[Fox Business] Most borrowers delay major life events because of student loan debt: survey
Borrowing money to go to college has closed the door on many major life milestones, including completing a degree program, for most student loan borrowers, a recent Gallup survey said.
Overall, 71% of student loan borrowers who are currently enrolled college students or previously enrolled students who dropped out of their program have had to put off a major life event. Roughly 29% of student borrowers have delayed buying a home, and 28% have put off purchasing a car as a result of student debt. Another 22% have had to stay put in their childhood home, and 20% have delayed starting a business because of debt.
Moreover, 15% said they’ve put off plans to have children, and 13% aren’t getting married because student loan debt is holding them back. Additionally, 35% of student loan borrowers who dropped out said debt has kept them from completing their postsecondary program.
Unsurprisingly, student loan borrowers with higher debt put off more milestones than borrowers with less debt. However, the survey said that student debt in any amount has pushed Americans to delay important personal milestones.
“However, even relatively modest student loan amounts have a significant impact — 63% of those who have borrowed less than $10,000 in student loans say they have delayed major life events due to their loans,” the survey said.
Private student loan borrowers can’t benefit from federal loan relief. But you could lower your monthly payments by refinancing to a lower interest rate. Visit Credible to speak with an expert and get your questions answered.
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Student loan payments resumed in October last year, following a 42-month payment pause. While there are several avenues for relief, millions of borrowers have missed at least one payment, a recent Intelligent.com survey said.
Over one-third (36%) of borrowers who have yet to make any payment said they planned to resume as soon as possible, with the same number saying they are unsure when they’ll resume payments. Another 12% of these borrowers said they are using the Biden administration’s ‘on-ramp’ to student loan repayment, in which borrowers won’t face penalties like having missed payments reported to credit bureaus in September 2024.
While most borrowers have missed payments because they can’t afford them, 9% have boycotted payments to pressure the government into canceling student debt. Most of these borrowers hope their efforts will bring attention to the student loan debt conversation.
If you hold private student loans, you won’t be enrolled in a federal income-driven repayment plan, but you could refinance your loans to a lower rate. Visit Credible to compare options from different lenders without affecting your credit score.
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President Biden’s Saving on a Valuable Education (SAVE) Plan could lower borrowers’ monthly payments to zero dollars, reduce monthly costs in half and save those who make payments at least $1,000 yearly.
Since the launch of SAVE, nearly 8 million borrowers have received relief, including 4.5 million with a $0 monthly payment. The latest round of cancellations targets $7.4 billion in student loans for 277,000 borrowers, the Department of Education said in a statement. This brings the total debt forgiven over Biden’s presidency to $153 billion.
Biden also recently released a formal proposal to eliminate student debt for millions of more Americans. The plan, an alternative to his original debt forgiveness proposal blocked by the Supreme Court last June, would provide student debt relief to over 30 million borrowers.
The plan would waive up to $20,000 for millions of borrowers whose balances have grown because of unpaid interest and automatically discharge debt for borrowers eligible for loan forgiveness under SAVE, closed school discharge or other forgiveness programs, even if not enrolled. Additionally, student debt for borrowers who entered repayment for 20 or more years would be discharged. The plan would also provide relief to borrowers who experience hardship in paying back their loans.
“These distinct forms of debt relief are designed for borrowers struggling with their loans – and that’s a lot of people,” said Under Secretary of Education James Kvaal. “There are 25 million borrowers whose interest is growing faster than they can pay it down. That fact alone shows how badly President Biden’s student loan relief is needed.”
If you’re having trouble making payments on your private student loans, you won’t benefit from federal relief. You could consider refinancing your loans for a lower interest rate to lower your monthly payments. Visit Credible to get your personalized rate in minutes without affecting your credit score.
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Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.
[Fox Business] Norwegian cruise worker arrested in Alaska for allegedly stabbing 3 people onboard: report
The FBI has arrested a Norwegian cruise ship worker in Alaska after he allegedly stabbed three people with medical scissors while onboard, reports say.
The suspect, identified as Ntando Sogoni from South Africa, was recently hired by Norwegian and boarded its Encore cruise ship in Seattle on Sunday, the Juneau Empire newspaper reports, citing an affidavit filed by FBI Special Agent Matthew Judy. The ship left that day for a weeklong, round-trip excursion to Alaska with stops including Glacier Bay National Park and Victoria, British Columbia.
“According to court documents, on May 6, 2024, Ntando Sogoni, 35, was working on the cruise ship when other ship employees observed the defendant attempting to deploy a lifeboat,” the U.S. Attorney’s Office for the District of Alaska said in a statement. “Sogoni was contacted by ship security and escorted to the ship’s medical center for an assessment.
“Upon arrival, Sogoni physically attacked a security guard and a male nurse inside an examination room and proceeded to enter another examination room where a woman, who is a U.S. citizen, was being examined,” the statement continued. “He grabbed a pair of scissors and stabbed the woman multiple times in the arm, hand and face. He also stabbed two security guards who intervened — one in the head and one in the back and shoulders.”
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Sogoni, who officials say was detained in the ship’s jail, was arrested by the FBI on Tuesday in Juneau, Alaska.
He is now facing a charge of assault with a dangerous weapon within maritime and territorial jurisdiction.
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If convicted, he faces a maximum 10-year prison sentence and a $250,000 fine.
Norwegian did not immediately respond to a request for comment from FOX Business.
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The alleged stabbing happened as the ship was passing west of Vancouver Island in British Columbia, on the way to Alaska, The Associated Press reports.
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[Fox News] China launches lunar probe to take samples from far side of the moon
China on Friday launched a lunar probe to land on the far side of the moon and return with samples that could provide insights into differences between the less-explored region and the better-known near side.
It is the latest advance in China’s increasingly sophisticated space exploration program, which is now competing with the U.S., still the leader in space.
China also has a three-member crew on its own orbiting space station and aims to put astronauts on the moon by 2030. Three Chinese lunar probe missions are planned over the next four years.
Free from exposure to Earth and other interference, the moon’s somewhat mysterious far side is ideal for radio astronomy and other scientific work. Because the far side never faces Earth, a relay satellite is needed to maintain communications.
The rocket carrying the Chang’e-6 lunar probe — named after the Chinese mythical moon goddess — lifted off Friday at 5:27 p.m. as planned from the Wenchang launch center on the island province of Hainan. About 35 minutes later it separated entirely from the massive Long March-5 rocket — China’s largest — that had slung it into space, as technicians monitoring the launch from ground control smiled and applauded.
Shortly afterward, launch mission commander Zhang Zuosheng took to a podium at the front of the room and said the launch had gone off exactly as planned and the spacecraft was on its set trajectory. “I declare this launch mission a complete success,” Zhang said to further applause.
The Philippine Space Agency issued a statement saying expected debris from the rocket launch was “projected to have fallen within the identified drop zones.”
China in 2021 was forced to defend its handling of a rocket booster that burned up over the Indian Ocean after the administrator of the American space agency and others accused Beijing of acting recklessly by allowing its rocket to fall to Earth seemingly uncontrolled after the mission.
Huge numbers of people crowded Hainan’s beaches to view the launch, which comes in the middle of China’s five-day May Day holiday. As with previous recent launches, the event was televised live by state broadcaster CCTV.
After orbiting the moon to reduce speed, the lander will separate from the spacecraft and within 48 hours of setting down it will begin drilling into the lunar surface and scooping up samples with its robotic arm. With the samples sealed in a container, it will then reconnect with the returner for the trip back to Earth. The entire mission is set to last 53 days.
China in 2020 returned samples from the moon’s near side, the first time anyone has done so since the U.S. Apollo program that ended in the 1970s. Analysis of the samples found they contained water in tiny beads embedded in lunar dirt.
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Also in the past week, three Chinese astronauts returned home from a six-month mission on the country’s orbiting space station after the arrival of its replacement crew.
China built its own space station after being excluded from the International Space Station, largely because of U.S. concerns over the Chinese military’s total control of the space program amid a sharpening competition in technology between the two geopolitical rivals. U.S. law bars almost all cooperation between the U.S. and Chinese space programs without explicit congressional approval.
Faced with such limitations, China has expanded cooperation with other countries and agencies. The latest mission carries scientific instruments from France, Italy and the European Space Agency in cooperation with Sweden. A small Pakistani satellite is also on board.
China’s ambitious space program aims to put astronauts on the moon by 2030, as well as bring back samples from Mars around the same year and launch three lunar probe missions over the next four years. The next is scheduled for 2027.
Longer-term plans call for a permanent crewed base on the lunar surface, although those appear to remain in the conceptual phase.
China conducted its first crewed space mission in 2003, becoming the third country after the former Soviet Union and the U.S. to put a person into space using its own resources.
The three-module Tiangong, much smaller than the ISS, was launched in 2021 and completed 18 months later. It can accommodate up to six astronauts at a time and is mainly dedicated to scientific research. The crew will also install space debris protection equipment, carry out payload experiments, and beam science classes to students on Earth.
China has also said that it eventually plans to offer access to its space station to foreign astronauts and space tourists. With the ISS nearing the end of its useful life, China could eventually be the only country or corporation to maintain a crewed station in orbit.
The U.S. space program is believed to still hold a significant edge over China’s due to its spending, supply chains and capabilities.
The U.S. aims to put a crew back on the lunar surface by the end of 2025 as part of a renewed commitment to crewed missions, aided by private sector players such as SpaceX and Blue Origin. They plan to land on the moon’s south pole where permanently shadowed craters are believed to be packed with frozen water.
[Fox News] US Air Force Secretary Kendall flies in cockpit of plane controlled by AI
U.S. Air Force Secretary Frank Kendall rode in the cockpit of a fighter jet on Friday, which flew over the desert in California and was controlled by artificial intelligence.
Last month, Kendall announced his plans to fly in an AI-controlled F-16 to the U.S. Senate Appropriations Committee’s defense panel, while speaking about the future of air warfare being dependent on autonomously operated drones.
On Friday, the senior Air Force leader followed through with his plans, making what could be one of the biggest advances in military aviation since stealth planes were introduced in the early 1990s.
Kendall flew to Edwards Air Force Base – the same desert facility where Chuck Yeager broke the sound barrier – to watch and experience AI flight in real time.
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After the flight, Kendall spoke with the Associated Press about the technology and the role it will play in air combat.
“It’s a security risk not to have it. At this point, we have to have it,” the secretary said.
The Associated Press and NBC were granted permission to watch the secret flight with the agreement that neither would report on the matter until the flight was complete, due to security concerns.
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The F-16 controlled by AI is called Vista, and it flew Kendall in maneuvers reaching over 550 mph, putting pressure on his body of nearly five times the force of gravity.
Flying alongside Vista and Kendall was a human-piloted F-16, and the two jets raced within 1,000 feet of each other performing twists and loops, in an effort to force their opponent into a place of submission.
Kendall grinned as he climbed out of the cockpit after the hour-long flight, saying he saw enough to trust the AI technology in deciding whether to fire weapons during a war.
Many oppose the idea of computers making that decision, fearing AI may one day be able to drop bombs on people without consulting with humans.
The same people who oppose AI-powered war machines are also seeking greater restrictions on its use.
One of the groups seeking stronger restrictions is the International Committee of the Red Cross.
“There are widespread and serious concerns about ceding life-and-death decisions to sensors and software,” the group warned, adding the autonomous weapons “are an immediate cause of concern and demand an urgent, international political response.”
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Still, Kendall says human oversight will always be at play when weapons are considered.
The Air Force is planning to have an AI-enabled fleet of over 1,000 AI-operated drones, with the first being in operation by 2028.
In March, the Pentagon said it was looking to develop new artificial intelligence-guided planes, offering two contracts for several private companies to compete against each other to obtain.
The Collaborative Combat Aircraft (CCA) project is part of a $6 billion program that will add at least 1,000 new drones to the Air Force. The drones will be designed to deploy alongside human-piloted jets and provide cover for them, acting as escorts with full weapons capabilities. The drones could also act as scouts or communications hubs, according to a report from The Wall Street Journal.
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The companies bidding for the contract include Boeing, Lockheed Martin, Northrop Grumman, General Atomics and Anduril Industries.
Cost-cutting is one of the elements of AI that appeals to the Pentagon for pursuing the project.
In August 2023, Deputy Secretary of Defense Kathleen Hicks said deploying AI-enabled autonomous vehicles would provide “small, smart, cheap and many” expendable units to the U.S. military, helping overhaul the “too-slow shift of U.S. military innovation.”
But the idea is to not fall too far behind China, which has modernized its air defense systems, which are much more sophisticated and put manned planes at risk when they get too close.
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Drones have the potential of interrupting such defense systems and could be used to jam them or provide surveillance for crews.
The Associated Press contributed to this report.
[Fox News] The most dangerous encounter to avoid in social media
They are dangerous, tricky scams designed to tug at your better judgment, draining bank accounts, creating havoc with your friends, and manipulating your reputation. Social engineering scams – the type of scams used by criminals to exploit a person’s trust to obtain money or sensitive information or both – have become much more sophisticated with the rise of artificial intelligence.
I’m passionate about protecting your privacy and security. I often hear from people saying, “Why should I care? I’d never fall for one of these scams.” Guess again.
Until now, popular phishing scams typically involved scammers calling innocent people, claiming to be from a company, and convincing them they owe money on an invoice or something. To combat this, brands have tried to protect their customers by saying, “They’ll never call.” But with OpenAI’s recent announcement of its voice-mimicking tool, we’re heading into a new era of social engineering scams.
We spoke to Tom Tovar, CEO of Appdome, a cybersecurity company dedicated to protecting mobile apps. He unveils the unsettling truth about social engineering scams and warns that it’s not just about being aware – it’s about being prepared. The time to change our mindset is now or risk becoming the next victim in the ever-evolving game of digital deception.
In the intricate world of cybersecurity threats, social engineering scams really make their mark by cleverly manipulating our human instincts and emotions. According to Tovar, “Social engineering scams exploit the everyday fear, uncertainty, and doubt in humans to gain access to protected accounts, information, resources, payments, and more. These attacks can also abuse commercial expectations, business processes, and psychological tactics to trick humans into interacting with the scam.”
WHAT IS ARTIFICIAL INTELLIGENCE (AI)?
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In these scams, fraudsters masquerade as employees from banks, financial institutions or government agencies to gain the trust of their targets. Another social engineering scam could look like a vacation giveaway from a familiar friend but is instead a trick to get you to engage. By leveraging this trust, they manipulate individuals into divulging sensitive information or making financial transactions that benefit the scammer.
“In these attacks, the attacker has to get the user to interact,” Tovar explains.”So, they may send a very convincing text message to the victim purporting to be the fraud department of the bank.” This text message will say something like, “Did you make this purchase?” showcasing a supposedly fraudulent amount, usually concerning enough to panic the victim into replying “no” as quickly as possible. When they do this, they may receive a response saying, “Thank you. Someone from our fraud team will be in touch with you shortly.”
From there, the attacker and the victim are now in direct communication, where they can be tricked into handing over their sensitive information. In other scenarios, they may be told they need to download specific software to mitigate whichever situation the scammer convinced them of. With this software, the scammer can control the entire device.
Though there are other variations of this new social engineering style, they all involve taking advantage of the victim’s emotions and vulnerability to commit their deceptive act. When we asked Tovar how we can expect social engineering scams to change with this current wave of AI-supported, AI-generated scams, he said, “It’s just the wind before the storm.”
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Many brands have told their customers, “We’ll never call you,” to fight these impersonation scams. It makes sense but only leads scammers to devise new ways to trick their victims. Not only this, but according to Tovar, there’s another issue with telling your users that you won’t call them. “As brand loyalists, enthusiasts and supporters, that’s not really what we want our favorite brands to say.” He’s right. After all, one of the reasons customers may choose one brand over the competition is the ease with which they can talk to somebody if they have a question or concern.
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Tovar says, “Of course, if someone calls you, you want to be aware of what you’re being asked to do, and if it sounds fishy, don’t do it.” But because of AI’s sophistication and the clever, innovative tricks that scammers have up their sleeves, asking you to go with your “gut feeling” is simply not enough. “The line between what feels fishy and what feels real is gone.”
Protecting yourself from social engineering scams, especially in the age of AI, requires a multifaceted approach. Here are some steps to help you safeguard against such threats.
1. Stay informed: Keep up to date with the latest scam tactics and cybersecurity news. Awareness is the first line of defense.
2. Verify independently: If contacted by someone claiming to be from a company, verify the claim by contacting the company directly through official channels.
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3. Guard personal information: Be cautious about sharing personal information, especially in response to unsolicited communications.
4. Use two-factor authentication: Enable two-factor authentication wherever possible to add an extra layer of security.
5. Be skeptical: Approach too-good-to-be-true offers and urgent requests for action with skepticism.
6. Secure communications: Use encrypted communication channels and avoid discussing sensitive information over unsecured networks.
7. Regularly update systems: Keep operating systems and cybersecurity software up to date to protect against known vulnerabilities.
8. Avoid unknown links and downloads: Do not click on links or download attachments from unknown sources, as they may contain malware. The best way to protect yourself from clicking malicious links that install malware that may get access to your private information is to have antivirus protection installed on all your devices. This can also alert you of any phishing emails or ransomware scams. Get my picks for the best 2024 antivirus protection winners for your Windows, Mac, Android & iOS devices.
9. Report suspicious activity: If you suspect a social engineering attempt, report it to the appropriate authorities.
By implementing these steps, individuals and organizations can build a stronger defense against the evolving landscape of social engineering scams. It’s important to remember that as technology advances, so do the tactics of scammers. Continuous education and vigilance are key to staying protected.
Sadly, dodging sneaky social engineering scams is part of our everyday life in the world of connecting online. It’s like a game of digital cat-and-mouse, and we’ve got to stay one step ahead. So, what’s the game plan? First, let’s keep our eyes peeled for the latest scammer tricks – it’s all about staying in the know. However, it’s also about prevention, not just detection. If you get a call or message that smells fishy, trust your gut and double-check with the official sources. Remember, sharing is not always caring, especially regarding your personal information. Oh, and those too-good-to-be-true offers? That’s a big red flag. Let’s not make it easy for the scammers.
Have you ever encountered a social engineering scam? What red flags helped you recognize it? Let us know by writing us at Cyberguy.com/Contact.
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