The Daily Money: Time's nearly up for student borrowers
Good morning! It’s Daniel de Visé with your Daily Money.
Time’s nearly up for federal student loan borrowers to start repaying their debt, Medora Lee reports.
Last year, President Joe Biden offered a 12-month “on-ramp” to repayment to help financially vulnerable borrowers. That on-ramp is set to expire Sept. 30. Anyone who doesn’t begin making payments in October risks a hit to their credit score.
Here's why you won't want to miss payments.
New hire pay is sliding
If you need further proof that the nation’s formerly sizzling job market has gone cold, look to what had been perhaps the hottest part of the post-pandemic hiring frenzy: pay for newly hired workers.
After adjusting for inflation, average wages for new hires fell 1.5% over the 12 months ending in July, the largest such decline in a decade, Paul Davidson reports.
By contrast, inflation-adjusted earnings for typical workers who stayed in their jobs rose 2.3% during the same period, an Upjohn Institute study shows.
Here's more on the state of the job market.
Is parenting hazardous to your health?
The surgeon general has a new public health warning. And this time, the hazard isn’t tobacco or alcohol: it’s parenting.
Two-fifths of parents say that on most days, “they are so stressed they cannot function,” the Office of the Surgeon General reports in an advisory titled Parents Under Pressure. Roughly half of parents term that stress “completely overwhelming.”
Those dire findings anchor a 35-page report, released in late August, that posits parental stress as “an urgent public health issue.” It draws on data from the American Psychological Association and other sources to build a case that parents are facing more stress than at perhaps any other time in recent history.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from Paste BN, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.
Daniel de Visé covers personal finance for USA Today.