Money
Nearly half of all borrowers say they aren't financially prepared to begin repaying their debt. Despite this, interest began accruing again on Sept. 1, and payments will be due again in October.
The proposed regulation would require employers to pay overtime to their salaried workers who are in executive, administrative, and professional roles, and make less than $1,059 a week, or $55,068 a year for full-time employees.
The administration’s show of support comes as unprecedented worker organizing — from strike authorizations to work stoppages — hit multiple industries this year, including, transportation, entertainment, hospitality and health care.
The Biden administration has begun the process of creating a new plan for widespread loan cancellation and implementing the SAVE Plan, which will cut monthly payments to $0 for millions of borrowers. There will also be a 12-month “on-ramp” period to ease borrowers back into making payments.
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Although several of the Teamsters’ demands have been met, the union is still pushing to raise wages for part-time workers at UPS, who earn a minimum of only $16.20 per hour. "These part-timers are working at poverty wages," Teamsters President Sean O'Brien said.
For many borrowers, qualifying monthly payments that should have moved them closer to forgiveness were not accounted for, effectively forcing them to make extra payments under their IDR plans.