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How smaller homes became all the rage
Bigger isn’t always better. U.S. homes have been getting smaller for years now.
US and global stocks fell sharply on Monday
• Recessionary fears sparked by last week’s job data sent the Dow Jones more than 1000 points lower, while the S&P 500 logged its worst day since September 2022.
• U.S. oil prices fell to a six-month low.
• Overseas, Japan’s main stock market index, the Nikkei 225, had its worst day since the 1987 Black Monday crash.
What to be on the lookout for today
• The latest reading on the U.S. trade deficit.
• In earnings, Airbnb, Caterpillar, Constellation Energy, Rivian, Super Micro Computer, and Uber will report.
The final student loan grace period is coming to an end
A big change is coming to the world of federal student loans: The grace period that has helped borrowers struggling to make their payments is coming to an end after a year. During the past year, federal student loan borrowers who were unable to pay their loans weren’t reported to credit bureaus as being delinquent, which could have hurt their creditworthiness. But this “on-ramp” period will end on September 30, 2024.
But let’s take a step back first: Student loan repayments were halted in 2020 to provide some financial relief to borrowers during the pandemic, putting millions of eligible loans on a payment pause.
But what do you do if you still can’t afford your student loans payments?
Switch repayment plans. Changing to a payment plan based on your income could make your monthly bill more affordable.
Get more time. Some federal loans could be eligible for an extended repayment plan. To qualify for the plan you must have more than $30,000 in federal student loans. Keep in mind that making the repayment term longer lowers your monthly payments, but you will pay more interest over time.
When all else fails. For borrowers who are in default, they could be eligible for the Fresh Start Program.
Today’s top stories
Checking in on the AI boomInvestors have been enjoying the AI-fueled stock market ascend this year. But the darling theme of the market encountered some turbulence recently. We take its temperature.
Read more >> For many Americans, eating out is off the menuPrice-conscious consumers are increasingly ditching dinner plans for home cooking.
Read more >> How do you invest in art?Investing isn’t just for stocks, there are many more areas you can make your money work for you.
Read more >>Other news that caught our eye
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A U.S. judge ruled that Google’s monopoly on online search and related advertising is illegal.
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Wall Street’s “fear gauge”, the CBOE Volatility Index, has risen to the highest level since the start of the pandemic, as recession concerns grow.
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Warren Buffett’s Berkshire Hathaway halved its stake in Apple, sending the tech giant’s shares tumbling nearly 5%.
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Streaming platforms are increasingly facing lawsuits from the subjects of nonfiction shows, driving up production costs.
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Elon Musk’s neurotechnology firm Neuralink successfully implanted its brain chip in a second patient. It plans to operate on 10 people total this year.
Financial planner tip of the day
“Asset allocation is the strategy of balancing risk and reward by divvying up a portfolio into different asset types. The goal of diversification is to invest in such a way that not all investments perform the same or even similarly during different periods over the course of an investment journey.”
Brian Walsh, CFP® at SoFi