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The U.S. Department of Education will forgive $39 billion in student debt by updating a technical requirement under a long-existing program.
The change, announced Friday, will help more than 804,000 borrowers. It comes as the Biden administration pursues alternatives to a $400 billion student loan forgiveness plan that the Supreme Court struck down in June.
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U.S. workers say retirement is getting harder to afford, raising questions about how organizations can help workers save, understand their benefits, and plan ahead.
As employees decide whether to stay with their employer, support tied to student loan debt and education benefits is becoming a clear differentiator.
Even high-income employees are uncertain about where to put their next dollar, highlighting the need for workplace guidance on financial wellness.
From loan repayment and forgiveness to tuition planning, employers can improve workers' education about how to proceed following July 1 changes to plan options.
Americans' financial literacy has slipped to a 10-year low, with new TIAA Institute data showing weaker scores, wider gaps, and rising reliance on AI tools for money decisions.
