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Some bad news for Americans with student loans. The Trump administration’s Department of Education announced on Tuesday that millions of borrowers who are enrolled in the Saving on a Valuable Education (SAVE) plan may soon need to select a new repayment plan, part of a settlement with the state of Missouri. If approved, the move could force millions of Americans to repay their federal student loans, ending the current pause in payments and interest aimed at student debt relief, a holdover from the Biden administration. What is Saving on a Valuable Education plan, or SAVE? SAVE is a popular federal student loan income-driven repayment plan (IDR), which caps, or puts a maximum limit, “on how much borrowers must may monthly federal student loan bills at a portion of their income, and it forgives remaining debt after a set number of payments, according to Nerd Wallet. Why is SAVE ending now? SAVE has been in legal limbo since February 2025, when the 8th U.S. Circuit Court of Appeals decided the Biden administration was not authorized to establish the SAVE program. President Donald Trumps One Big Beautiful Bill Act (OBBBA), which he signed into law this summer, did not renew student loan forgiveness, which is set to expire at the end of this year, which means student loans are eligible to be taxed, once again. As Mike Pierce, executive director of the Student Borrower Protection Center (SBPC), previously told Fast Company: “There are two things that student loan borrowers need to know: There are changes in the way student debt is taxed, and the other is Congress didnt extend tax-free student loan forgiveness.” More than 7.6 million student loan borrowers are in SAVE forbearance, according to Education Department as reported by CNBC. Previously interest-free, SAVE borrower accounts resumed accruing taxes on August 1, according to Nerd Wallet.
Category:
E-Commerce
PepsiCo plans to cut prices and eliminate some of its products under a deal with an activist investor announced Monday. The Purchase, New York-based company, which makes Cheetos, Tostitos, and other Frito-Lay products as well as beverages, said it will cut nearly 20% of its product offerings by early next year. PepsiCo said it will use the savings to invest in marketing and improved value for consumers. It didn’t disclose which products or how much it would cut prices. PepsiCo said it also plans to accelerate the introduction of new offerings with simpler and more functional ingredients, including Doritos Protein and Simply NKD Cheetos and Doritos, which contain no artificial flavors or colors. The company also recently introduced a prebiotic version of its signature cola. PepsiCo is making the changes after prodding from Elliott Investment Management, which took a $4 billion stake in the company in September. In a letter to PepsiCos board, Elliott said the company is being hurt by a lack of strategic clarity, decelerating growth, and eroding profitability in its North American food and beverage businesses. In a joint statement with PepsiCo Monday, Elliott Partner Marc Steinberg said the firm is confident that PepsiCo can create value for shareholders as it executes on its new plan. We appreciate our collaborative engagement with PepsiCos management team and the urgency they have demonstrated, Steinberg said. We believe the plan announced today to invest in affordability, accelerate innovation, and aggressively reduce costs will drive greater revenue and profit growth. Elliott said it plans to continue working closely with the company. PepsiCo shares were flat in after-hours trading Monday. PepsiCo said it expects organic revenue to grow between 2% and 4% in 2026. The companys organic revenue rose 1.5%. the first nine months of this year. PepsiCo also said it plans to review its supply chain and continue to make changes to its board, with a focus on global leaders who can help it reach its growth and profitability goals. We feel encouraged about the actions and initiatives we are implementing with urgency to improve both marketplace and financial performance, PepsiCo Chairman and CEO Ramon Laguarta said in a statement. PepsiCo said in February that years of double-digit price increases and changing customer preferences have weakened demand for its drinks and snacks. In July, the company said it was trying to combat perceptions that its products are too expensive by expanding distribution of value brands like Chesters and Santitas. Dee-Ann Durbin, AP business writer
Category:
E-Commerce
President Donald Trump said Monday that he would allow Nvidia to sell an advanced type of computer chip used in the development of artificial intelligence to approved customers in China. There have been concerns about allowing advanced computer chips to be sold to China as it could help the country better compete against the U.S. in building out AI capabilities, but there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia. The chip, known as the H200, is not Nvidia’s most advanced product. Those chips, called Blackwell and the upcoming Rubin, were not part of what Trump approved. Trump said on social media that he had informed China’s leader Xi Jinping about his decision and President Xi responded positively! This policy will support American Jobs, strengthen U.S. Manufacturing, and benefit American Taxpayers, Trump said in his post. Nvidia said in a statement that it applauded Trump’s decision, saying the choice would support domestic manufacturing and that by allowing the Commerce Department to vet commercial customers, it would strike a thoughtful balance on economic and national security priorities. But a group of Democratic senators objected to the chip sales. Access to these chips would give Chinas military transformational technology to make its weapons more lethal, carry out more effective cyberattacks against American businesses and critical infrastructure, and strengthen their economic and manufacturing sector,” said the statement. The group included Sens. Chris Coons of Delaware, Jeanne Shaheen of New Hampshire, Jack Reed of Rhode Island, Elizabeth Warren of Massachusetts, Brian Schatz of Hawaii, Andy Kim of New Jersey, Michael Bennet of Colorado and Elissa Slotkin of Michigan. The senators noted that Chinese AI company DeepSeek recently said the lack of access to advanced American-designed chips was their biggest challenge in competing with U.S. companies involved in AI, with companies, including OpenAI, Google, Microsoft, Anthropic, Perplexity, and Palantir making major investments in developing the technology. Trump said the Commerce Department was finalizing the details for other chipmakers such as AMD and Intel to sell their technologies abroad. The approval of the licenses to sell Nvidia H200 chips reflects the increasing power and close relationship that the company’s founder and CEO, Jensen Huang, enjoys with the president. But there have been concerns that China will find ways to use the chips to develop its own AI products in ways that could pose national security risks for the U.S., a primary concern of the Biden administration that sought to limit exports. Nvidia has a market cap of $4.5 trillion and Trump’s announcement appeared to drive the stock slightly higher in after hours trading. Josh Boak, Associated Press
Category:
E-Commerce
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