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US Department of Labor announces $200 million in grants to help build apprenticeship programs
To expand apprenticeship programs at a federal and state level, the Department of Labor is setting aside $200 million. (iStock)
The U.S. Department of Labor just announced $200 million in grants set to go towards apprenticeship programs.
The funding is divided between two opportunities — $95 million for the second round of the Apprenticeship Building Grant Program and $100 million for the second round of the State Apprenticeship Expansion grants.
“The second round of Apprenticeship Building America funding announced today continues the Department of Labor’s commitment to providing all of America’s workers with access to training and career preparation that leads to good jobs with family-sustaining wages,” Acting U.S. Secretary of Labor Julie Su said. “These grants serve as another avenue toward strengthening the nation’s workforce development infrastructure to connect people from all communities to the good jobs being created by President Biden’s Investing in America agenda.”
The money is going to specific industries, including tech and cybersecurity, education, healthcare, clean energy, the public sector and supply chain sectors. All of these industries are growing and are in need of qualified employees.
This round of funding is specifically aimed at underrepresented and underserved communities who have had a difficult time accessing education and apprenticeship programs in their communities.
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Student loan borrowers facing financial hardship to qualify for next round of forgiveness
In another effort to help borrowers combat hefty student loan debt, the Biden Administration recently proposed another round of debt forgiveness. This time, the forgiveness would go to borrowers facing financial stress and difficulties.
The proposal would offer automatic relief for borrowers likely to default on their loans in the next two years.
The proposal outlines the factors used to determine this hardship. These include a borrower’s total loan balance, their monthly payments relative to their household income and other high-burden costs like childcare or healthcare.
The proposal gives the U.S. Secretary of Education the power to decide if these factors qualify a borrower for hardship relief.
If you’re looking to lower monthly payments and ease the burden of student loan debt, consider refinancing your student loans. Lock in some of the lowest interest rates ever via the online marketplace Credible.
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Rural students getting more financial help
The Biden Administration recently announced $44.5 million in funding for 22 institutions to help improve enrollment in rural areas.
In the U.S., only 29% of individuals aged 18 to 24 in rural communities attend college. That percentage goes up to 48% for individuals living in urban areas and 42% for individuals living in suburban areas.
To increase the percentage of rural students attending college, the Rural Postsecondary and Economic Development (RPED) grant program is designed to promote career paths in high-demand industries.
Other initiatives are also set to help rural students. Byron Trott, a merchant banker, launched the small-town and rural students (STARS) network. The network began with a $20 million donation from Trott Family Philanthropies and will help enroll small-town students in elite universities.
“There is a massive talent pool in our small towns and rural communities that has so much to offer – to our colleges, to society and to future generations,” Trott said.
With the money, colleges can hire dedicated staff who can recruit students from rural areas. It’s also intended to support high school counselors and teachers who can encourage students to go to college.
The funding also goes toward paying for campus visits, expanding summer programs and helping families navigate financial aid options.
If you can qualify for a student loan refinance at a lower rate than you’re currently paying, there are often few downsides to refinancing. You can use Credible to compare refinancing rates from multiple private lenders at once.
STUDENT LOAN BORROWERS STRUGGLE TO KEEP UP WITH MONTHLY PAYMENTS: STUDY
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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