One in 15 US student loan recipients have considered suicide over debt, study suggests

  • The city of San Francisco will soon require stores to accept cash as a form of payment, as officials cite an apparent discriminatory impact cashless stores have on low-income people and poor communities. Nearly all 11 members of the city’s board of supervisors have co-sponsored a bill that would ban cashless brick-and-mortar retailers citywide. Supervisor Vallie Brown, who introduced the legislation, noted the obstacles the city’s homeless population would face if cashless payments were to become the standard in San Francisco, one of the nation’s largest tech bubbles. “I just felt it wasn't fair that if someone wanted to buy a sandwich in a store, and they had cash, that they would be turned away,“ she told the Associated Press. ”We also have our homeless population. They're not banked.“San Francisco joins a growing list of cities across the country forcing stores to accept paper money, as tech giants experiment with new brick-and-mortars like Amazon Go, where customers automatically pay virtually with a credit card. Similar bills have been introduced in New York City, while New Jersey and Philadelphia have also passed legislation requiring stores to accept cash. Temporary pop-up stores and internet-only businesses such as ride-hailing companies would be exempt, as would food trucks, which say they lack the resources to handle cash.Though plenty of cheap dim sum spots, taquerias and dive bars take only cash, some retailers argue that not taking cash is safer and more efficient.Cashless restaurants are clustered in San Francisco's Financial District and South of Market neighbourhoods, where white-collar employees devour upscale salads and protein bowls.Those now refusing paper money include Bluestone Lane, a New York-based coffee chain, and The Organic Coup, which sells organic fast-food chicken. At Freshroll Vietnamese Rolls & Bowls, which has several lunch spots downtown, signs remind customers of its no-cash policy.Andy Stone, vice president of brand marketing at Bluestone Lane, said the company “will always comply with the laws of jurisdictions where we operate” and is awaiting the vote.Some businesses appear to be getting on board as the backlash grows.Salad chain Sweetgreen announced last month that it will accept cash at all its restaurants by year's end, saying going cashless “had the unintended consequence of excluding those who prefer to pay or can only pay with cash.”The San Francisco Chamber of Commerce did not take a position on the proposal.The Associated Press contributed to this report
  • The city of San Francisco will soon require stores to accept cash as a form of payment, as officials cite an apparent discriminatory impact cashless stores have on low-income people and poor communities. Nearly all 11 members of the city’s board of supervisors have co-sponsored a bill that would ban cashless brick-and-mortar retailers citywide. Supervisor Vallie Brown, who introduced the legislation, noted the obstacles the city’s homeless population would face if cashless payments were to become the standard in San Francisco, one of the nation’s largest tech bubbles. “I just felt it wasn't fair that if someone wanted to buy a sandwich in a store, and they had cash, that they would be turned away,“ she told the Associated Press. ”We also have our homeless population. They're not banked.“San Francisco joins a growing list of cities across the country forcing stores to accept paper money, as tech giants experiment with new brick-and-mortars like Amazon Go, where customers automatically pay virtually with a credit card. Similar bills have been introduced in New York City, while New Jersey and Philadelphia have also passed legislation requiring stores to accept cash. Temporary pop-up stores and internet-only businesses such as ride-hailing companies would be exempt, as would food trucks, which say they lack the resources to handle cash.Though plenty of cheap dim sum spots, taquerias and dive bars take only cash, some retailers argue that not taking cash is safer and more efficient.Cashless restaurants are clustered in San Francisco's Financial District and South of Market neighbourhoods, where white-collar employees devour upscale salads and protein bowls.Those now refusing paper money include Bluestone Lane, a New York-based coffee chain, and The Organic Coup, which sells organic fast-food chicken. At Freshroll Vietnamese Rolls & Bowls, which has several lunch spots downtown, signs remind customers of its no-cash policy.Andy Stone, vice president of brand marketing at Bluestone Lane, said the company “will always comply with the laws of jurisdictions where we operate” and is awaiting the vote.Some businesses appear to be getting on board as the backlash grows.Salad chain Sweetgreen announced last month that it will accept cash at all its restaurants by year's end, saying going cashless “had the unintended consequence of excluding those who prefer to pay or can only pay with cash.”The San Francisco Chamber of Commerce did not take a position on the proposal.The Associated Press contributed to this report
1 / 2

San Francisco to ban cashless stores to fight discrimination against low-income communities

The city of San Francisco will soon require stores to accept cash as a form of payment, as officials cite an apparent discriminatory impact cashless stores have on low-income people and poor communities. Nearly all 11 members of the city’s board of supervisors have co-sponsored a bill that would ban cashless brick-and-mortar retailers citywide. Supervisor Vallie Brown, who introduced the legislation, noted the obstacles the city’s homeless population would face if cashless payments were to become the standard in San Francisco, one of the nation’s largest tech bubbles. “I just felt it wasn't fair that if someone wanted to buy a sandwich in a store, and they had cash, that they would be turned away,“ she told the Associated Press. ”We also have our homeless population. They're not banked.“San Francisco joins a growing list of cities across the country forcing stores to accept paper money, as tech giants experiment with new brick-and-mortars like Amazon Go, where customers automatically pay virtually with a credit card. Similar bills have been introduced in New York City, while New Jersey and Philadelphia have also passed legislation requiring stores to accept cash. Temporary pop-up stores and internet-only businesses such as ride-hailing companies would be exempt, as would food trucks, which say they lack the resources to handle cash.Though plenty of cheap dim sum spots, taquerias and dive bars take only cash, some retailers argue that not taking cash is safer and more efficient.Cashless restaurants are clustered in San Francisco's Financial District and South of Market neighbourhoods, where white-collar employees devour upscale salads and protein bowls.Those now refusing paper money include Bluestone Lane, a New York-based coffee chain, and The Organic Coup, which sells organic fast-food chicken. At Freshroll Vietnamese Rolls & Bowls, which has several lunch spots downtown, signs remind customers of its no-cash policy.Andy Stone, vice president of brand marketing at Bluestone Lane, said the company “will always comply with the laws of jurisdictions where we operate” and is awaiting the vote.Some businesses appear to be getting on board as the backlash grows.Salad chain Sweetgreen announced last month that it will accept cash at all its restaurants by year's end, saying going cashless “had the unintended consequence of excluding those who prefer to pay or can only pay with cash.”The San Francisco Chamber of Commerce did not take a position on the proposal.The Associated Press contributed to this report
Alex Tanzi

The $1.6 trillion (£1.22 trillion) in US student debt may not pose a direct threat to the economy, but it’s causing anguish that goes far beyond financial concerns for the people who owe it.

One in 15 borrowers has considered suicide due to their school loans, according to a survey of 829 people conducted last month by Student Loan Planner, a debt advisory group.

Most student debt is held by people with balances on the lower end of the scale, with only 0.8 percent of the US population owing more than $100,000 (£76,350), according to Deutsche Bank economists.

They have labelled the issue as a “micro problem” for individuals, rather than a macro problem for the economy.

Yet that still equates to 2.8 million people with around $495 billion (£378 billion) in debt as of March, according to US Department of Education data.

Even more worrying is that it’s an increase of almost $61 billion (£46.6 billion) since the end of 2017.

Student loans are the second-biggest kind of debt in America behind home mortgages and often more expensive to service relative to the amount owed because interest rates are generally higher.

Not to mention that unlike buying a home, an education isn’t a tangible asset that can be sold.

It’s also turning into a hot political issue as next year’s presidential election approaches.

Senator Elizabeth Warren has proposed a plan to cancel loans for many borrowers, while former Colorado governor John Hickenlooper addressed some of the knock-on effects for the economy in a presentation at the Milken Institute conference earlier this week.

“Of course millennials would love to buy a house,” Mr Hickenlooper said on 30 April in Los Angeles. But, “they’re buried in debt!”

The following scenarios show the monthly costs associated with different levels of student debt.

The first envisages a 10-year loan at six percent. To put the figures into perspective, a 30-year mortgage of $400,000 (£305,400) at current interest rates would cost about $2,000 (£1527) per month.

In the second scenario, loans are shown over a 20-year term with rates at seven percent.

Monthly payments are smaller but the overall burden is bigger, with total interest payments on $100,000 (£76,350) of debt rising above $86,000 (£65,660).

Bloomberg

Recommended Stories

  • New exotic invasive snake captured in Everglades National Park. It’s likely a released pet

    Visitors hiking the Mahogany Hammock Trail in Everglades National Park earlier this month spotted an unfamiliar snake. It turned out to be a brand new invasive species.

  • Donald Trump Jr. gives fiery CPAC speech full of grievances against anti-Trump Republicans, big tech, and the mainstream media

    Trump Jr. ranted about Wyoming Rep. Liz Cheney, saying her "politics are only slightly less popular than her father is at a quail hunt."

  • They were stopped for speeding in the Keys. Then police smelled something fishy

    Two commercial fisherman from the mainland were jailed Thursday after police said they were caught in the Keys with a haul of illegal seafood that started with 100 undersized wrung lobster tails.

  • Residents of an Indian slum thought they were getting vaccinated like everyone else but were unknowingly part of a clinical trial

    After a white van advertised COVID-19 vaccines to a central-Indian slum, many of its residents feel duped after finding out they were in a trial.

  • Former Sen. Kelly Loeffler is out as owner of WNBA team, and the new owners include former star player who retired to fight for social justice

    One month after WNBA players helped oust Kelly Loeffler from the Senate, the league announced that it had approved sale of the franchise she co-owned.

  • $1,400 stimulus checks set for House vote today. Here’s what to know

    The House is expected to pass a stimulus deal with $1,400 checks on Friday.

  • Girl, 11, finds parents dead in Missouri home. Both had Covid-19.

    Family members told officers the man and woman were quarantining in their home in the St. Louis area.

  • Ted Cruz rants about comedians, late night TV, and mask-wearing before shouting at people to 'just have fun' in wild CPAC speech

    "Orlando is awesome. It's not as nice as Cancun, but it's nice," Cruz said, referring to the scandal he sparked by leaving Texas for Mexico.

  • Asian Man in Critical Condition After Being Stabbed in the Back With a Butcher Knife in NY Chinatown

    An Asian man is in critical condition after getting stabbed by a butcher knife in New York's Chinatown on Thursday evening. The 36-year-old local resident was attacked around 6:15 p.m. near the federal courthouse, near the corner of Worth Street and Baxter street next to the Daniel Patrick Moynihan U.S. Courthouse, reports PIX11. Call came in at 6:20 for report of a stabbing at Baxter Street and Worth Street.

  • Ben Affleck says his divorce from Jennifer Garner and other 'life experience' shaped him into a better actor

    In a new interview as part of The Hollywood Reporter's Actor Roundtable series, Affleck spoke about Garner and the three kids they share.

  • Ted Cruz's colleagues mocked him by putting memes of his Cancun trip in the Senate gym locker room: 'Bienvenido de Nuevo, Ted!'

    Those who turned up to the Senate gym Wednesday morning were welcomed by color printouts of Cruz's Cancun trip that read "Bienvenido de Nuevo, Ted!"

  • Merkel says she won't take AstraZeneca's COVID-19 vaccine because she's too old, as 1.4 million jabs are left unused

    The German chancellor said she wasn't eligible because the vaccine isn't approved for people over 65 in Germany.

  • Ilhan Omar leads calls to fire Senate official who scuppered $15 wage rise

    Parliamentarian Elizabeth MacDonough ruled provision in $1.9tn Covid stimulus bill did not qualify for budget reconciliation Ilhan Omar tweeted: ‘What’s a Democratic majority if we can’t pass our priority bills? This is unacceptable.’ Photograph: Leah Millis/Reuters The progressive Democrat Ilhan Omar has called for the firing of the government official who effectively blocked the party’s plans to raise the minimum wage. Democratic plans to include a gradual raise to $15 in Joe Biden’s $1.9tn coronavirus stimulus bill were effectively ended on Thursday when the Senate parliamentarian ruled it should not be part of the package. The decision by Elizabeth MacDonough, who has held the non-partisan position since 2012, dashed hopes of including the raise in the bill – the first increase in over a decade. “Abolish the filibuster. Replace the parliamentarian,” Omar said in a tweet. “What’s a Democratic majority if we can’t pass our priority bills? This is unacceptable.” Abolish the filibuster.Replace the parliamentarian.What’s a Democratic majority if we can’t pass our priority bills? This is unacceptable.— Ilhan Omar (@IlhanMN) February 26, 2021 Biden campaigned on a pledge to increase the minimum wage to $15. Low-wage workers and unions have campaigned for a rise since 2012, and its inclusion in the coronavirus stimulus bill had been seen as a major victory. While the proposal faced universal opposition by Republican senators and skepticism from some Democrats, Senator Bernie Sanders and others were confident that it could be pushed through with a simple majority in the Senate, where the Democrats hold a slim majority. In order to achieve this, the proposal would have to be passed by “budget reconciliation” – a mechanism that allows legislation to bypass the 60% vote bills need to get through the Senate. Late on Thursday, MacDonough ruled that the wage increase did not meet the standards for budget reconciliation. The parliamentarian acts as an impartial judge and has only been removed from office once. MacDonough is well respected by many members of both parties, and the Biden administration seems unlikely to push for her removal. Other progressive Democrats have proposed a less drastic solution – overruling her. “The Senate parliamentarian issues an advisory opinion,” congresswoman Pramila Jayapal said in a tweet. “The VP can overrule them – as has been done before. We should do EVERYTHING we can to keep our promise, deliver a $15 minimum wage, and give 27 million workers a raise.” Sanders, one of the most ardent supporters of a minimum-wage increase, has proposed an alternative plan – imposing penalties and incentives to push companies toward higher wages. “I will be working with my colleagues in the Senate to move forward with an amendment to take tax deductions away from large, profitable corporations that don’t pay workers at least $15 an hour, and to provide small businesses with the incentives they need to raise wages,” Sanders said in a statement. “That amendment must be included in this reconciliation bill.” Sanders’ comments come after a Senate hearing on Thursday where he lambasted the low wages paid by McDonald’s, Walmart and others. Sanders pointed to a government report that found nearly half of workers who make less than $15 an hour rely on public assistance programs that cost taxpayers $107bn each year. The American people are “sick and tired” of subsidizing “starvation wages” at these companies, Sanders said.

  • Prince Harry says 99-year-old Prince Philip just slams his laptop shut instead of hanging up at the end of Zoom calls

    The prince told James Corden that he'd had a few Zoom calls with his grandparents where they got to see Archie running around.

  • Prince Harry on life in California and what he thinks about The Crown

    What Harry thinks of The Crown, what the Queen got Archie for Christmas, and other key information.

  • Prince Harry Tells Friend James Corden He Left the Royal Family Because It Was Destroying His Mental Health

    KOEN VAN WEELPrince Harry has said that he stepped back from royal duties because the British press was “toxic” and “destroying” his mental health.In an extraordinary interview unparalleled in the annals of royal history, Harry gave a candid interview to his close friend James Corden on The Late Late Show while they toured Los Angeles on an open-air double-decker bus. Corden was a guest at Harry and Meghan’s wedding in 2018 and arrived at the evening reception dressed as Henry VIII. Another guest at the wedding, Oprah Winfrey, has taped an interview primarily with Meghan that will be screened next weekend.Oprah Winfrey’s Interview With Meghan Markle and Harry Will ‘Shine a Light on What They Have Been Through’The two men were served afternoon tea, which Corden said he had provided to remind Harry of home, however the tea service was abandoned after the bus braked sharply, depositing the contents of a tea trolley on top of the prince.“Clear it up, Harry,” Corden joked as the prince picked up tea cups and scones.While the 17-minute long package had a humorous tone and was packed with jokes and gags, it also provided the most candid insight yet into why Harry withdrew from royal duties.Asked about his decision to leave royal life, Harry said he was left with no choice because the British press “was destroying my mental health.”He said of the “toxic” situation: “I did what any husband and father would do—I need to get my family out of here.”In what will be perceived as a dig at the royal establishment that refused to accept Harry and Meghan’s proposal of a hybrid public-private role, Harry said: “We never walked away, and as far as I’m concerned, what decisions are made on that side, I will never walk away.”Royal Family ‘Wringing Their Hands’ at Prince Harry and Meghan Markle’s ActivismHarry said that his life now would continue to be about “public service” and added that he and Meghan were “trying to bring some compassion and try to make people happy and try to change the world in any small way we can.”When Harry said he and Meghan often watched Jeopardy! and Netflix (with whom the couple recently signed a $100 million production deal) in the evenings after putting Archie to bed, Corden asked him about The Crown and its controversial portrayal of his family’s history.Harry, who joked he would like to be played in the series by Damian Lewis, said he preferred it to the tabloid media coverage of the royals because it “does not pretend to be news.”He added: “It’s fictional. But it’s loosely based on the truth.“Of course it’s not strictly accurate, but it gives you a rough idea about what that lifestyle—the pressures of putting duty and service above family and everything else—what can come from that.”He continued: “I’m way more comfortable with The Crown than I am seeing the stories written about my family, or my wife or myself, because it’s the difference between fiction—take it how you will—and being reported on as fact because you’re supposedly news. I have a real issue with that.”Harry also opened up about meeting Meghan and how he knew she was the one on their second date.“We hit it off with each other, and we were just so comfortable in each other’s company,” he said.“Dating me or any member of the royal family is kind of flipped upside down. All the dates become dinners or watching the TV or chatting at home.“We went from zero to 60 in the first two months.”Meghan, who is pregnant with the couple’s second child, made a cameo in the interview via FaceTime when Harry and Corden paid a trip to the house from the ’90s TV show The Fresh Prince of Bel Air.When Corden suggested the couple should buy the house, Meghan said: “I think we’ve done enough moving.”During the visit to the house, Corden and Harry spoke to the owner and jokingly made an offer to buy it, before Harry asked if he could use the toilet.“I’m actually dying for a pee. Can I use your bathroom?” he asked.Showing that family relations are at least still somewhat functional, Harry said his grandmother, the queen, bought his son Archie a waffle maker for Christmas.He revealed Meghan now makes waffles with a “beautiful organic mix” and they eat them for breakfast with toppings including berries and syrup.He also said that both his grandparents know how to use Zoom, but joked that his grandfather slams the laptop shut physically to finish a call.Over to you, Oprah.Read more at The Daily Beast.Get our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.

  • Cruz Jokes About Cancun Trip, Dabbles in COVID Denial in Bizarre CPAC Rant

    Joe Raedle/GettyDays after Sen. Ted Cruz (R-TX) ditched Texas during a deadly winter storm for the sandy beaches of Mexico, the Republican made light of the scandal in a bizarre speech at the Conservative Political Action Conference in Orlando.“I gotta say, Orlando is awesome. It’s not as nice as Cancun, but it’s nice,” Cruz quipped in his speech, titled “Bill of Rights, Liberty, and Cancel Culture.”The joke, which comes as Texas is still reeling from the unprecedented storm that left millions of residents without power and killed at least 30, was just one of many odd remarks the lawmaker made during his speech.Last week, photos emerged of Cruz boarding a Feb. 17 flight to Mexico as his state literally froze and millions of Texans were left in the dark and without drinkable water. After getting caught, Cruz booked a return flight to the U.S. on Feb. 18 and insisted he was merely trying to “be a good dad” by accompanying his daughters on a trip to Mexico. Texts from his wife to friends suggested the entire family had planned to stay in Mexico until Feb. 21.During Cruz’s CPAC speech, which at times seemed more like a comedy routine, Cruz also took aim at those who exposed his trip—namely the media—and questioned the validity of the ongoing coronavirus pandemic that has killed over 500,000 Americans.Cruz Admits Tone-Deaf Cancun Vacay Was ‘a Mistake’ Over Literal Calls to Resign“This is just dumb,” Cruz said, pretending not to understand the importance of wearing a mask to curtail the spread of COVID-19. “We’re gonna wear masks for the next 300 years. And by the way, not just one mask—two, three, four—you can’t have too many masks! How much virtue do you wanna signal?”Likening the Republican party to the “rebel alliance” in Star Wars, Cruz then went after Democrats and the media, claiming they “are convinced that political theater helps them.”“The media desperately, desperately wants a Republican civil war,” he said. “Liberty is under assault and what are we going to do? I will tell you: We will fight!”He then insisted that people should “lighten up”—before making a transphobic joke about a New York Times story that said 60 percent of women named Karen voted for Biden.“I’m willing to believe 80 percent of men named Karen voted for Joe Biden,” he said as the crowd burst into applause and cheers.Toward the end of his speech, as the crowd of conservatives began to chant “freedom,” Cruz insisted that his close ally, former President Donald Trump, would make a valiant return.“Let me tell you this right now, Donald J. Trump ain’t going anywhere,” he said.Before walking off the stage, the embattled Republican screeched to the crowd: “FREEDOM!”Read more at The Daily Beast.Got a tip? Send it to The Daily Beast hereGet our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.

  • In DeSantis vs. Hogan, two competing visions of the GOP for 2024

    Gov. Ron DeSantis thrills the base, but not the middle. Gov. Larry Hogan appeals to centrists, which alienates the Trumpian true believers. Whose version of the GOP will prevail?

  • DeSantis Defends COVID Record, Needling Critics: ‘The Lockdown States Got It Wrong’

    Florida governor Ron DeSantis defended his state’s response to the coronavirus pandemic in a Friday morning speech to the Conservative Political Action Conference. DeSantis was the first elected official to speak to the conference, which is being held in Orlando, Fla., this year. Since the end of a summer surge in coronavirus cases, the state forbade local officials from shutting down businesses entirely and kept schools open for in-person learning where requested by parents. "Florida got it right and the lockdown states got it wrong." @GovRonDeSantis on Florida's response to COVID 19. #CPAC2021 #AmericaUnCanceled pic.twitter.com/ANWFWUTWGX — CPAC 2021 (@CPAC) February 26, 2021 “We are stronger as a state and much happier as a people. . . . Florida has lower per-capita COVID mortality than the national average, and lower than 27 other states,” DeSantis said. “Our unemployment rate is lower than the national average even though tourism isn’t fully back, and our budget is in great shape.” The governor added, “Florida got it right, and the lockdown states got it wrong.” Earlier in his speech, DeSantis described Florida as “an oasis of freedom in a nation that’s suffering from the yoke of oppressive lockdowns.” Florida’s death rate from coronavirus is roughly 141 per 100,000 people, according to Becker’s Hospital Review. Over 30,000 residents in total have died of the illness since the pandemic began. CPAC will continue into Sunday afternoon, when former President Trump is scheduled to deliver his first public speech since leaving office. Former Vice President Mike Pence reportedly declined to speak at the conference, citing Trump’s failure to prevent a mob of his supporters from storming the Capitol in early January.

  • Husband of Hitler-quoting GOP congresswoman parked his militia-stickered truck outside Capitol Jan. 6

    Illinois state Rep. Chris Miller (R), the husband of freshman U.S. Rep. Mary Miller (R-Ill.), acknowledged Thursday that his pickup truck was parked in a restricted area outside the U.S. Capitol during the Jan. 6 riot, but he said the "Three Percenter" militia sticker on the back window doesn't mean anything. "Army friend gave me decal," Miller told The Daily Beast in an email late Thursday. "Thought it was a cool decal. Took it off because of negative pub." He said he "never was member" of the militia and "didn't know anything about 3% till fake news started this fake story and read about them." Online sleuths had linked him to the truck visible in footage from a CBS News report, earlier Thursday. The #Sedition3PTruck with government plates parked in a restricted zone from 1:02. #SeditionHunters #Sedition3P Source: https://t.co/DubmxJhjSZ pic.twitter.com/INCs6geEYg — Phoenix on Wheels (@phoenixonwheels) February 25, 2021 The Three Percenters, founded in 2008, are a "radical militia group" implicated in leading the Jan. 6 siege along with the Proud Boys, the Oath Keepers, and other far-right extremist groups, the FBI said in an affidavit filed in the case against alleged rioter Robert Gieswein. Their name comes from the apocryphal claim that only 3 percent of U.S. colonists fought in the Revolutionary War, and they fashion themselves as the same kind of tyranny-stomping "patriots." Miller's wife, Mary Miller, is most famous for favorably quoting Nazi leader Adolf Hitler at a "Moms for America" rally outside the Capitol on Jan. 5. "Hitler was right on one thing: whoever has the youth has the future," she told the rally, apologizing later when video of her comments went viral but insisting that "some are trying to intentionally twist my words to mean something antithetical to my beliefs." More stories from theweek.comJosh Hawley, Senator NoJournalist Tim O'Brien, who's seen Trump's taxes, thinks Trump's accountant will now flip in D.A. inquiryPandemic experts are starting to sound increasingly optimistic. Is it safe to make plans for a summer vacation?