A new report by the Brookings Institution predicts a future default crisis that would turn the U.S. economy upside down. Lisa Rowan, Writer at The Penny Hoarder, joins Your Cheddar to discuss the findings of this study.
By 2023, the cumulative student loan default rate will top 40%. Right now it's around 25%. Rowan explains how it will reach 40% in only six years. She also talks about the difference between public schools and for-profit schools.
Plus, the study suggests that the default rate for African Americans is at an extraordinarily high rate. By 2023, the default rate for black borrowers who started college in 2003-04 is projected to hit 73.3%. Rowan says this is largely due to a labor market that's less favorable to these graduates.
PLUS: American Eagle marks 30 NYSE years with a record stock high. CMO Craig Brommers discusses Gen-Z trends and collabs with Coco Gauff and Trevor Lawrence.
The Verge's Emma Roth joins Cheddar to discuss the iPhone 16, Apple Watch upgrades, all things Airpods and Apple Intelligence. But is it worth the hype? Watch!
