Latest news with #Trumbull
CNBC
26-06-2025
- Business
- CNBC
Student loan borrowers face 'default cliff' as late payments climb, report finds
With the U.S. Department of Education's "involuntary collections" on federal student loans now underway, millions of borrowers face a "default cliff," reports show. A new analysis by TransUnion found that as of April, 31% of student loan borrowers with a payment due are in "late-stage delinquency," or over 90 days past due on payments. That's the highest share the credit bureau has ever recorded. As borrowers face repayment challenges — including questions about their loans and loan servicers as well as confusion over the current status of some income-driven repayment plans — more risk falling into delinquency and eventually defaulting, according to Joshua Trumbull, senior vice president and head of consumer lending at TransUnion. "We don't think this represents the ceiling," Trumbull said. "Defaults will continue to tick higher." More from Personal Finance:3 student loan changes in GOP billTrump administration restarts student loan collectionsWhat loan forgiveness opportunities remain under Trump Of the 5.8 million delinquent borrowers, nearly one-third, or roughly 1.8 million, could reach default status in July, according to TransUnion. An additional 1 million are estimated to reach default status in August, followed by 2 million more in September. A borrower enters default status, and is subject to collection actions by Education Department, once payments are 270 days past due. A recent study by the Pew Research Center also found an impending "default cliff" or "a coming wave of further student loan defaults — which put borrower financial stability and taxpayer investments at risk." "This default wave is expected to begin this fall," said Brian Denton, an officer on the student loans team at Pew. Student loan collections efforts had largely been on pause since the pandemic began in March 2020, but Trump administration officials have said that taxpayers shouldn't be on the hook when people don't repay their education debt. The move to restart collection activity began last month. "Borrowers who don't make payments on time will see their credit scores go down, and in some cases their wages automatically garnished," U.S. Secretary of Education Linda McMahon wrote in a Wall Street Journal op-ed in April. Wage garnishment could start as soon as June for some borrowers, but those in default will receive a 30-day notice before a portion of their paycheck is withheld, a spokesperson for the Education Department previously told CNBC. Meanwhile, consumers who have fallen behind on payments in recent months have seen their credit scores fall by 60 points, on average, TransUnion also found. For super prime borrowers — or those with credit scores above 780 — who were seriously delinquent, scores sank as much as 175 points. Credit scores typically range between 300 and 850. "Consumers may find themselves shocked by the dramatic and immediate impact that a default can have on their credit scores," Trumbull said. The credit score implications are worse for borrowers with better scores, research shows. Because borrowers in less-risky credit tiers typically have fewer dings on their credit, any derogatory mark "has the potential to have a significant and jarring impact," according to TransUnion. In general, the higher your credit score, the better off you are when it comes to getting a loan. The Federal Reserve Bank of New York also cautioned in a March report that student loan borrowers who are late on their payments could see their credit scores sink by as much as 171 points. Initially, those past-due borrowers benefitted from the pandemic-era forbearance on federal student loans, which marked all delinquent loans as current. Median credit scores for student loan borrowers rose by 11 points between the end of 2019 to the end of 2020, the Fed researchers found. However, that relief period officially ended on Sept. 30, 2024. "We expect to see more than nine million student loan borrowers face substantial declines in credit standing over the first quarter of 2025," the Fed researchers wrote in a blog post. In May, the New York Fed reported that among borrowers with a payment due, nearly one in four, or 24%, were behind on their student loans in the first quarter. "Although some of these borrowers may be able to cure their delinquencies," the Fed researchers said, "the damage to their credit standing will have already been done and will remain on their credit reports for seven years." Lower credit scores could result in reduced credit limits, higher interest rates for new loans and overall lower credit access, the researchers also said. Both VantageScore and FICO reported a drop in average scores starting in February as early- and late-stage credit delinquencies rose sharply, driven by the resumption of student loan reporting. Borrowers who are late on their payments could see their credit scores tank by as much as 129 points, VantageScore reported at the time.
Yahoo
09-06-2025
- Yahoo
3 critically injured, home destroyed following explosion in Ohio
Several people were hurt, and a home was destroyed after an explosion in Northern Ohio this weekend. [DOWNLOAD: Free WHIO-TV News app for alerts as news breaks] Firefighters responded Saturday night to a home in Trumbull on initial reports of a fire. But when they arrived, they saw the house had exploded, according to CBS affiliate WKBN TV in Youngstown. Three people were critically injured in the explosion, according to Douglas Theobald, Liberty Fire Chief in Trumbull County. 'Right now, it's just a very initial investigation,' he said. 'It appears there possibly were some illegal fireworks involved.' TRENDING STORIES: Man dead after shooting at billiards hall in Ohio Local high school secures 1st state softball title, finishes with perfect record 'One more is too many;' Family remembers woman killed in motorcycle crash The sound was heard miles away, but neighbors told WKBN that they felt it in their homes. 'I was just lying in bed watching TV, and I heard a 'boom, boom,' and I got up and went outside to see what was going on. Everybody else was outside standing around, too, the neighbors and stuff,' said Arnold Jones, Jr. 'It shook the house a little bit.' Theobald told WKBN that the home will need to be demolished. 'This is a pretty significant explosion for fireworks. Again, remind people, leave the fireworks to the professionals,' he said. The cause of the fire remains under investigation. [SIGN UP: WHIO-TV Daily Headlines Newsletter]
Yahoo
27-05-2025
- Yahoo
Florida teen reflects a year after being run over by lifeguard truck on Daytona Beach
The Brief One year after a lifeguard truck ran over her while sunbathing, Sierra Trumbull reflects on her emotional and physical recovery. The incident has prompted calls to reexamine beach-driving rules in Volusia County. Trumbull still avoids beaches where vehicles are allowed, saying she's "a little too scared" to relax fully again. DAYTONA BEACH, Fla. - One year after being run over by a lifeguard truck while sunbathing on Daytona Beach, 19-year-old Sierra Trumbull says her recovery has been long, emotional and life-changing — but her spirit remains strong. What we know On Memorial Day 2023, 19-year-old Sierra Trumbull and a friend were run over by a Volusia County Beach Patrol truck while sunbathing on Daytona Beach. Trumbull sustained serious facial injuries and a lacerated liver, and has spent the past year recovering through physical therapy. The driver, a beach patrol sergeant, later issued a public apology in court. What we don't know While a review of safety protocols was initiated by the Volusia County Council, it remains unknown whether beach driving will be restricted in high-traffic sunbathing zones. The backstory The accident occurred on a busy Memorial Day when Daytona Beach was crowded with beachgoers. The lifeguard truck was reportedly patrolling the beach when it inadvertently ran over Trumbull and her friend, who were lying flat in the sand. The case sparked renewed conversations about vehicle access on Florida's popular drive-on beaches. Local perspective Daytona Beach is one of few places in Florida where beach driving is still permitted, a long-standing tradition that continues to draw tourists but has also raised public safety concerns. Trumbull's case has reignited debate over whether such practices are worth the risk to beachgoers. Other coastal areas in Florida already prohibit driving near pedestrian zones. What they're saying One year after a lifeguard truck ran over her while sunbathing, Sierra Trumbull reflects on her emotional and physical recovery. "I wake up and next thing you know, I have a tire on my face," Trumbull recalled, describing the moment last Memorial Day when a beach patrol truck ran her and a friend over as they lay in the sand. "All I feel is this immense pressure." Trumbull suffered serious facial injuries and a lacerated liver in the incident. The Ormond Beach teen has spent the past year undergoing physical therapy while navigating the trauma of the event. "I still get like, you know, like those flashbacks now and then," she said. "Everything really reminds me of it, but every day it's easier to kind of like get through it." The Volusia County Beach Patrol sergeant who was driving the truck appeared in court last September and apologized to both young women. "Not a day has passed that I haven't thought of both of you and thanked God for His protection," Sgt. Arthur Gendreau said. In April, the Volusia County Council voted unanimously to begin reviewing safety protocols on Daytona Beach. Trumbull said she hopes any future changes keep public safety at the forefront. "We need to focus on it being safe for people that just want to have a nice, peaceful afternoon at the beach and not be worried about... going to the hospital for just laying down and tanning.," she said. "We have to make sure that there are safety regulations for driving on the beach, whether it be lifeguards or whether it'd be regular civilians." Trumbull hasn't returned to Daytona Beach since the accident, opting instead for beaches where driving is prohibited. "I try to avoid — I do avoid — the driving parts of the beach. I only go to beaches that have no, you know, there is no driving allowed. But of course, lifeguards are still allowed to drive on the beach." Despite the trauma, Trumbull's facial injuries have healed with minimal scarring, and she says she's grateful to be moving forward. STAY CONNECTED WITH FOX 35 ORLANDO: Download the FOX Local app for breaking news alerts, the latest news headlines Download the FOX 35 Storm Team Weather app for weather alerts & radar Sign up for FOX 35's daily newsletter for the latest morning headlines FOX Local:Stream FOX 35 newscasts, FOX 35 News+, Central Florida Eats on your smart TV The Source This story was written based on information shared by Sierra Trumbull, or Ormond Beach and by Volusia County Beach Safety.
Yahoo
10-05-2025
- Yahoo
CT man accused of defrauding Amazon of over $3M using fraudulent transportation assignments
A Connecticut man faces wire fraud charges for allegedly defrauding Amazon out of more than $3 million. The charges stem from a 13-count indictment returned Wednesday by a federal grand jury in New Haven against Ameer Nasir, 24, of Trumbull, according to the U.S. Attorney's Office for the District of Connecticut. According to federal officials, Nasir allegedly defrauded Amazon Logistics, an Amazon subsidiary, by registering 23 trucking businesses with the company and misrepresenting that he had completed numerous transportation assignments. Amazon frequently contracts with various interstate trucking businesses to transport both empty trailers and trailers containing heavy loads of freight between cities as well as between warehouses and fulfillment centers, authorities said. Of the nearly two dozen businesses Nasir registered, one was reportedly done in the name of his business, Pak Express Transport, LLC. The others, authorities allege, were created fraudulently using the names and identifying information of other trucking or transportation companies without their knowledge. Between December 2019 and February 2021, Nasir allegedly used these accounts to sign up for more than 1,000 transportation assignments with Amazon Logistics, officials said. Authorities allege he manipulated information in Amazon's transportation management system to misrepresent that he had completed trailer movements when he had not, and submitted fraudulent invoices to Amazon Logistics that were paid out. Federal officials claimed that he defrauded the company out of more than $3 million through the alleged scheme. Nasir was arrested Thursday. He appeared in federal court in Bridgeport where he was released on a $300,000 bond. The indictment charges Nasir with 13 counts of wire fraud, each count of which carries a maximum of 20 years in prison.
Yahoo
09-05-2025
- Health
- Yahoo
Warren hospital takes big step for life-saving care
WARREN, Ohio (WKBN) — A big step for life-saving care has just happened in the Valley. An expansion at St. Joseph Warren Hospital has reduced the need for patients to go somewhere else for specialized heart care. St. Joseph Warren Hospital got an emergency patient at 4 o'clock Tuesday morning. It was not routine. 'He was having chest pain for eight hours before he came in. When we took the first picture, his artery was blocked 100%,' said Dr. Fadi Naddour, interventional cardiologist. That's called a STEMI, and blood flow needs to be restored to the heart as quickly as possible. Lucky for the man from Texas, St. Joseph had just started around-the-clock treatment of STEMI patients. 'Time is heart, and the longer it takes you to travel somewhere, the more likely your heart is to be damaged off, permanently and irreversible,' said Jill Stefanucci-Uberti, VP of medical operations. Previously, patients would've been transferred to Mercy Health facilities in Youngstown or Cleveland. But the new team at St. Joseph did the work. 'The entire procedure took about 15 minutes, and he became chest pain free afterwards, and his EKG became so much better,' Naddour said. St. Joseph embarked on this journey about a year ago. It opened a cath lab and has completed 140 catheterizations. It's also broadened access to pacemaker procedures. Some members of the team came from right down the road. 'I mean, we've been doing this at Trumbull for 20 years, and after Trumbull has closed, St Joe took over completely, so we transferred the entire team, the entire process,' Naddour said. 'You have plenty of new, fresh people who are excited to learn, who want to be a part of the process, who provided the heavy lift before Trumbull actually closed,' Stefanucci-Uberti said. The first overnight STEMI patient is doing well and was expected to be released from the hospital Thursday. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
