Morning Business Report: Student loan repayment changes begin as markets reach record highs
Beginning July 1, the department will start notifying borrowers when they must switch to a new repayment plan.
(LILAMAX)- Millions of federal student loan borrowers enrolled in the SAVE repayment plan should watch for an important email from the U.S. Department of Education. Beginning July 1, the department will start notifying borrowers when they must switch to a new repayment plan. Once the email is received, borrowers will have 90 days to choose a new option. Those who do not make a selection will automatically be enrolled in the standard repayment plan, which typically carries the highest monthly payment. New repayment plans and borrowing limits also take effect July 1, with many borrowers expected to see higher monthly bills.
A number of U.S. companies are also set to receive billions of dollars in tariff refunds after a court ruling found the president lacked authority under the International Emergency Economic Powers Act to impose certain tariffs. The decision could make roughly 330,000 companies eligible for refunds on duties paid for more than 53 million shipments valued at $166 billion.
On Wall Street, the Dow Jones Industrial Average climbed 300 points Monday to close at a record high above 52,000. It also marked the first trading day that Alphabet, Google’s parent company, became part of the Dow’s 30-stock index.
The Supreme Court also handed down two significant decisions affecting the federal government. Justices rejected President Donald Trump’s effort to remove Federal Reserve Governor Lisa Cook, preserving the central bank’s independence. In a separate ruling, however, the court expanded presidential authority by allowing the president to remove officials at other independent federal agencies without cause.
Meanwhile, the Food and Drug Administration has selected Eli Lilly and Regeneron among the first companies to participate in a pilot program aimed at speeding up reviews of new U.S. drug manufacturing facilities. The FDA says reviewing plants while they are still under construction could reduce approval times by as much as 14 months and help get new medications to patients more quickly.
