Finance

Student Loans in the Crosshairs: Republicans Unveil Reform Plans

Lower borrowing caps, fewer repayment choices, a 30-year timeline for loan forgiveness, and tighter eligibility for Pell Grants — these are some of the significant reforms Republicans are proposing for the federal student loan system.

The changes are part of a wide-ranging tax and budget package that advanced through the House Education and Workforce Committee this week. The proposal aims to simplify the often confusing federal student loan program while generating an estimated $351 billion in savings. Under the new system, nearly all borrowers — including those with the lowest incomes — would be expected to make at least minimal payments, and the pathways to loan forgiveness would become much more limited.

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TECH

EU Rejects Notion of Tech Split from U.S. as Global Rivalries Intensify

The European Union is poised to acknowledge that breaking away from the dominance of American tech giants is “unrealistic,” as concerns mount over the bloc’s growing reliance on U.S. companies.

According to a draft strategy obtained by POLITICO ahead of its expected release this spring, the EU appears short on new initiatives to position itself as a major force in the global tech arena — even as navigating a shifting transatlantic landscape becomes increasingly urgent for Brussels.

The possible return of Donald Trump to the U.S. presidency and his confrontational approach to Europe have reignited fears over the EU’s control of critical technologies such as social media platforms and cloud infrastructure. There's also renewed anxiety over the reach of U.S. law enforcement into data held by dominant firms like Amazon, Microsoft, and Google.

CRYPTO

Kuwait Bans Crypto Mining to Curb Worsening Power Shortages

Kuwait has initiated a broad crackdown on cryptocurrency mining, blaming the energy-intensive activity for significantly contributing to a growing power crisis that has already triggered blackouts. As the country braces for its scorching summer months, authorities are moving to reduce strain on the electrical grid. According to a statement from the interior ministry, a "wide-ranging" security operation began last week, targeting residential properties illegally used for crypto mining..