79,000 students who attended Westwood College are getting their loans discharged

The U.S. Department of Education announced Tuesday it is discharging the loans taken out by 79,000 students who attended Westwood College. The for-profit Westwood and its parent company Alta Colleges Inc. first settled fraud charges in 2009. In 2016, Westwood officially shut down. The department had already approved $130 million in debt discharges for approximately 4,000 former students prior to Tuesday's announcement. Powell reiterated a tough stance against inflation, spurring investors to weigh the implications of higher interest rates for longer. “Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy,” Powell said. “We do believe the Fed,” said Zach Hill, head of portfolio management at Horizon Investments. “We believe what they say that rates are going to be higher for longer and we’ve seen some repricing of the cuts in 2023. We think there’s more to go on that front and it’s likely to continue to fuel equity volatility from here.” The sell-off on Wall Street was broad-based, with just five members of the S&P 500 posting gains on Friday. Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister (EAC PM), said the country will achieve the 11.1 per cent nominal economic growth rate assumed in the Budget despite the tense geopolitical situation. "I don't think we will miss the nominal GDP growth rate envisaged in the budget. Yes, right now the geopolitical situation is somewhat maligned. In this situation, India is relatively one of better performing countries," Debroy told reporters on the sidelines of the release of a report, titled Competitiveness Roadmap For India@100. He reminded reporters that he had said at the time of the Budget presentation that it was slightly conservative in terms of its growth assumptions. "It could have been a tad higher," he said.