to traditional paper cards. The initiative aims to simplify the process of replacing lost or stolen cards and improve security in the digital age.
A new survey commissioned by Bosch Power Tools and conducted by Talker Research has named the “toughest jobs in America.” Topping the list are construction workers, firefighters, military personnel, and doctors. Police officers, EMTs, and astronauts also made the list. Interestingly, 40% of working Americans — regardless of their occupation — believe their job is tough.
