Author: Jessica Wong

Recent changes to Social Security are leaving many recipients scratching their heads, as unexpected lump sum payments and overpayments are showing up in bank accounts — all without much explanation.

Brooklyn resident Elizabeth Miller, 65, was shocked and confused when she noticed a large amount of money in her account. “I didn’t know what it was. I had no idea who sent me this,” Miller told News 5 Cleveland “I thought they’d take it back right away. It’s not mine. It was a mistake,” Miller added.

Miller’s situation comes at a time when significant changes to Social Security are affecting people’s payments and she’s not the only one.

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Mixed messaging baffles recipients

Different Social Security reps gave her conflicting explanations about why her account balance had suddenly increased. But things didn’t stop there. As more payments and letters arrived, Miller was told the extra funds were actually overpayments she was owed.

Still, Miller remains baffled by the large amounts showing up in her account. “I don’t understand why you would put that much money in my account,” Miller said.

The Social Security Fairness Act was recently passed and aims to eliminate two rules that cut Social Security benefits for certain retirees: The Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) reduced benefits for individuals who worked in jobs not covered by Social Security, like many state and local government workers. In addition, the Social Security Fairness Act ensures these workers receive the full Social Security benefits they’ve earned.

This means that people like Jeff Olds, who received a lump sum payment for his wife, are now eligible for the benefits they missed out on originally.

Olds, a 72-year-old from Brunswick Hills, said after 10 years of normal payments of about $1,600 a month, he received a lump sum of more than $14,000 from Social Security. “I was shocked at first… this never happened before,” he told News 5 Cleveland.

“It’s pretty scary for somebody who doesn’t deal with this every day,” April Roberts, a Social Security expert and CEO of AARIA, told News 5 Cleveland. She noted that lump sum payments will start arriving on March 27. Thereafter, in instances where there was an error, Social Security will recoup legitimate overpayments by withholding 100% of subsequent checks until the balance is repaid.

In some cases, changes to benefits may also follow new income thresholds or changes in the beneficiary’s work status. The problem? Social Security has been sending lump sums before recipients receive letters explaining the amounts. This lack of communication can leave people confused about why they received a deposit, or whether it’s even theirs to keep.

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What to do if you spot changes to your Social Security payments

With all the confusion, navigating the changes can be frustrating, so here’s what you can do.

To start, regularly review your statements and make sure your personal information is up-to-date. Set reminders if you need them. If you notice an unexpected deposit from Social Security, call your local office for clarification, but be prepared to wait. “They have access to more detailed information about your specific situation,” Roberts explained.

If you feel that the explanation or payment amount is incorrect, you can file an appeal. If you owe money, you can file a waiver form or arrange a payment plan.

While changes roll out, stay informed and proactive to ensure your Social Security payments are accurate and handled correctly. You can set up alerts to be notified about any new updates to Social Security.

As for Miller, she is still waiting for confirmation letters to explain the lump sum payments in her account. “I think the letters should come before the check to explain that you’re going to be receiving something… for sure, so you don’t have to panic when that much money is placed into your bank account,” she said.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Florida’s Governor Ron DeSantis has a bold proposal to give $1,000 rebates to homeowners as property tax relief.

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These rebates, which would cover state-mandated school property taxes, would benefit over 5 million homes statewide. Checks would roll out in December 2025 and aim to ease the financial burden on residents amid soaring property values and insurance premiums.

Florida is home to three of the five major U.S. metros where property tax bills have increased the most since before the pandemic, according to a Redfin report published in October. Jacksonville’s median monthly property tax bill increased 59.6% to $228 since 2019, Tampa’s increased 56.7% to $250 and Miami’s increased 48.1% to $367.

“Property taxes effectively require homeowners to pay rent to the government,” DeSantis said in a news release, “Constitutional protections for Florida homeowners require approval of the voters in 2026. In the meantime, Floridians need relief.” He said his rebate would mark a major step toward his "long-term goal of eliminating property taxes through a future constitutional amendment."

But not everyone is on board with the idea.

The Florida House of Representatives has pushed back by approving a plan to permanently lower the state sales tax from 6% to 5.25%, which they are calling “the largest tax cut in state history." It would save Florida residents $5 billion annually.

DeSantis has criticized the sales tax reduction, stating, "I don’t want to reduce taxes on Canadian or Brazilian tourists. I’d rather them pay more and us pay less."

Senate President Ben Albritton has proposed permanently cutting sales tax on clothing and shoes that cost $75 or less, “where it can help the most number of Floridians.” He also wants a research study to be done on the effects of reducing or ending property taxes on homes.

The legislative session will end on May 2, so the House and Senate have less than a month to agree on a budget.

Property taxes vital in Florida

After federal transfers, Florida’s largest source of per capita revenue is property taxes, according to the Urban Institute. The state has no personal income taxes and its tax code is considered the most regressive in the nation. Currently, property taxes contribute about $50 billion a year to the state’s budget.

If property taxes were eliminated, local governments could face a massive revenue loss. According to the Florida Policy Institute, Florida’s property taxes make up 18% of county revenue, 17% of municipal revenue, and 50%-60% of school district revenue.

These funds help pay for vital services like fire and police services, education, and safety net programs, and without them, local governments would need to find alternative ways to cover those costs.

So how would the loss of funds be made up?

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“If policymakers were to eliminate property taxes and replace them with higher consumption taxes (i.e., sales taxes), they would have to double the state’s general sales tax rate. Doing so would generate roughly $40.2 billion in the unlikely case that consumer demand remains constant,” said the Florida Policy Institute. The state’s general sales tax is currently 6%.

Replacing property taxes with higher sales taxes could worsen Florida’s already regressive tax system. Right now, lower-income households bear a larger share of the tax burden, and increasing the sales tax could make matters worse by taking a bigger chunk out of their budgets. On the other hand, wealthier residents tend to spend a smaller percentage of their income on taxable goods, meaning they’d feel less of an impact.

Nearly seven in 10 Florida voters would prefer keeping property taxes the way they are over a sales tax increase to 12%, according to a poll.

While the idea of property tax relief sounds appealing, the trade-offs are significant.

Can there be tax relief for residents while making sure the state has enough funds to support vital public services? The debate is just getting started, and the outcome will shape Florida’s fiscal future.

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Over a million Canadian snowbirds go south when it gets cold every year, and many of them choose to spend winters in Florida.

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But the current political climate is changing that.

Gulf Coast News recently reported on “a mass exodus” of Canadians from Southwest Florida as new travel regulations are imposed and the trade war escalates.

CNN also recently reported on snowbirds considering alternative destinations or selling their properties. “Some of the clients I have been dealing with want to sell at any cost, even at a loss,” said Share Ross, a realtor based in southeast Florida.

“More home purchases in the U.S. are done by Canadians than any other country — 13% from April 2023 to March 2024, the National Association of Realtors (NAR) says,” reported CBC News. “Half of all Canadian purchases were vacation homes, and roughly 41% of sales were in Florida.”

This will likely have a ripple effect on the tourism industry and local businesses.

“If we travel at all, it won’t be here”

Many Canadians are rethinking their plans to return to Florida, with some even considering putting their properties on the market.

"I’ve lived here six months. This is my home, but I’m leaving April 2," said Susan, a Canadian speaking with Gulf Coast News. She was not comfortable sharing her last name for fear of becoming a target amid the growing political divide between the U.S. and Canada.

For the Presement family, regular winter residents in Fort Myers, the political landscape has left them regretting their decision to visit Florida. “The truth of the matter is if I hadn’t prepaid everything and wasn’t here and your weather wasn’t so damn nice. I’d go home now,” said Barry Presement to Gulf Coast News. He and his wife Ruth have no plans to return next winter. "If we travel at all, it won’t be here," Ruth said. "For sure, it won’t be here. We’ll go elsewhere."

Their son Brian had even considered retiring in Southwest Florida, but now says Mexico is looking like a better option. "We thought about buying a home in Florida, but now we might reconsider that," he said.

Local businesses are probably going to feel the strain of Canadians avoiding the U.S.

“It’s not only having a negative impact on the tourism market, but business as a whole,”said Cole Peacock, owner of cannabis cafe & CBD marketplace Seed and Bean to Gulf Coast News. “You need those extra visits to kick that profit margins to another level.”

"Not only have Canadians been electing to divest from their vacation homes and investment properties in Florida, they have also been canceling their trips to the area which is having a negative impact on our vacation rental market," Robert Washington of Savvy Buyers Realty told Realtor.com. "We have heard from several of our vacation rental property owners that they have experienced multiple cancellations from Canadian guests due to the tariff battle. Hopefully the tariff situation is resolved soon, or it could have a lasting impact on our tourism industry."

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What Americans can expect with tariffs

The U.S. Travel Association has said Florida is among the top five most visited states by Canadians and it “could see declines in retail and hospitality revenue, as shopping is the top leisure activity for Canadian visitors.”

In addition to losing business from a lack of Canadian visitors, Florida businesses and consumers are also facing another blow — the implementation of tariffs on imports from Canada and the rest of the world.

These tariffs are set to raise the costs of imported goods, raw materials, and even locally produced items that rely on imported components.

The Federal Reserve Bank of Atlanta found that an additional 10% tariff on Chinese imports, 25% tariffs on Canadian and Mexican imports, and 10% tariffs on other countries could raise consumer prices on everyday retail purchases such as food and beverage items and general merchandise, covering about a quarter of the total consumption basket, by 0.81% to 1.63%, assuming the costs are fully passed to the consumer.

So what can consumers do to protect their budgets?

A good place to start is to review spending habits, since cutting costs could provide some relief. Consider buying essentials in bulk before the tariffs drive prices higher. That way, you can lock in current prices and shield yourself from immediate price increases.

For those willing to shop around, you can consider products from countries not affected by tariffs, or choose items that are produced locally to avoid the extra costs.

Above all, staying informed is critical. As tariffs and related policies continue to evolve, consumers who stay up-to-date should be better equipped to make smarter financial decisions.

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Picture John, a 42-year-old who hasn’t started putting away money for retirement yet. He doesn’t have any savings or even an emergency fund set aside for unexpected expenses, and he’s starting to panic. Sound familiar?

If you’re in your 40s and haven’t put much thought into retirement savings, now’s the time to get serious. The need to set specific, realistic goals for retirement savings becomes crucial at this stage in life.

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It’s not too late to make a dent in building your retirement fund, but the clock is ticking. Here are some strategies to help you catch up and set yourself up to maximize savings.

Better late than never

Starting to save for your golden years in your 40s might not seem ideal, but it’s critical for your financial future. Retirement is closer than you think, and delaying savings means less time for compound interest to work its magic.

You may not have decades of growth like someone who started in their 20s, but there’s still time to make an impact. Relying on just your monthly Social Security benefits isn’t a good idea since, depending on your lifestyle and overall health, expenses can add up quickly. And keep in mind that Social Security benefits are only meant to replace about 40% of your retirement income — you’re expected to account for the rest.

An emergency fund is also key. Life throws curveballs, whether that be a job loss, medical issues, or unexpected car repairs, and without savings, you could end up deep in debt. Having a financial cushion helps you handle these surprises without relying on high-interest loans or credit cards.

As you age, your expenses change. You might support kids in college or care for aging parents, and savings will help with these rising costs, including health care. Starting now gives you the resources to cover future needs.

Saving in your 40s also offers tax breaks, like 401(k) and Individual Retirement Account (IRA) contributions, that lower your taxable income. If you expect a higher tax bracket in retirement, a Roth IRA is worth considering, since withdrawals are tax-free.

Don’t forget about inflation. As living costs rise, your savings will help keep pace.

And if your own financial well-being isn’t incentive enough, saving also benefits your loved ones, whether through being able to leave an inheritance or help with big milestones.

Even if you start saving later, it’s better than not starting at all. The earlier you begin, the more time you have to adjust your goals and strategies.

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It’s never too late to invest in yourself

So, now that you know the “why,” here are some strategies to help you with the “how.” Let’s use the case of John from earlier.

John’s first move should be to get a clear picture of his finances. That means tracking all current income and expenses, either through a simple spreadsheet or a budgeting app. By categorizing spending, he can identify areas to cut back, such as frequent dining out or underutilized subscription services.

Let’s say John also happens to have $8,000 in high-interest credit card debt. This should be tackled first. He can either use the debt snowball method (paying off the smallest balances first) or the debt avalanche method (starting with the highest interest rate debt).

Paying more than the minimum payment is key to getting ahead and, whenever possible, adding an extra $100 or $200 each month. He could also consider using any tax refunds or bonuses to chip away at the balance faster. Another option is exploring balance transfer credit cards with 0% APR for 12-18 months to avoid interest while paying off the principal.

Once John has a handle on his finances, it’s time to build that emergency fund. He should aim to save at least $1,000 to cover small unexpected expenses like car repairs or medical bills.

Setting aside $100 to $200 each month can help, and opening a high-yield savings or money market account will make the fund grow faster. Ideally, he’d reach a point where he has three- to six-months’ worth of savings shored up.

Now turning to his retirement nest egg: John should start by contributing to an employer-sponsored 401(k), if that’s available to him, particularly to take advantage of any matching contributions.

If a 401(k) isn’t an option, John can look into opening an IRA. Setting up automatic contributions, even if it’s just $50 to $100 per month, can make saving for retirement more consistent over time.

Let’s say John is aiming for a retirement income of $50,000 a year. He can use the 4% rule to help him figure out how much to save. It suggests that he withdraws 4% of his savings annually once he retires. So, to hit that $50,000 target, he’d need to have $1.25 million saved up by the time he leaves the workforce.

To speed up savings, John can cut back on expenses or find ways to boost his income. He should review monthly subscriptions and consider canceling or downgrading ones he rarely, if ever, uses.

Cooking at home instead of dining out could save hundreds each month. Depending on his lifestyle, downsizing his housing or getting a roommate might help too. On the income side, John could explore side gigs like freelancing, rideshare driving, or a part-time job. Selling unused items around the house can also generate extra cash.

Ideally, John would track his progress on his wealth-building journey. He should continue to review his budget and savings monthly to stay on track and adjust as needed.

As his financial situation improves, he can increase his savings rate and explore additional investment options for retirement, like a taxable brokerage account. And it certainly wouldn’t hurt if he looped in a professional to help figure out a plan that works best for him.

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With rent prices soaring and longtime residents being forced out, Rockville, Maryland tenants are demanding urgent action from city leaders to stabilize housing costs before their community becomes unrecognizable.

Renters, who make up 50% of Rockville’s population, have shared their frustration with 7News about how increasing rents are driving long-time residents out of the community.

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“Rent stabilization is incredibly important at this moment,” said Grant Samms, head of the Reed Tenant Association. “The neighbors that I’m surrounded by are quite different than the neighbors that I had two years ago … watching people move out of my apartment, watching them get evicted in many cases.”

In July 2024, Montgomery County implemented a 6% ceiling on rent increases, providing relief to renters. However, Rockville has its own housing authority, making it exempt from this law. As a result, residents are now pushing for rent control measures to be extended to Rockville as well.

“When rents go up that high, people have to move out,” Samms added. “These are teachers. These are firefighters. These are EMS. That erodes the stability of our community.”

‘Outrageous rent increases’ hard on seniors

For many Rockville residents, these rent hikes have become unbearable.

Chris Madden, the leader of the Huntington Tenant Association, expressed concern for seniors, especially those on fixed incomes, who are struggling to keep up with the steep increases.

“I hate to see my neighbors have to leave this great community because of these outrageous rent increases,” Madden told ABC 7 News. “For seniors, especially, it’s very hard because they’re on a fixed income and moving is very difficult.

“This neighborhood, specifically, this apartment complex has seen up to a 30% increase.”

Renters like Madden say such steep hikes are forcing people to leave. As of March 14, 13,000 federal workers and contractors in the DMV area had filed for unemployment, adding to the financial strain for many Rockville residents.

“We have had renters here who are federal workers that are currently feeling a lot of uncertainty with the layoffs,” he said. “They need some semblance of certainty, at least about where they live.”

One of the residents’ biggest concerns is the potential impact of rising rents on the area’s diversity.

“I am concerned about what this means for diversity in the area,” Adams said. “This is one of my biggest concerns as someone who has seen minority communities get pushed out because of high rent prices.”

7News spoke with Councilmember Zola Shaw, who has expressed support for the tenants’ push for rent control.

“I think that my constituents are doing a great job talking to them directly and coming to City Hall,” Shaw said. “We’ve had hundreds of renters, landlords — all types of residents — coming and sharing their story. It’s time for Rockville to have the same equal protections as the majority of our housing market.”

As the pressure grows on city leaders, Rockville residents continue to demand protections that will help maintain the stability of their community and ensure affordable housing options.

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Pros and cons of rent control

Rent control policies, like those that the Rockville tenants are pushing for, can make housing more affordable and provide more stability for tenants.

The benefits of rent control include predictable rent increases and allowing tenants to budget effectively. It also helps increase affordability for low- and moderate-income earners by making keeping units accessible.

However, there are also potential impacts on rental prices and the broader housing market.

One challenge of rent caps is that they put a burden on landlords, potentially reducing their ability to provide upgrades or repairs. As a result, while tenants’ rental costs are protected, buildings may suffer from deferred maintenance.

Rent control could also shrink the rental market if landlords decide to convert units into non-rental properties or withdraw them from the market altogether.

Additionally, rent control policies can create a gap between capped and unregulated units, driving up rents in the non-capped segment when demand shifts to those properties.

When implementing rent control policies, policymakers must weigh the pros and cons to strike a balance between protecting tenants and maintaining a healthy housing market.

As for Rockville, the call for rent stabilization has gathered significant support, with many residents urging the City Council to act.

“The city council of Rockville desperately needs to consider and pass this legislation,” Samms said.

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What seemed like an ordinary house in Boston’s Roslindale neighborhood is set to become a historic landmark, thanks to an intriguing discovery by its current owner, Adam Shutes.

The house at 318 Metropolitan Boulevard caught Shutes’ attention in 2016 when he noticed something unusual about its layout.

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“It just looked odd,” Shutes told CBS News. He couldn’t make sense of the unusual design, so he did some research and discovered that the house, originally a single structure, had been cut in two in 1941.

Determined to preserve this piece of Boston’s architectural history, Shutes applied for the property to be designated a historic landmark.

But where did the other half end up?

Maintaining it for future generations

The other half of the house was the back of the building — and it didn’t go far.

“It clicked when I realized that the house just down the road — two doors down — looked very similar,” Shutes told CBS News. "The back half was the kitchen, the storage area for the butlers, servants’ quarters in here. And there’s actually another staircase, a little staircase, a service staircase which is in the other house,” Shutes explained.

In a recent vote, the Boston Landmarks Commission unanimously approved advancing Shutes’ application. The final decision rests with Boston Mayor Michelle Wu and the City Council, who must give their approval before the property is officially granted landmark status.

The home would become Roslindale’s first historic landmark if the application is approved.

“This was the spur. ‘Maybe we should just do something about this and try and maintain it for future generations,’” said Shutes about his decision to apply.

If you’re a homeowner or potential buyer eyeing a historic property for restoration, there are some important factors you’ll want to consider to make sure the project is both financially smart and true to the home’s heritage.

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How to avoid costly mistakes when renovating a historic property

There can be a lot to consider when renovating a historic property. It requires careful planning to preserve the home’s unique character while at the same time making sure you know what to expect financially.

Here are some mistakes you’ll want to avoid and what to consider doing instead.

Underestimating the cost of materials

It’s a good idea to always overestimate material and labor costs, as they can fluctuate. Some government programs offer financial assistance to help make renovations more affordable. You can check your eligibility to see if any aid applies to your situation.

When it comes to working on a historic building, there may be other financial incentives that you can explore that are specific to older buildings, like Federal Rehabilitation Tax Credits, which are meant to help preserve historic buildings.

You can also shop for materials in bulk to get the most value for your dollar and set up a contingency fund of around 10% to 20% of your total budget to account for unexpected costs.

Overlooking hidden structural issues

Structural issues, such as outdated plumbing or mold (which can skyrocket renovation expenses) may be something you run into. To avoid this, do a thorough inspection before buying a property.

For homes built before 1978, like Shutes’ home, there could be lead-based paint. The Environmental Protection Agency provides guidelines on how to safely renovate a property with this type of paint to avoid lead exposure.

Depending on how many issues you face, you may need to prioritize the upgrades that are most crucial before considering purely superficial changes.

Failing to account for delays

Renovations take time. If you have a historic home, there may be certain precautions you have to take before making modifications.

For example, you’ll want to make sure to check in with the National Park Service to see if there are guidelines around rehabilitation, preservation and restoration of the building that you’re thinking about.

Next, you may want to check if there are best practices for upgrading any windows, lighting or HVAC systems in the home. The General Services Administration provides resources and recommendations for this type of technical work in historic buildings.

Having renovations overlap can make it difficult to inhabit a home, so you may want to consider a phased renovation approach, rather than doing it all at once.

Upgrading a historic home can be a smart investment, letting you preserve its charm while adding modern comforts. But steering clear of these mistakes can make all the difference when ensuring it’s a straightforward project rather than a costly surprise down the line.

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The Social Security Administration (SSA) backed down from a major change that critics argued would have made it harder to access benefits for millions of Americans.

Following public outcry, the agency will no longer slash telephone services, which would have forced many people to process claims in person.

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The SSA announced in March it would implement anti-fraud measures, requiring in-person identity proofing to access certain services for those unable to use the “my Social Security” online portal. But weeks later, the agency reversed course, saying it had rolled out “enhanced technology” that modernized its services.

“Users of our phone service will only have to come in person if they are flagged by our anti-fraud system,” the agency wrote in a social media post on April 9.

Critics warned that moving away from telephone services could create massive roadblocks for millions of Americans, especially older adults and those living in rural areas.

Here’s what these changes mean, and how you can prepare for potential policy shifts in the future.

Long waits and accessibility gaps

More than 4-in-10 retirees apply for benefits by phone, along with most spouses and bereaved family members seeking survivor benefits, according to the Center on Budget and Policy Priorities (CBPP), a policy think tank. The proposed rule would have wiped out that option for many of those people.

“There’s no way to schedule an appointment online,” Kathleen Romig, the CBPP’s director of Social Security and disability policy, told NPR. "So you have to call the agency’s 800 number. Right now, the wait for a call back from Social Security is two-and-a-half hours. And that’s if you get through to an agent at all.”

Even if you try to go the in-person route, getting help from Social Security is no walk in the park. Most people wait at least 28 days for a scheduled appointment.

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An analysis by the CPBB shows visiting an SSA field office amounts to a “45-mile trip for some 6 million seniors” — a trip that becomes incredibly more difficult for those living in remote areas.

Millions of older and disabled Americans also lack reliable internet, smartphones or the tech skills to navigate multi-step online ID checks, the CBPP says, which makes learning to use the online portal a challenge.

Romig emphasizes the real-world impact: "Not everyone drives, particularly seniors or people with disabilities," she said. "And not everyone is able to leave the house. Think about people who are homebound or hospitalized. So, this is incredibly burdensome for the older and disabled people that the SSA serves."

How to prepare for changes, just in case

If you or someone you know is planning to file for Social Security benefits, don’t wait. Start prepping now — whether that means figuring out your nearest field office, checking your online account access or calling SSA (early in the day) to get a jump on the queue.

Those who think they’re up for it should try learning how to use the free “my Social Security” online portal. This online tool will help you monitor your benefits, earnings and communication with the SSA, all in one place.

Staying organized is another key tool. That means keeping detailed records of your earnings history, any correspondence with the SSA and copies of important documents like proof of identity or direct deposit info. With new fraud detection rules in play, having paperwork ready can help clear up any flagged claims or delays.

And as always, seniors need to watch out for scams. The SSA will never demand immediate payment or threaten arrest, and anyone who does may be a fraudster. Be careful with unsolicited phone calls, emails or texts claiming to be from Social Security. If anything feels off, report it directly to the SSA or the Federal Trade Commission.

With some prep work and ongoing vigilance, you can navigate these changes smoothly and protect the benefits you’ve earned.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Student loan borrowers face steep increases in their monthly payments as court rulings and Department of Education staff cuts disrupt the repayment system.

A February ruling from a federal appeals court expanded an existing injunction, blocking the Biden administration’s Saving on a Valuable Education (SAVE) Plan, which was one of four income-driven repayment (IDR) plans. Its goal was to calculate monthly payment amounts based on income and family size.

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As a result, millions of borrowers who rely on these repayment options are unsure if they will be able to manage their monthly payments, and their chances of achieving loan forgiveness are in jeopardy.

To make matters worse, the Department of Education recently announced it would cut its workforce by nearly 50%, leaving many borrowers in the dark about their repayment options and unable to get support during this critical time.

Looming deadlines, higher payments

The court’s ruling specifically blocked the SAVE plan, one of four IDR plans designed to help borrowers manage their monthly payments based on income. This decision halted access to the program.

Borrowers enrolled in SAVE are now stuck in forbearance, which pauses payments and sets interest rates to zero. However, time stuck in forbearance does not count toward loan forgiveness, including Public Service Loan Forgiveness (PSLF), which many borrowers in nonprofit or government jobs rely on.

The ruling also casts doubt on the legality of student loan forgiveness after 20 or 25 years for borrowers enrolled in Income-Contingent Repayment (ICR) and Pay As You Earn (PAYE) plans. However, these two older plans remain accessible. The ruling did not block the Income-Based Repayment (IBR) plan, another IDR option created in 2007, or PSLF, which remains available for some borrowers.

Despite this, the Department of Education has stopped all IDR applications, including for the unaffected plans. As a result, borrowers cannot update their income or switch to alternative repayment plans, leading to delays and payment spikes. The inability to recertify income has become a major issue for those enrolled in ICR, IBR, and PAYE.

Each year, borrowers must update their income with their loan service providers, which recalculates monthly payments. But since the Department of Education halted the application process, recertification is impossible. This has resulted in higher payments and, in some cases, triggered interest capitalization — meaning borrowers could owe even more in the long term.

Some borrowers have been shocked by the increases in their monthly payments. According to Forbes, one PAYE borrower whose income recertification was delayed saw her payments jump from $600 per month to $3,400 under a Standard Repayment Plan. Others are being pushed into Graduated or Extended repayment plans, which are often unaffordable and usually don’t count toward forgiveness.

“I’m supposed to recertify by the 10th, and my payments are going up by $1,000 in May,” one borrower shared on Reddit. “I wasn’t asked to recertify, and now my account shows I owe $2,411.11, due today.”

Meanwhile, the Department of Education’s recent layoffs have left its borrower services division stretched thin, making it difficult to dispute issues or receive guidance on their repayment options. The Department of Education has also failed to update its guidance to reflect recent changes, forcing borrowers to navigate an increasingly complex and inaccessible system.

As the Department of Education struggles to get its systems back on track, borrowers are left grappling with an uncertain future, rising payments and delays in forgiveness programs.

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How to tackle rising student loan payments

With the student loan landscape in flux, managing repayments can feel like navigating a maze. However, there are steps borrowers can take to stay on track and protect their finances during these uncertain times.

If you’ve been relying on an IDR plan like the Biden-era SAVE plan, you may have already noticed disruptions.

First, if your loan repayment schedule changes, contact your loan servicer immediately to understand your options.

While the future of these plans is in limbo, it’s important to explore alternative repayment options. Standard, Graduated and Extended repayment plans may offer some relief if your income-driven plan is no longer available. Stay informed by regularly checking official Department of Education updates and trusted financial news sources.

Prepare for potential increases by adjusting your budget. With a larger portion of your income going toward loan payments, you may need to cut back on discretionary spending to prioritize essentials like housing, utilities and transportation.

Although financial experts typically recommend setting aside at least 15% of your annual income for retirement, higher student loan payments may make that seem out of reach. If saving for retirement or an emergency fund feels out of reach, consider starting with small contributions to maintain financial stability.

Some borrowers may consider loan consolidation or refinancing or private student loans to secure a lower interest rate or more manageable payments. However, refinancing federal loans may result in the loss of key benefits, such as IDR options or student loan forgiveness, which could prove costly down the line.

If you’re struggling to make payments, explore available loan forgiveness programs, but be sure to review their strict eligibility requirements. Meanwhile, a group of Democratic attorneys general has filed a lawsuit against the Trump administration, arguing the sudden firing of half the Department of Education’s workforce is unlawful.

As legal battles and administrative uncertainty continue, millions of borrowers remain in limbo.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

In a heartbreaking scam that’s left a Naples couple reeling, two fraudsters tricked the 72-year-old couple into handing over more than $2 million worth of gold.

The ordeal has left the elderly couple shattered. The gold is nearly impossible to trace, making it unlikely they will get their stolen assets back.

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“They took money from their accounts and purchased gold,” Lt. Bryan McGinn of the Naples Police Department explained to Gulfcoast News Now, “Once they had the gold, the fraudsters sent a courier to pick it up, telling the victims that the gold would be safely stored and eventually returned to them.”

For several months, the couple was under the impression that the gold was being safely held and stored. Later, they discovered they had been duped and contacted local authorities for help. By then, the fraudsters had vanished with their precious assets.

Couple duped into believing gold was safely stored

According to McGinn, the scam began when the couple was contacted multiple times by the fraudsters.

The scammers claimed they had a warrant for the couple’s arrest and threatened they would be detained unless they purchased gold and handed it over. They were instructed to buy gold in coins or small bars, with the promise that it would be safely stored and returned later.

Authorities intercepted Soyeb Rana, one of the suspects, as he arrived to pick up gold from the couple. He faces several charges, including conspiracy, scheme to defraud, fleeing and eluding, and possession of marijuana.

“This is a sad situation,” McGinn said, offering advice to others who might find themselves in similar circumstances. “Law enforcement is never going to request money. There’s never going to be an exchange of assets for your freedom or anything like that in this country. Just take a second, take a breath, contact local law enforcement. And we don’t mind figuring out together whether something is legitimate or not.”

The arrest is a step forward in the case, but the recovery of the gold remains unlikely.

With precious metals frauds like this on the rise, here are some tips to keep your assets protected.

Top red flags to look for with precious metal frauds

The precious metals sector has become a magnet for scams. Gold, silver and other precious metals often bring out the worst in fraudsters who target unsuspecting investors. Whether you’re a seasoned investor or just beginning to explore this market, stay vigilant so you don’t fall for scams. Here’s how you can spot the warning signs of potential fraud and take steps to safeguard your investments.

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Be wary of high-pressure sales tactics

If you’re being rushed into making a decision without time to think, that’s a huge red flag. You might hear phrases like “this deal won’t last long” or “you need to act now.” Legitimate dealers, on the other hand, will give you time to research and consider your options. Be wary of any dealer or salesperson who guarantees profits or pitches an investment opportunity that seems too good to be true. While precious metals can be an effective hedge against inflation and market volatility, no investment is risk-free, and no one can guarantee returns. If someone claims they can, it’s almost certainly a scam.

Avoid unlicensed or unregulated dealers

Before you buy, ensure the company or individual you’re dealing with is properly licensed and regulated by government bodies like the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC). Research the company thoroughly, check reviews on trustworthy sites like the Better Business Bureau (BBB) and consult a financial advisor before you make big decisions.

Always ask for documentation

Every precious metals transaction should include a receipt, contract, or invoice. Be sure to read everything carefully and never sign anything you don’t fully understand. Some scams also involve too much focus on the physical possession of metals. While it’s common for investors to want to hold their gold or silver, some shady dealers push the idea that physical possession is the only way to safely store your investment. Legitimate dealers typically recommend secure, regulated storage options to ensure your assets are well-protected.

Steer clear of unsolicited calls

If you’ve received an unsolicited call, email, or social media message offering an "exclusive" investment opportunity, that’s another potential red flag. Scammers often reach out cold, offering deals that seem too good to pass up, or in the case of the Naples couple, scaring them into acting in a hurry. Scams like this are unfortunately on the rise, but the more you know, the better equipped you’ll be to avoid being a victim.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.