MONEY NEWS MAGAZINE

Student loan company accused of delaying debt forgiveness for teachers and social workers

A student loan company is creating barriers for teachers, social workers and others to get the loan forgiveness they’re entitled to, according to the Attorney General of Massachusetts.

Attorney General Maura Healey sued the Pennsylvania Higher Education Assistance Agency (PHEAA) on Wednesday, accusing the company of mishandling borrowers’ accounts and prolonging the amount of time they’d have to wait to have their debt wiped away under the Public Service Loan Forgiveness program (PSLF).

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Macy’s quietly lays off 100 in cost saving move

Beleaguered mall stalwart Macy’s is eliminating about 100 jobs as it consolidates its merchandising, planning and private brands operations into one department.

It has also named a former eBay executive, Hal Lawton, as its new president.

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Household Debt in the US Just Hit an All-Time High

Americans’ debt level notched another record high in the second quarter, after having earlier in the year surpassed its pre-crisis peak, on the back of modest rises in mortgage, auto and credit card debt, where delinquencies jumped.

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Worst Restaurant Recession since 2009…Households at lower 80% of income scale are maxed out

WOLF STREET–“July proved to be a tough month for chain restaurants,” the report said.

Foot traffic at chain restaurants fell 4.7% in July year-over-year. Same-store sales fell 2.8%, the 17th month in a row of year-over-year declines, the longest downturn since 2009.

On a two-year basis, same-store sales fell 4.2% from July 2015, and traffic fell 8.7%.

Sales rose in only 12 markets and fell in 183 markets. California was once again the least bad region, with same-store sales down 0.7% and foot traffic down 3.6%. In other words, no region had positive results. The Midwest was the “worst region” with sales down 3.6% and foot traffic down 5.2%.

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Opioid makers made payments to one in 12 U.S. doctors

As public health officials combat the opioid overdose epidemic, in part by reducing unnecessary prescribing, a study shows that drug manufacturers paid more than $46 million to more than 68,000 doctors over a 29-month period.
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