Saturday,
August 19, 2023
Top Story
• The Department of Energy is investing $1.2 billion to support the development of large-scale carbon removal vacuums to combat global warming. The initial funding will create two carbon removal hubs in Louisiana and Texas, run by carbon capture startup Climeworks and oil company Occidental (OXY).
• US consumer inflation expectations for the year ahead fell for a fourth consecutive month to 3.5% in July. This marked the lowest level since April 2021 and was down from the previous month’s 3.8%.
• The FOMC minutes showed officials are still concerned about the pace of inflation. Many felt more rate hikes could be needed in the future unless conditions change. Officials also stressed future decisions will be based on incoming data.
For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!
The pause on federal student loan payments ends on August 30, 2023. Interest resumes on September 1, and payments will be due beginning in October 2023.
The student loan repayment transition may not be easy for some borrowers. A survey ​conducted for Pew Charitable Trusts in 2021 found that 67% of borrowers said it would be difficult to afford their student loan payments if they resumed the next month.
Understanding the repayment options available and making a plan for repayment can help borrowers strategize the best way to manage their debt.
Looking for answers about the return of student loans? Join SoFi Financial Planner Brian Walsh to figure out how to incorporate student loan payments back into your budget.