US jobs see surprise growth in June with unemployment down to 4.1%
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The Independent
28 minutes ago
- The Independent
Grad student loans could soon be capped. Here's what that could mean for you
The House of Representatives moving the GOP 's 'Big Beautiful Bill' closer to President Donald Trump's signing brings graduate students nearer to facing unprecedented limits on funding higher education. While critics argue that the spending bill would disproportionately block marginalized communities from pursuing advanced degrees, Republicans say the limits will help control college costs by reducing incentives for schools to raise tuition. Starting next summer, the bill will affect borrowers taking out loans and those stuck on the Biden -era SAVE plan, potentially causing monthly payments to increase by hundreds of dollars, according to the Student Borrower Protection Center. What are the proposals? The 'big beautiful bill' proposes significant changes to how graduate and professional students finance their education. One of the biggest changes would be the elimination of the federal Grad PLUS loan program beginning in July 2026, which currently allows students to borrow up to the full cost of attendance for graduate programs. In its place, the bill raises annual and lifetime limits on federal Stafford loans, but these new caps may not be enough to cover further education for students. Graduate students would be limited to borrowing up to $20,500 annually, with a lifetime cap of $100,000, while professional students, such as those in medical or law school, could borrow up to $50,000 per year, with a $200,000 lifetime maximum. What impacts could the proposals have? The proposal could force students to rely on private loans with less favorable terms, delay or abandon plans for graduate education, or choose less expensive programs that may not align with their career goals. Experts warn this could worsen shortages in high-demand fields, particularly in rural healthcare, where access to graduate-trained professionals is already limited. What's happened to student loans so far? Recent student loan policy changes include the restart of loan payments following a pandemic pause, modifications to income-driven repayment plans, and ongoing legal battles over loan forgiveness programs. In June 2023, the Supreme Court struck down the Biden administration's plan to cancel up to $400 billion in student loans, and a court order continues to block its new income-driven repayment program. Meanwhile, the US Department of Education has resumed collecting on defaulted federal student loans. What's next? White House Press Secretary Karoline Leavitt announced Thursday that President Trump is scheduled to sign the "big, beautiful bill" on Friday at 5 p.m. EST.
Daily Mail
an hour ago
- Daily Mail
US jobs growth dashes hopes of July rate cut as Fed takes 'wait and see' approach on Trump tariffs impact
Hopes of a US interest rate cut later this month appeared to have been dashed yesterday after better-than-expected official jobs figures. Closely-watched non-farm payrolls data showed the world's biggest economy added 147,000 jobs in June, beating economists' forecast of 110,000. In contrast, the UK labour market darkened, adding to predictions of a Bank of England rate cut this summer. Experts said the US figures closed the door on the possibility of the US Federal Reserve cutting rates this month. The central bank has come under intense pressure to make cuts from President Donald Trump, who even resorted to personally insulting Fed chief Jerome Powell as a 'stupid person' and 'numbskull'. It has so far resisted, taking a 'wait and see' approach to the impact of Trump's tariffs on inflation and growth. Recently, key officials had seemed open to a change of heart, to head off a downturn in the labour market. But yesterday's figures appear to quash that possibility, which was raised by the Fed's governing board members Christopher Waller and Michelle Bowman. Seema Shah, chief global strategist at Principal Asset Management, said: 'Today's data of higher-than-expected payrolls, a drop in unemployment rate and a fall in jobless claims completely dispels the case for imminent rate cuts.' In Britain, central bankers' worries about jobs are backed up by data and markets see an 80 per cent chance of a Bank of England rate cut, from 4.25 per cent, next month. Yesterday, a monthly purchasing managers' index business survey showed employment in the UK's dominant services sector fell for the ninth month in a row. And while overall private sector growth picked up pace in June, growth for the second quarter will be much slower than the robust 0.7 per cent pace seen at the start of the year. Thomas Pugh, chief economist at accountancy firm RSM, pointed to likely growth of just 0.2 per cent in the April-June period. That, together with evidence of reduced price pressure, 'makes a rate cut in August even more likely', he said. Rob Wood, chief UK economist at Pantheon Macroeconomics, said: 'Happy days as growth improves and inflation slows; the MPC [the Bank of England's monetary policy committee] could welcome the news with another cut in August.'
BreakingNews.ie
an hour ago
- BreakingNews.ie
Hakeem Jeffries sets record with 8 and a half hour speech before vote on Trump tax bill
Hakeem Jeffries talked. And talked. And talked, as the top Democrat in the US House of Representatives on Thursday blasted president Donald Trump's sweeping tax cut and spending bill in the longest speech in the chamber's history. Mr Jeffries' speech, at 8 hours and 46 minutes, marked Democrats' last chance to prosecute their case against the $3.4 trillion package. Advertisement Lacking the votes to defeat the measure in a chamber that Republicans control by a slim 220-212 margin, Mr Jeffries, 54, railed against legislation that he characterised as a giveaway to the wealthy that would strip low-income Americans of federally-back health insurance and food aid benefits. "It's not the type of leadership that this country needs right now. But that's what we're getting. Chaos. Cruelty. And corruption," he said. Mr Jeffries began speaking at 4.53am and wrapped up at 1.38pm. That broke a 2021 House record sent by then-House Republican leader Kevin McCarthy, who spent 8 hours and 32 minutes lambasting Democratic president Joe Biden's clean-energy and domestic-spending package. Shortly after Mr Jeffries concluded his speech, the House voted 218-214 to pass the bill. Every Democrat and two Republicans opposed it. Advertisement His speech recalled that of another Democratic lawmaker, senator Cory Booker of New Jersey, who broke the record for the longest Senate speech in April with a 25-hour, five-minute attack on Mr Trump's unilateral firings of federal workers. Mr Booker's performance drew cheers from Democratic voters who have been frustrated by their party's powerlessness in Washington and have accused the party's leaders of being too meek. Mr Jeffries used his status as Democratic leader to stretch his customary 60-second speaking time, known as a "magic minute," for hours. Mr Jeffries made clear he also had his eye on a prize further down the road. Voters, Mr Jeffries said, "will get even" in the November 2026 midterm elections "because of these cuts being unleashed on the American people". Advertisement If Democrats win control of the House, Mr Jeffries would be positioned to make history again by becoming the first Black House speaker in the Congress that convenes at the start of 2027. Early into his speech, Mr Jeffries showcased sick children in Republicans' home districts who might eventually lose Medicaid coverage under the legislation. It was a manoeuvre that could increase coverage of his speech in local media across the country. Mr Jeffries pulled no punches. He said the bill was "ripping healthcare" from Americans and called it "shameful," "disgusting" and "reckless". "This is a crime scene and House Democrats want no part of it," he said.
