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In the latest twist to the nation’s student debt crisis, the U.S. Department of Education has quietly suspended student loan forgiveness under the Income-Based Repayment (IBR) plan, Forbes reports. According to the outlet, the department confirmed earlier this month that it paused processing student loan discharges for IBR borrowers. This includes those who’ve already reached their 20- or 25-year forgiveness milestone. IBR Is Not Part of the Court Battle — So Why the Pause? IBR forgiveness is not affected by the current lawsuits challenging other federal student loan programs, though it does — like them — determine a borrower’s monthly payment based on that person’s income and family size. According to Forbes, last year, several Republican-led states sued the Biden administration to block the Saving on a Valuable Education (SAVE) plan, a newer income-driven repayment option. Federal courts responded by halting SAVE and forgiveness under two older plans, Income-Contingent Repayment...
Akon’s $6 billion plan for a real-life Wakanda on Senegal’s Atlantic Coast “no longer exists,” said Serigne Mamadou Mboup, head of Sapco-Senegal, the state agency overseeing coastal and tourism development. The country has reclaimed most of the land allocated for “Akon City” after the Senegalese-American singer missed payments, according to Bloomberg. As Senegal faces a debt crisis following a state audit under former President Macky Sall, the government will move forward with a scaled-down, privately funded $1.2 billion tourism development featuring hotels, apartments, a marina, and a promenade, the outlet reported. “May this resort serve as a model for success in Senegal, a hub for tourism and a source of economic opportunity,” Mayor Alpha Samb said at a ceremony, according to Bloomberg. In 2020, Senegal granted Akon 136 acres of land for a 10-year project to transform the farming village of Mbodiène into a solar-powered city that would run on the singer’s cryptocurrency and...
Former Carolina Panther player Mike Rucker filed a lawsuit against his financial advisor, Jon Kubler, claiming that Kubler mismanaged nearly $3 million of his earnings. Rucker and his wife, Kristina, filed a lawsuit in a North Carolina Business Court in March, alleging that they had unknowingly invested in a Ponzi scheme. The couple, who met Kubler while Rucker was playing football for the University of Nebraska, claims that Kubler persuaded them to invest in his Nebraska commercial real estate company Aksarben in 2009, according to The Charlotte Observer. They say the investment was a failure and that Kubler did not return their funds or money from other investors. Of the $5.6 million Kubler and his companies — including Steelpool Inc. and Capital Synergy Partners — had raised for commercial real estate companies, only 4% of the funds were reportedly invested in the ventures. Kubler had been the Ruckers’ financial advisor for 21 years and in the early 2000s had “integrated himself...
Del Monte Foods has announced that it has filed for voluntary Chapter 11 bankruptcy as part of a strategic effort to restructure its balance sheet and pursue a potential sale, according to a news release. “This is a strategic step forward for Del Monte Foods,” President and CEO Greg Longstreet said. “After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods. With an improved capital structure, enhanced financial position, and new ownership, we will be better positioned for long-term success.” The 139-year-old food company, based in Walnut Creek, CA, is one of the largest producers and distributors of branded packaged goods in the U.S., with brands including Del Monte, Contadina, Kitchen Basics, College Inn, JOYBA, and S&W. Del Monte has secured $912.5 million in financing from existing lenders, including $165 million in new funding, to...
In a significant update to credit scoring coming this fall, FICO will now include Buy Now, Pay Later (BNPL) data in its credit scores. On Monday, June 23, 2025, FICO announced the launch of FICO Score 10 BNPL and FICO Score 10 T BNPL — the first scores from a leading provider to incorporate BNPL data. BNPL is an interest-free loan that lets consumers split their purchases into smaller payments, AFROTECH™ previously reported. While short-term financing can benefit those with credit cards or who are managing debt, it can also cause harm if late payments occur; lenders can charge high fees, posing a risk for individuals with multiple loans. “Buy Now, Pay Later loans are playing an increasingly important role in consumers’ financial lives,” said Julie May, FICO’s vice president and general manager of B2B Scores. “By expanding our FICO Score 10 Suite with new models designed to incorporate BNPL data, we’re enabling lenders to more accurately evaluate credit readiness, especially for...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. WNBA superstar Angel Reese and former NBA superstar Magic Johnson joined forces recently to create Wealth Playbook , a financial literacy program for high school students in Baltimore, MD. The program is a partnership between the Angel C. Reese Foundation, the Magic Johnson Foundation, and Pull Up Neighbor, an advertising firm focused on community outreach. Through the program, students will learn how to manage their money and build long-term wealth. The program is split between four sessions, with beginnings at Saint Frances Academy, Reese’s former high school in Baltimore. The first session was a lesson in budgeting, understanding credit, and basic money-management skills. There’s no denying that financial literacy classes are needed, but who really gets to benefit from them? Both Johnson and Reese have basketball in common, but they are also in a privileged position to have so many resources at...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. A recent study released by Lending Tree revealed that a lot of Americans are using buy now, pay later (BNPL) loans from companies like Klarna and Affirm to buy groceries (25%, up from 14% in 2024). As economic fears mount and uncertainty about the economy continues, people are turning to financing their everyday necessities. But using BNPL loan services is a mistake, especially for those who struggle with debt. BNPL is an interest-free loan, allowing consumers to split their purchase into smaller payments. For those who have an issue with credit cards or deal with debt, this could be an alternative. But if you begin making late payments, you can be charged high fees, which is a problem for those who have multiple loans. While the existence of BNPL loans isn’t necessarily a problem, how they’ve come to be used is concerning. Recently, DoorDash announced its plans to accept BNPL financing through...
Flau’jae Johnson is making a difference off the court by helping wipe out $5 million of debt for 5,000 Louisiana families. On March 14, 2025, global data and technology company Experian announced that the Louisiana State University women’s basketball guard would serve as spokesperson for its initiative to help relieve impoverished families following reports of record-high consumer debt. According to the U.S. Census Bureau, Louisiana has one of the highest poverty percentages in the country. Johnson will promote financial literacy and share her experiences managing finances as one of the leading college athletes with a name, image, and likeness (NIL) deal , per a news release. “You know what’s bigger than basketball? Financial empowerment,” Johnson said in an Experian commercial. “Finances are tough, and Experian is helping the next generation pursue their dreams. … Money isn’t everything, but you need it to live a good life. The Experian app can help you save time and money, build...
Dame Dash’s Roc-A-Fella share is no longer up for sale. As previously reported by AFROTECH™, Dame Dash was hit with an $800,000 judgment stemming from a copyright infringement and defamation lawsuit. Soon after, it was announced that his Roc-A-Fella share, valued at $1.2 million, would be put up for auction to cover his debt. The auction generated buzz as the share included partial ownership of Jay-Z’s debut album, “Reasonable Doubt,” and its associated songs. “Based on feedback I have received from interested parties (and I can’t mention names), this auction will likely bring out many household names in the sports and entertainment industries as well as those interested in a piece of a historically significant company, which holds an interest in a timeless debut album,” Dame Dash’s attorney Natraj Bhushan explained to Billboard at the time. The auction attracted attention from artists, including Drake and, unsurprisingly, Jay-Z, who allegedly made public claims that he would obtain...
Restaurants and pop culture have a special relationship with Red Lobster. From the mention of its signature biscuits in songs to being one of the go-to spots for family and friends, Red Lobster has decades of impressions among millions of consumers. Now, the fast-casual restaurant has a new CEO at its helm, 35-year-old Damola Adamolekun. Adamolekun is a Nigerian native who now leads Red Lobster after a successful stint as the top executive and first Black CEO of the Asian-fusion restaurant P.F. Chang’s. According to the National Restaurant Association, Adamolekun helped generate an estimated $1 billion in revenue for the chain. This level of expertise is part of the reason the former Goldman Sachs investment banker was hired to help Red Lobster overcome its looming business performance problems. In May 2024, the seafood chain filed for bankruptcy. CNN noted that years of mismanagement, inflation, and competition led to more than $1 billion in debt and less than $30 million in cash...
Direct payouts from the Biden administration will be allocated to Black farmers who have faced discrimination. ABC News reports Black farmers acknowledge that they have been discriminated against by the U.S. Department of Agriculture (USDA) when it comes to loans. The outlet notes many had been denied loans or received loans that were less than their white counterparts. Some that did receive loans had even reported having their property foreclosed on sooner than was typical when they experienced issues paying. Denial was the case for Wardell Carter, whose family has owned 85 acres of land in Mississippi since 1939. Yet despite their longevity, they have never been able to access a loan application. Instead, they were greeted by USDA loan officers with a slammed door, and if they persisted they were faced with the reality of having a cop called to their home, he says. Due to these challenges, it prevented the family from purchasing a tractor for years. So, they had to rely on a horse...
Fantasia Barrino had to answer to Uncle Sam and almost lost her home in the process. As AFROTECH™ previously reported, the singer had vocalized her financial troubles that followed her “America Idol” win in 2004. She was sued by her father two years later and had difficulties with money management and understanding contracts. “It wasn’t easy,” she told PEOPLE. “I lost a lot. I lost everything.” Barrino’s circumstances almost even cost her the mansion she had been living in with her family in North Carolina, according to Forbes. She was served by the court for the first time due to owing $1 million in taxes, and her home could have been put up for auction as a result. “I had a bunch of people on my team who said ‘hey we’re handling all the business,'” she shared during ForbesBLK Summit 2024. “I look up and I owe a million dollars in taxes. So, because of that my lawyer didn’t show up to court, and then they put my house up for auction.” She continued, “I get a knock at the door, and...
Certain artists produce music that serves as markers in time and culture. Artists like Whitney Houston, Michael Jackson, Jay-Z, and many others have hits that will take people to a specific memory and help define moments. Although his actions may sometimes overshadow his music, Kanye West can be added to that list of artists. West is a Chicago native that entered the music scene, writing and producing music for major artists. He would go on to establish a solo career that had mainstream success with songs like “Flashing Lights,” “Gold Digger,” and “Good Life.” Throughout his career, the 45-year-old has earned several Grammy Awards with four Billboard number-one hits and 20 top-ten hits on the charts. And this success was based on a formula West had in mind for changing the hip-hop landscape. His creativity was beyond limits, even from the start of his career. “Pop music has a lot of instrumentation, and I brought that to hip-hop,” West explained in a 2004 Complex interview. “I want...
