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¡¡¡¡Student loans borrowers are still struggling right now, even with payments on federal loans suspended.Nearly half of borrowers in a new survey from personal finance site Student Loan Hero have lost income during the pandemic. About 34% have had their pay or hours cuts and more than one in three borrowers are experiencing food insecurity.Currently, federal student borrowers have placed in an administrative forbearance, which allows them to temporarily stop making their monthly loan payment. The suspension of payments will last until Sept. 30, 2020, but they can still make payments if they choose. About two months before the pause on federal student loan payments is scheduled to end, advocates are warning we're not ready.¡°Back in March, when the CARES Act was passed, I think September 30 made a lot of sense at that point. We were hopeful that by September we'd have the virus under control, that we'd be getting back to normal, that things would be reopening,¡± said Sam Gilford, Director of External Affairs at the nonprofit Student Defense. ¡°But of course, here we are in July and it's clear that's not the case.¡±Student Defense has been representing students who had their wages garnished months after the CARES Act said that's not allowed.Just last week, the Department of Education said it's still happening to thousands of borrowers.The organization stresses that now is the time to be your own best advocate.¡°Many people will be eligible for what's called 'income-based repayment,' which is a repayment plan where your payment varies based on your income and if your income drops to certain level, your payment will drop to zero,¡± said Gilford. ¡°That can be a really good option for a lot of people, but it's something that takes time to get started so don't wait until October 1.¡±Gilford says to watch out if you contact the company in charge of your student loans and they recommend forbearance instead of income-based repayment. You get a temporary pause on your payments, but interest keeps growing so your loan is getting bigger.There's another reason not to wait to contact your servicer.Student Defense says even in good times, servicers struggle to keep up with the volume of requests and calls from borrowers. So, it's likely they'll be overwhelmed if the pause on payments lifts at the end of September.The Department of Education is expected to start communicating with borrowers next month about their loan payments getting ready to start again.Click here to learn more about your student loans and read frequently asked questions. 2567
¡¡¡¡Swiss authorities are investigating a series of bizarre deposits.Investigators in Geneva are trying to understand why two Spanish women flushed roughly €100,000 (0,000) down toilets at a UBS bank branch and three nearby restaurants.Vincent Derouand of the Geneva Prosecutors' Office said the first incident involving cut-up €500 bills occurred in May.Security camera footage led investigators to the two Spanish women. Derouand said that a lawyer for the women confirmed the cash belonged to them."It may be illegal [cash] and they tried to get rid of it," Derouand said. "We have to check where the money is coming from."Derouand declined to identify the women."This is a strange story," he said. "It does not happen often."UBS declined to comment on the cash found at the Geneva branch, citing the ongoing investigation.The European Central Bank plans to kill off the €500 note next year because of concerns that it "could facilitate illicit activities."Europe's top law enforcement agency says the note (worth about 0) is often used by money launderers because of its unusually large denomination and portability. Plus, using cash helps criminals keep transactions and savings anonymous.In a 2015 report, Europol said cash was still the "instrument of choice" for terrorists and €500 bills were in high demand.Switzerland was long known for banking privacy laws that made it possible for banks to refuse to hand over their customers' data to authorities.But in recent years the country has agreed to start sharing financial information with outsiders, including the European Union and the U.S. 1610
¡¡¡¡TEMECULA, Calif. (KGTV) -- A San Diego County Sheriff¡¯s Deputy died Saturday in a crash in Temecula, the Department confirmed. According to the Department, Deputy Matthew Creed died after being ejected during single-vehicle a crash on De Portola Road just east of Calle Arboles just after 9 a.m. Saturday. A preliminary investigation determined that the Ford F-150 was being driven at a high rate of speed when it hit the center median and flipped over.RELATED: Man dies after fiery South Bay crashThe truck came to a rest on its roof before catching fire. Three juveniles were in the truck at the time of the crash and were taken to the hospital with non-life threatening injuries. The department sent 10News the following statement: 743
¡¡¡¡Student loan debt has surpassed trillion. It's expensive to go to school, and loans help many afford higher-education but not all that money may be going toward tuition and books.A survey found that one in five college students are using some of their leftover loan money to dip their toes into virtual currencies like Bitcoin.The mere mention of cryptocurrency is enough to make Loyola University Maryland Assistant Accounting Professor JP Krahel cringe.¡°Oh, oh boy,¡± said Krahel with the Sellinger School of Business.Even worse, students are buying into it and they're using student loan money to do so.The allowance meant for living expenses is instead being invested into Bitcoin and Ethereum. The Student Loan Report found that's how 21 percent of current college students are using their excess financial aid money.¡°Given the unregulated market of cryptocurrency, given what we've already seen, proven volatility, and given the fact that student loan debt is something you can't get rid of in bankruptcy, I personally, without getting too hyperbolic here, I would not do that,¡± Krahel said.A warning from someone who knows money, but even his wisdom is not enough to convince some of his own students.¡°They'll say, ¡®Oh, did you see what bitcoin did yesterday, I made x dollars,¡¯ I'm like, children, come on. Your interest rates and student loans that's what you should be worried about. If you have free money, send it back to Sallie Mae, you know, pay that debt off early because that stuff starts snowballing and paying off debt is a guaranteed return on investment,¡± said Krahel.And yet it's hard to shake the promise of investing in a market that's produced millionaires from relatively low investments just several years ago.¡°I don't want to knock cryptocurrencies, they do have a value, but people are getting into it because of that volatility, because you could have a thousand today and ,000 tomorrow,¡± said Krahel. ¡°So, if you're willing to only see the upside, cryptocurrencies are great but that's not the way life works.¡±Bitcoin's value has sunk ,000 in the last month and plummeted from its peak in December at nearly ,000.However, with every slump there's also the possibility of a rally. These students could prove their professor wrong or learn a real-life lesson about loss and spending wisely.Krahel said you should be borrowing the least amount of money possible so you have less to pay off in the future.Students are graduating with an average of ,000 in student loan debt. 2541
¡¡¡¡Texas State University moved to suspend all fraternity and sorority activities Tuesday, a day after a 20-year-old fraternity pledge died following an off-campus social event.San Marcos police said they were called at 11:35 a.m. Monday to respond to a person not breathing at an apartment complex. Matthew Ellis, a pledge for the Phi Kappa Psi fraternity, was found unresponsive and declared dead less than an hour later. Police said he was discovered by friends just after 11 a.m.An autopsy is being conducted, but a preliminary investigation indicates alcohol may have been a factor in his death, police said. 618