Business
What to know about the new SAVE student loan repayment plan before pandemic pause ends on August 5, 2023 at 12:00 pm Business News | The Hill

Student loan borrowers now have access to the beta website for the Saving on a Valuable Education (SAVE) plan, the Biden administration’s new income-driven repayment (IDR) plan, after the Department of Education unveiled it this week.
The program, which the White House calls the “most generous” such plan ever offered to borrowers, will become the main IDR interface for student debt in the coming months.
Borrowers will be navigating the changes SAVE makes to their monthly payments, which are set to restart in October after the three-year COVID-19 pause.
The SAVE plan, which doesn’t list a maximum applicable income, comes after the Supreme Court earlier this summer struck down President Biden’s attempt to forgive up to $20,000 per student loan borrower.
Here is what you need to know about SAVE before payments return:
How do borrowers apply?
All student loan borrowers are eligible to enroll in the SAVE plan and can start applying immediately.
Those who are on the Revised Pay As You Earn Repayment (REPAYE) IDR plan will not need to apply to the SAVE plan. The department is automatically enrolling them in the new plan.
And those who apply during the beta phase of the website will not have to apply again once the website is fully launched in August.
“During the testing period, eligible borrowers can apply for the SAVE Plan, but some website functionality may be limited as the Department’s technical team monitors site performance and refines and tweaks the application as needed,” an Education Department spokesperson said. “This testing period will allow the Department to monitor site performance through real-world use, test the site ahead of the official application launch, refine processes, and uncover any possible bugs prior to official launch.”
An education department official said the application should only take around 10 minutes to complete as the site can automatically pull up tax documents and other information you need for the application if it is already in its system.
Unlike past plans, if a borrower agrees to securely allow the department to access certain tax information, the agency will automatically recertify a person for the SAVE plan every year instead of the borrower having to do it themselves.
The same applies to a person who is 75 days late on their payments next July. If they agree to disclose certain tax information, the department will automatically enroll them in the plan.
What changes are made in the plan this year?
The plan is getting launched in two phases with some changes coming in the next couple of months and others coming next summer.
The first change raises the income exemption from 150 percent to 225 percent above the federal poverty guidelines. For borrowers, this means monthly payments will be based on a smaller portion of one’s income, leading to smaller payments on loans.
An individual borrower making as much as $32,800 a year would have $0 monthly payments on their student loans. A family of four would need an income higher than $67,500 to have monthly payments above $0.
Another change implemented this year will affect the interest on monthly payments. As long as someone on the SAVE plan makes their principal payments on their loans each month, they will not be penalized with growth of unpaid interest.
“You now have assurances that your reduced payment will be satisfactory for paying off the balance of your of your student loans, and you won’t have to worry about interest rates, causing your loan to grow even as you make payments,” said Bruce McClary, senior vice president of media relations and membership for the National Foundation for Credit Counseling.
“That’s exciting news because there’s nothing more deflating than looking at your statement and seeing your balance grow as you’re making the agreed upon payments based on the reductions through your plan,” McClary added.
And in a third change this year, spousal income will not be included in the monthly calculations for married couples who file separately.
Changes happening next summer
In July of next year, several changes will take place for those who are under the SAVE plan.
Borrowers with undergraduate loans can expect their monthly payments to be cut in half from 10 percent of their discretionary income to 5 percent.
Those with original balances of up to $12,000 can reach forgiveness after 10 years of payments, with an additional year added for every $1,000 after $12,000.
Borrowers who consolidate loans won’t lose time towards their forgiveness and payments made before 2024 will count towards time to forgiveness.
Changes will also occur for people who are in deferment or forbearance, although with the restart of student loans, everyone has been given a clean slate so no individual will be in deferment or forbearance until next year.
Certain periods of deferment or forbearance will qualify towards months for forgiveness and borrowers will be able to make “catch-up” payments to receive credit for other types of forbearance or deferment.
By the time the changes are implemented, it is likely the REPAYE program will be completely phased out and other IDR options will be limited.
“There was a lot of confusion about the different plans and the appropriateness of those plans in terms of a person’s unique circumstances and, for many borrowers, they had to had to take a little bit of extra time to reach out and get some expert advice to help guide them in the right direction to plug into the plan that worked best for them,” McClary said. “So hopefully, some confusion will be cleared, and the program will be presented in a way that’s easier to understand.”
Could this fall through in court?
The plan has been decried by Republicans for its hefty price tag of between $150 billion and $350 billion, according to varying estimates, and it’s facing at least one legal challenge.
“The administration’s Income-Driven Repayment rule is nothing more than a backdoor attempt to provide free college by executive fiat,” House Education and the Workforce Committee Chairwoman Virginia Foxx (R-N.C.) previously said.
On Friday, the New Civil Liberties Alliance (NCLA) filed a lawsuit to stop the SAVE plan, arguing it violates the Constitution’s Appropriations Clause, which says Congress is in charge of what debt that is owed to the Treasury can be forgiven.
The suit takes particular issue with the part of the SAVE plan that allows some periods of deferment or forbearance to count towards student loan forgiveness.
“Non-payments are not payments. No amount of nonsense changes the essential fact Congress required debtors to make payments before receiving debt relief,” said Mark Chenoweth, president and general Counsel of the NCLA.
Education, Administration, Business, student loans Student loan borrowers now have access to the beta website for the Saving on a Valuable Education (SAVE) plan, the Biden administration’s new income-driven repayment (IDR) plan, after the Department of Education unveiled it this week. The program, which the White House calls the “most generous” such plan ever offered to borrowers, will become the…
Business
Google Accused Of Favoring White, Asian Staff As It Reaches $28 Million Deal That Excludes Black Workers

Google has tentatively agreed to a $28 million settlement in a California class‑action lawsuit alleging that white and Asian employees were routinely paid more and placed on faster career tracks than colleagues from other racial and ethnic backgrounds.
- A Santa Clara County Superior Court judge has granted preliminary approval, calling the deal “fair” and noting that it could cover more than 6,600 current and former Google workers employed in the state between 2018 and 2024.

How The Discrimination Claims Emerged
The lawsuit was brought by former Google employee Ana Cantu, who identifies as Mexican and racially Indigenous and worked in people operations and cloud departments for about seven years. Cantu alleges that despite strong performance, she remained stuck at the same level while white and Asian colleagues doing similar work received higher pay, higher “levels,” and more frequent promotions.
Cantu’s complaint claims that Latino, Indigenous, Native American, Native Hawaiian, Pacific Islander, and Alaska Native employees were systematically underpaid compared with white and Asian coworkers performing substantially similar roles. The suit also says employees who raised concerns about pay and leveling saw raises and promotions withheld, reinforcing what plaintiffs describe as a two‑tiered system inside the company.
Why Black Employees Were Left Out
Cantu’s legal team ultimately agreed to narrow the class to employees whose race and ethnicity were “most closely aligned” with hers, a condition that cleared the path to the current settlement.

The judge noted that Black employees were explicitly excluded from the settlement class after negotiations, meaning they will not share in the $28 million payout even though they were named in earlier versions of the case. Separate litigation on behalf of Black Google employees alleging racial bias in pay and promotions remains pending, leaving their claims to be resolved in a different forum.
What The Settlement Provides
Of the $28 million total, about $20.4 million is expected to be distributed to eligible class members after legal fees and penalties are deducted. Eligible workers include those in California who self‑identified as Hispanic, Latinx, Indigenous, Native American, American Indian, Native Hawaiian, Pacific Islander, and/or Alaska Native during the covered period.
Beyond cash payments, Google has also agreed to take steps aimed at addressing the alleged disparities, including reviewing pay and leveling practices for racial and ethnic gaps. The settlement still needs final court approval at a hearing scheduled for later this year, and affected employees will have a chance to opt out or object before any money is distributed.
H2: Google’s Response And The Broader Stakes
A Google spokesperson has said the company disputes the allegations but chose to settle in order to move forward, while reiterating its public commitment to fair pay, hiring, and advancement for all employees. The company has emphasized ongoing internal audits and equity initiatives, though plaintiffs argue those efforts did not prevent or correct the disparities outlined in the lawsuit.
For many observers, the exclusion of Black workers from the settlement highlights the legal and strategic complexities of class‑action discrimination cases, especially in large, diverse workplaces. The outcome of the remaining lawsuit brought on behalf of Black employees, alongside this $28 million deal, will help define how one of the world’s most powerful tech companies is held accountable for alleged racial inequities in pay and promotion.
Business
Luana Lopes Lara: How a 29‑Year‑Old Became the Youngest Self‑Made Woman Billionaire

At just 29, Luana Lopes Lara has taken a title that usually belongs to pop stars and consumer‑app founders.
Multiple business outlets now recognize her as the world’s youngest self‑made woman billionaire, after her company Kalshi hit an 11 billion dollar valuation in a new funding round.
That round, a 1 billion dollar Series E led by Paradigm with Sequoia Capital, Andreessen Horowitz, CapitalG and others participating, instantly pushed both co‑founders into the three‑comma club. Estimates place Luana’s personal stake at roughly 12 percent of Kalshi, valuing her net worth at about 1.3 billion dollars—wealth tied directly to equity she helped create rather than inheritance.

Kalshi itself is a big part of why her ascent matters.
Founded in 2019, the New York–based company runs a federally regulated prediction‑market exchange where users trade yes‑or‑no contracts on real‑world events, from inflation reports to elections and sports outcomes.
As of late 2025, the platform has reached around 50 billion dollars in annualized trading volume, a thousand‑fold jump from roughly 300 million the year before, according to figures cited in TechCrunch and other financial press. That hyper‑growth convinced investors that event contracts are more than a niche curiosity, and it is this conviction—expressed in billions of dollars of new capital—that turned Luana’s share of Kalshi into a billion‑dollar fortune almost overnight.
Her path to that point is unusually demanding even by founder standards. Luana grew up in Brazil and trained at the Bolshoi Theater School’s Brazilian campus, where reports say she spent up to 13 hours a day in class and rehearsal, competing for places in a program that accepts fewer than 3 percent of applicants. After a stint dancing professionally in Austria, she pivoted into academics, enrolling at the Massachusetts Institute of Technology to study computer science and mathematics and later completing a master’s in engineering.
During summers she interned at major firms including Bridgewater Associates and Citadel, gaining a front‑row view of how global macro traders constantly bet on future events—but without a simple, regulated way for ordinary people to do the same.

That realization shaped Kalshi’s founding thesis and ultimately her billionaire status. Together with co‑founder Tarek Mansour, whom she met at MIT, Luana spent years persuading lawyers and U.S. regulators that a fully legal event‑trading exchange could exist under commodities law. Reports say more than 60 law firms turned them down before one agreed to help, and the company then spent roughly three years in licensing discussions with the Commodity Futures Trading Commission before gaining approval. The payoff is visible in 2025’s numbers: an 11‑billion‑dollar valuation, a 1‑billion‑dollar fresh capital injection, and a founder’s stake that makes Luana Lopes Lara not just a compelling story but a data point in how fast wealth can now be created at the intersection of finance, regulation, and software.
Business
Harvard Grads Jobless? How AI & Ghost Jobs Broke Hiring

America’s job market is facing an unprecedented crisis—and nowhere is this more painfully obvious than at Harvard, the world’s gold standard for elite education. A stunning 25% of Harvard’s MBA class of 2025 remains unemployed months after graduation, the highest rate recorded in university history. The Ivy League dream has become a harsh wakeup call, and it’s sending shockwaves across the professional landscape.

Jobless at the Top: Why Graduates Can’t Find Work
For decades, a Harvard diploma was considered a golden ticket. Now, graduates send out hundreds of résumés, often from their parents’ homes, only to get ghosted or auto-rejected by machines. Only 30% of all 2025 graduates nationally have found full-time work in their field, and nearly half feel unprepared for the workforce. “Go to college, get a good job“—that promise is slipping away, even for the smartest and most driven.
Tech’s Iron Grip: ATS and AI Gatekeepers
Applicant tracking systems (ATS) and AI algorithms have become ruthless gatekeepers. If a résumé doesn’t perfectly match the keywords or formatting demanded by the bots, it never reaches human eyes. The age of human connection is gone—now, you’re just a data point to be sorted and discarded.
AI screening has gone beyond basic qualifications. New tools “read” for inferred personality and tone, rejecting candidates for reasons they never see. Worse, up to half of online job listings may be fake—created simply to collect résumés, pad company metrics, or fulfill compliance without ever intending to fill the role.
The Experience Trap: Entry-Level Jobs Require Years
It’s not just Harvard grads who are hurting. Entry-level roles demand years of experience, unpaid internships, and portfolios that resemble a seasoned professional, not a fresh graduate. A bachelor’s degree, once the key to entry, is now just the price of admission. Overqualified candidates compete for underpaid jobs, often just to survive.
One Harvard MBA described applying to 1,000 jobs with no results. Companies, inundated by applications, are now so selective that only those who precisely “game the system” have a shot. This has fundamentally flipped the hiring pyramid: enormous demand for experience, shrinking chances for new entrants, and a brutal gauntlet for anyone not perfectly groomed by internships and coaching.
Burnout Before Day One
The cost is more than financial—mental health and optimism are collapsing among the newest generation of workers. Many come out of elite programs and immediately end up in jobs that don’t require degrees, or take positions far below their qualifications just to pay the bills. There’s a sense of burnout before careers even begin, trapping talent in a cycle of exhaustion, frustration, and disillusionment.
Cultural Collapse: From Relationships to Algorithms
What’s really broken? The culture of hiring itself. Companies have traded trust, mentorship, and relationships for metrics, optimizations, and cost-cutting. Managers no longer hire on potential—they rely on machines, rankings, and personality tests that filter out individuality and reward those who play the algorithmic game best.
AI has automated the very entry-level work that used to build careers—research, drafting, and analysis—and erased the first rung of the professional ladder for thousands of new graduates. The result is a workforce filled with people who know how to pass tests, not necessarily solve problems or drive innovation.
The Ghost Job Phenomenon
Up to half of all listings for entry-level jobs may be “ghost jobs”—positions posted online for optics, compliance, or future needs, but never intended for real hiring. This means millions of job seekers spend hours on applications destined for digital purgatory, further fueling exhaustion and cynicism.
Not Lazy—Just Locked Out
Despite the headlines, the new class of unemployed graduates is not lazy or entitled—they are overqualified, underleveraged, and battered by a broken process. Harvard’s brand means less to AI and ATS systems than the right keyword or résumé format. Human judgment has been sidelined; individuality is filtered out.

What’s Next? Back to Human Connection
Unless companies rediscover the value of human potential, mentorship, and relationships, the job search will remain a brutal numbers game—one that even the “best and brightest” struggle to win. The current system doesn’t just hurt workers—it holds companies back from hiring bold, creative talent who don’t fit perfect digital boxes.
Key Facts:
- 25% of Harvard MBAs unemployed, highest on record
- Only 30% of 2025 grads nationwide have jobs in their field
- Nearly half of grads feel unprepared for real work
- Up to 50% of entry-level listings are “ghost jobs”
- AI and ATS have replaced human judgment at most companies
If you’ve felt this struggle—or see it happening around you—share your story in the comments. And make sure to subscribe for more deep dives on the reality of today’s economy and job market.
This is not just a Harvard problem. It’s a sign that America’s job engine is running on empty, and it’s time to reboot—before another generation is locked out.
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