The latest on for-profit school (de)regulation, equal pay for U.S. women’s soccer, and investing challenges for the blind and deaf
Here are my favorite personal finance reads from around the web this week.
Education Secretary Betsy DeVos rescinded an Obama-era rule that held for-profit schools accountable for claims that their degrees would lead to gainful employment. The regulation required for-profit colleges to disclose debt and earnings data to prospective and current students. According to the Brookings Institution, one in two student loan borrowers from for-profit colleges winds up in default.
The U.S. women’s soccer team won their fourth World Cup championship while engaged in an equal pay lawsuit against their employer, the U.S. Soccer Federation. The pay disparity affects salary—female players earn $99,000 per season while men earn a whopping $263,320 per season—as well as any FIFA World Cup winnings (most recently: $30 million for the winning women’s team vs. $400 million for the men). Boosters hope that the win by a very outspoken and very popular team (USA! USA!) could make the champs’ case stronger.
—The New York Times
Blind and deaf people face numerous challenges when trying to manage their personal finances. Often, banks and investment firms fail to provide access and assistance for people who are visually impaired and cannot read their statements or deaf customers who have to communicate via video calls. Recently, both Wells Fargo and Morgan Stanley have settled lawsuits claiming they violated the Americans with Disabilities Act. A few banks and advocacy groups, however, are stepping up to accommodate the 61 million people affected by this.
More than 45 million people owe a collective $1.6 trillion in student loan debt, but experts say the ones struggling most are those who owe less than $10,000. Why? Because these borrowers (who are default at higher rates) are more likely to be people of color who attended for-profit schools, and who often didn’t complete their degree.
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