California is the first U.S. state to formally begin examining how to broadly adapt to cryptocurrency and related technologies, following a path laid out by President Joe Biden in March.

Gov. Gavin Newsom signed an executive order on Wednesday for California agencies to move in tandem with the federal government to craft regulations for digital currencies. It also calls for the state to explore incorporating broader blockchain technologies into state operations.

Ohio was the first to attempt to accept virtual currency for government services in 2018, though the program was soon discontinued. Colorado Gov. Jared Polis says his state will begin accepting cryptocurrency for government services later this year.

Kin Cheung/AP

As CNBC reported, Newsom's directive should have California's Business and Economic Development Office working with California's Business, Consumer Services and Housing Agency and the state's financial protection and innovation office.

Newsom's Senior Adviser and Director of the Office of Business and Economic Development in California Dee Dee Myers said, “Of the 800 blockchain businesses in North America, about a quarter of them are in California, dramatically more than any other state,” they said. “We’ve heard from so many that they want to be here, and we want to help them do that responsibly.”

CINCINNATI —

Mason teacher and Sycamore School District coach John Benham is running 50 miles in one day, but it's for a good cause.

With the month of May being Mental Health Awareness month, Benham is raising awareness and help break down stigmas surrounding mental health by running.

On Saturday, Bigger Than The Trail, a 501(c)(3) tax-exempt organization, is hosting an in-person and virtual race to help raise funds for mental health counseling.

Benham has decided to run 50 miles and is asking for donations and pledges to help reach his goal of $5,000. All of the proceeds will directly supply mental health counseling for those in need.

If he can reach his goal, Bigger Than The Trail will be able to offer a full year of counseling for 2 to 3 people. Benham says the counseling is $180 a month and approximately $4,300 to $6,500 is needed to achieve this. The counseling can also be split between multiple individuals in need.

Benham will be running back and forth on Mason-Montgomery Road until he reaches his goal of 50 miles (10 times back and forth on a 5 mile route).

Benham says he's named this event 'R250' because it signifies his run to 50 as well as his 50th birthday, as Saturday is his birthday!

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If you would like to donate to help Benham reach his goal, you can do so here.

Another fall for stocks on Friday had the S&P 500 flirting with a 20% drop from its peak set early this year, putting it within the grasp of what Wall Street calls a bear market.

The benchmark index was down 0.4% for the day in afternoon trading and on pace for its seventh straight losing week. Rising interest rates, high inflation, the war in Ukraine, and a slowdown in China's economy are all punishing stocks and raising fears about a possible U.S. recession. The last bear market was in 2020, an unusually brief downturn that sliced 34% off the S&P 500.

The index finished the week off with a 3 percent loss, which was its seventh straight weekly decline, the New York Times reported. It's the longest window of losses since 2001.

Surprisingly low earnings reports from Target and Walmart this week didn't help either which contributed to dragging the markets even lower. The New York Times points out that since World War II, recessions almost always follow bear markets.

Stocks rose on Wall Street Friday and closed higher for the week, breaking a seven-week losing streak, the longest such stretch since 2001.

The S&P 500 rose 2.5%, increasing its gain for the week to 6.6%. That's the biggest weekly gain for the benchmark index since November 2020. Technology stocks were a big factor pushing the market higher. That sent the Nasdaq composite up 3.3%. The Dow Jones Industrial Average rose 1.8%. Retailers also made solid gains.

The yield on the 10-year Treasury note, which helps set mortgage rates, slipped to 2.74%. U.S. crude oil prices rose.

Retailers were among the biggest gainers on Friday as investors continued reviewing the latest round of earnings to get a better sense of just how much pain rising inflation is inflicting on businesses and consumers. Beauty products company Ulta Beauty surged 12.5% for the biggest gain in the S&P 500 after raising its profit forecast for the year. Amazon rose 3.7%, the Associated Press reported.

Bank of America was fined $250 million this week by U.S. federal regulators for allegedly harming customers by double-dipping on fees, withholding credit card rewards and opening fake accounts.

Related video above: Americans worry about their money’s safety in banks

Of those fines, $100 million is set to go directly to consumers who were impacted by the bank's alleged wrongdoing.

Some customers have already been compensated, according to the Consumer Financial Protection Bureau, one of the two government agencies that investigated Bank of America's practices. But others may be waiting a while before they get the slice of money they're owed.

How to find out if you're owed money

If an account was fraudulently opened in your name, it would appear on your bank statements or credit report, the CFPB told CNN. Both records should list the bank accounts and credit cards you've opened. If you see one you don't recognize from Bank of America and have no record of opening it, there's a chance it could be fraudulent.

Bank of America's alleged wrongdoing dates back to at least 2012, according to the CFPB. That means customers could have had an unauthorized account open for over a decade.

People are generally bad at keeping or knowing how to access relatively recent bank records, said Harvey Rosenfield, founder of Consumer Watchdog, a nonprofit consumer advocacy group. It's unlikely the average customer saved copies of their bank records or credit reports for over a decade, he said.

Some of these records could be accessed online, but it gets dicey, especially if you switched from Bank of America to another bank over the past decade or if the customer affected has since passed away, said Rosenfield.

That's why he recommends calling Bank of America's customer service line directly and asking if you were a victim. The CFPB also told CNN that later this month Bank of America will identify a point of contact for these inquiries that will be posted on the CFPB site.

As part of the agreement Bank of America settled with the CFPB, it is also required to identify consumers who were harmed. But the CFPB did not provide CNN with a timeline of when the bank will be required to do so.

Bank of America, the nation's second-largest bank, did not respond to CNN's request for comment regarding how its customers can find out if they were a victim of its alleged wrongdoing.

Some customers have already been compensated

People who allegedly didn't get the credit card reward bonuses they were owed have been compensated, the CFPB said, without specifying an amount.

Bank of America will be automatically refunding around $80.4 million in redress to people who were double-charged the $35 non-sufficient funds or overdraft fees since September 2018, the CFPB said. The bank will either put funds into their deposit accounts or will mail checks.

When will you get the money?

The CFPB didn't provide an estimation of when all affected customers or former customers will be compensated. So it could be a while.

The CFPB said, however, it will be monitoring the bank's progress and will require audits and other reporting by Bank of America to show the required funds were paid out.

As we enter the second half of the year, many Americans are questioning the stability of the U.S. economy amid fears we could be heading into a recession.

Later this month, the Federal Reserve Open Market Committee will meet to discuss the likeliness of more interest rate hikes to address the nation's highest inflation in more than 40 years.

Consumer prices in June saw the biggest 12-month increase since 1981.

Mary Daly is the president and CEO of the Federal Reserve Bank of San Francisco, and she suggests that the COVID-19 lockdowns and the war in Ukraine have both contributed in part to rising costs across the globe.

"We have a strong economy but inflation is too high," she said. "As an economist and policymaker, I was less startled. It [inflation] is something you can expect because we had a pandemic. We locked down the economy and then opened back up suddenly. We're ready as consumers to get back out there and buy things and do things, but supply chains are completely under siege."

Last month, the Federal Reserve attempted to tame rising costs by raising its key interest rate by 0.75% — its largest hike since 1994. It was the third rate hike from the central bank this year and more are expected.

But Daly said she isn't concerned that the Fed is overcooking things in order to tame down inflation.

"I'm not concerned because we put extraordinary emergency accommodation into the economy," she said. "We put a lot of support into the economy. When we did that, the economy was supported through the pandemic, and now we're just dialing back that support as we raise the interest rates through the end of the year. That should help bring inflation down to help get the economy back in balance."

Newsy is the nation’s only free 24/7 national news network. You can find Newsy using your TV’s digital antenna or stream for free. See all the ways you can watch Newsy here.

Consumers picked up their spending from May to June, underscoring their resilience despite painfully higher prices at the gas pump and in grocery aisles and allaying fears that the economy might be on the verge of a recession.

U.S. retail sales rose 1% in June, from a revised decline of 0.1 % in May, the Commerce Department said Friday.

The figures aren't adjusted for inflation and so largely reflect higher prices, particularly for gas. But they also show that consumers are still providing crucial support for the economy and spending on such discretionary items as furniture, restaurant meals and sporting goods.

SEE MORE: U.S. Inflation Reached 40-Year High Of 9.1% In June

At the same time, last month's spending gain is modest enough that it likely won't encourage the Federal Reserve to raise interest rates even more aggressively. Stock prices rose after the report's release.

Consumers still have significant savings, on average, bolstered by pandemic-era government relief checks and strong hiring and pay gains. JPMorgan executives said Thursday that their customers are still breaking out their credit and debit cards at a healthy pace.

The report showed consumers' ongoing appetite for nonessentials like gadgets and furniture. In fact, sales at furniture stores rose 1.4%, while consumer electronics stores rose 0.4%. Online sales showed a resurgence, posting a 2.2% increase. Business at restaurants was up 1%. But department stores took a hit, posting a 2.6% decline.

The solid figures bode well for the back-to-school shopping season, the second largest sales period behind the winter holidays. Mastercard SpendingPulse, which tracks spending across all payment forms including cash, forecasts that back-to-school spending will be up 7.5% from July 14 through Sept. 5 compared with the year-ago period when sales rose 11%.

But spending is volatile. The latest round of retail earnings reports published in May showed some slowing of spending, particularly with low-income shoppers. RH, an upscale furniture chain, cut its sales outlook for the year last month, pointing to deteriorating macro-economic conditions. It pointed to higher mortgage rates, which are slowing sales of luxury homes, indicating that even wealthy shoppers are pulling back.

Nevertheless, the overall solid spending came even as shoppers were confronted with high prices in all areas. U.S. inflation surged to a new four-decade high in June because of rising prices for gas, food and rent, squeezing household budgets and pressuring the Fed to raise rates aggressively — trends that raise the risk of a recession.

The retail sales report covers about a third of overall consumer spending and doesn't include services, such as haircuts, hotel stays and plane tickets.

Newsy is the nation’s only free 24/7 national news network. You can find Newsy using your TV’s digital antenna or stream for free. See all the ways you can watch Newsy here. 

NEW YORK (AP) — Wall Street is giving back some of its strong gains from the week on Friday following discouraging readings on the global economy and another slew of profit reports from big U.S. companies.

The S&P 500 was 1.3% lower, as of 3 p.m. Eastern time, and threatening to halt a three-day rally that had carried it back to its highest level in six weeks.

The Nasdaq composite was leading the market lower with a 2.2% drop following weaker-than-expected profit reports from Snap, Seagate Technology and other tech-oriented companies.

The Dow Jones Industrial Average was holding up better, down 249 points, or 0.8%, at 31,787, in large part because constituent American Express gave an encouraging earnings report and said its cardholders were spending more.

Sandwiched between last week's dispiriting report on inflation and next week's decision by the Federal Reserve on interest rates, the S&P 500 is still on track for its best week in a month following a collection of mostly better-than-expected reports on corporate profits.

Falling yields in the bond market also helped, easing the pressure on stocks after expectations for rate hikes by the Fed sent yields soaring much of this year.

On Friday the two-year Treasury yield tumbled again, to 2.99% from 3.09% late Thursday and from 3.14% a week ago, on worries about the economy. A report Friday morning indicated U.S. business activity may be shrinking for the first time in nearly two years, with service industries particularly weak.

"Manufacturing has stalled and the service sector's rebound from the pandemic has gone into reverse, as the tailwind of pent-up demand has been overcome by the rising cost of living, higher interest rates and growing gloom about the economic outlook," Chris Williamson, chief business economist at S&P Global Market Intelligence said in a statement accompanying the survey data.

Similar reports earlier in the morning also suggested weakness in Europe, underscoring how fragile the global economy is as central banks jack up interest rates in order to whip inflation. Higher rates make economic conditions more difficult, and the threat is that too-aggressive hikes could cause a recession.

The reports follow others from earlier in the week showing parts of the U.S. economy slowing more than expected. While that raises the threat of a recession, it also has traders pulling back expectations for how aggressively the Federal Reserve will raise interest rates next week. Instead of a full percentage point, traders now see an increase of 0.75 percentage points as the most likely outcome.

The 10-year Treasury yield fell to 2.78% from 2.91% late Thursday.

In the stock market, the company behind the Snapchat app tumbled 38.9% after it reported a worse loss and lower revenue for the spring than Wall Street forecast.

The weakness for Snap could mean pressure on other tech companies that depend on advertising, which also happen to be among Wall Street's most influential stocks. The parent companies of both Google and Facebook are scheduled to report their earnings next week.

Data storage company Seagate Technology lost 8.2% after it said anti-COVID measures in Asia and slowing global economic conditions last quarter hit its results, which fell short of forecasts.

Verizon dropped 7.7% after its profit fell short of expectations, though its revenue squeaked past. It also cut its forecast for earnings this year.

On the winning side was American Express, which rose 2.1% after it delivered better profit for the spring than analysts expected. It said customers spent more on travel and entertainment in April than they did before the pandemic, the first time that's happened.

The encouraging data bolstered some recent comments from CEOs at big banks, who said their customers appear to be in solid financial shape despite all the worries about inflation and the economy.

HCA Healthcare surged 12.5% for the biggest gain in the S&P 500 after delivering better results than Wall Street forecast. Oilfield services provider

Despite Friday's drops for Wall Street, the S&P 500 is still on pace for a gain of more than 2%.

Besides the easing of Treasury yields over the week, dropping prices for crude oil and other commodities also provided some relief on the inflation front. They add to some signals suggesting inflation may be close to peaking, such as easing expectations for inflation in future years, said Nate Thooft, senior portfolio manager at Manulife Investment Management.

"Inflation is the most important thing," he said. "It's not earnings, it's not the Fed, it's not interest rates themselves. It's the uncertainty of inflation."

"To me, as soon as you see real evidence that inflation is stabilizing and improving, all the other things also become less problematic," he said. The war in "Ukraine is separate and off in the corner, but all the others are related, and the epicenter is inflation."

___

AP Business Writer Elaine Kurtenbach contributed.

"Buy now, pay later" installment plans have been popular for people looking to spread out the cost of big-ticket items, even before the rise in inflation.

But now, with rising costs, people are turning to this for everyday expenses.

"If you're using buy now, pay later for your coffee drink or for your gas purchase or your groceries, I would think the concern there is that, you know, those are goods that are consumable and consumable quickly," said Terri Bradford, a specialist at the Federal Reserve Bank of Kansas City. "It's not like you just buy groceries one time and you're done."

She said buy now, pay later could be a strategy if you're stocking up for an entire month at a warehouse store, and then you break that payment up over the course of that same month.

Typically you'll have zero or minimal interest, so you avoid the high interest that comes with a credit card. But you may be buying things you can't afford.

"It seems so innocuous at the time to us, buy now, pay later, and say, 'Oh, you know, it's only $25,'" Bradford said. "But that $25 is there this week and two weeks later, and two weeks after that, and if you do it repetitively with multiple providers, you could really lose sight of what you're doing."

There are dozens of buy now, pay later providers, and Bradford said they don't have insight into what the others are doing. So that means you could take out multiple loans with several different providers, and they don't know it.

There has been discussion within the Consumer Financial Protection Bureau and Congress about regulating the industry. But Bradford doesn't expect that to happen anytime soon.

As consumers tighten their wallets amid increasing inflation rates, a surprising find by the parent company of two popular affordably-priced restaurant chains in the U.S. has revealed that wallets for those making even more money might be tightening.

That's because, according to Dine Brands, sales during three months this year grew by some 6% to 8% for customers in households making more than $75,000 a year.

It's unclear how Dine Brands CEO John Peyton got that data when he presented it recently.

But he suggested the jump in sales was because "guests that often dine at more expensive restaurants are finding Applebee's and IHOP because of their well-known value position."

As CNN reported, Applebees and IHOP saw sales drop, with customers in households making under $50,000 per year.

Sales overall for both companies have seen slight increases for stores open at least a year.

Both restaurants have increased menu prices this year as the United States deals with staffing shortages in the industry coupled with increased inflation.  

Peyton said, "at times like these when economics are tough for our guests, our brands have particular expertise." 

WASHINGTON (AP) — With inflation raging near its highest level in four decades, Congress is poised to approve President Joe Biden's signature Inflation Reduction Act. Its title raises a tantalizing question: Will the measure actually tame the price spikes that have inflicted hardships on American households?

Economic analyses of the proposal suggest that the answer is likely no — not anytime soon, anyway.

The legislation, which is headed for final approval Friday in the House and will then be signed into law, won't directly address some of the main drivers of surging prices — from gas and food to rents and restaurant meals.

Still, the bill could save money for some Americans by lessening the cost of prescription drugs for the elderly, extending health insurance subsidies and reducing energy prices. It would also modestly cut the government's budget deficit, which might slightly lower inflation by the end of this decade.

The nonpartisan Congressional Budget Office concluded last week that the changes would have a "negligible" impact on inflation this year and next. And the University of Pennsylvania's Penn Wharton Budget Model concluded that, over the next decade, "the impact on inflation is statistically indistinguishable from zero."

Such forecasts also undercut the arguments that some Republicans, such as House Minority Leader Kevin McCarthy have made, that the bill would "cause inflation," as McCarthy said in a speech on the House floor last month.

Biden himself, in speaking of the legislation's effect on inflation, has cautiously referred to potentially lower prices in individual categories rather than to lower inflation as a whole. This week, the president said the bill would "bring down the cost of prescription drugs, health insurance premiums and energy costs."

At the same time, the White House has trumpeted a letter signed by more than 120 economists, including several Novel Prize winners and former Treasury secretaries, that asserts that the bill's reduction in the government's budget deficit — by an estimated $300 billion over the next decade, according to the CBO — would put "downward pressure on inflation."

In theory, lower deficits can reduce inflation. That's because lower government spending or higher taxes, which help shrink the deficit, reduce demand in the economy, thereby easing pressure on companies to raise prices.

Jason Furman, a Harvard economist who served as a top economic adviser in the Obama administration, wrote in an opinion column for The Wall Street Journal: "Deficit reduction is almost always inflation-reducing."

Yet Douglas Holtz-Eakin, who was a top economic adviser to President George W. Bush and later a director of the CBO, noted that the lower deficits won't kick in until five years from now and won't be very large over the next decade considering the size of the economy.

"$30 billion a year in a $21 trillion economy isn't going to move the needle," Holtz-Eakin said, referring to the estimated amount of deficit reduction spread over 10 years.

He also noted that Congress has recently passed other legislation to subsidize semiconductor production in the U.S. and expand veterans' health care, and suggested that those laws will spend more than the Inflation Reduction Act will save.

In addition, Kent Smetters, director of the Penn Wharton Budget Model, said the bill's health care subsidies could send inflation up. The legislation would spend $70 billion over a decade to extend tax credits to help 13 million Americans pay for health insurance under the Affordable Care Act.

Those subsidies would free up money for recipients to spend elsewhere, potentially increasing inflation, although Smetters said he thought the effect would likely be very small.

While the bill could have the benefit of increasing the savings of millions of households on pharmaceutical and energy costs, it's unlikely to have much effect on overall inflation. Prescription drugs account for only 1% of the spending in the U.S. consumer price index; spending on electricity and natural gas makes up just 3.6%.

Starting in 2025, the act will cap the amount Medicare recipients would pay for their prescription drugs at $2,000 a year. It will authorize Medicare to negotiate the cost of some high-priced pharmaceuticals — a long-sought goal that President Donald Trump had also floated. It would also limit Medicare recipients' out-of-pocket costs for insulin at $35 a month. Insulin prescriptions averaged $54 in 2020, according to the Kaiser Family Foundation.

"This is a historic change," said Leigh Purvis, director of health care costs at the AARP Public Policy Institute. "This is allowing Medicare to protect beneficiaries from high drug prices in a way that was not there before."

A study by Kaiser found that in 2019, 1.2 million Medicare recipients spent an average of $3,216 on drug prescriptions. Purvis said recipients who use the most expensive drugs can spend as much as $10,000 or $15,000 a year.

The legislation authorizes Medicare to negotiate prices of 10 expensive pharmaceuticals, starting next year, though the results won't take effect until 2026. Up to 60 drugs could be subject to negotiation by 2029.

Holtz-Eakin argued that while the provision may lower the cost of some Medicare drugs, it would discourage the development of new drugs or reduce new venture capital investment in start-up pharmaceutical companies.

The Inflation Reduction Act's energy provisions could also create savings, though the amounts are likely to be much smaller.

The bill will provide a $7,500 tax credit for new purchases of electric vehicles, though most EVs won't qualify because the legislation requires them to include batteries with U.S. materials.

And the legislation also significantly expands a tax credit for homeowners who invest in energy-efficient equipment, from a one-time $500 credit to $1,200 that a homeowner could claim each year. Vincent Barnes, senior vice president for policy at the Alliance to Save Energy, said this would allow homeowners to make new energy-efficient investments over several years.

But for all Americans, including those who aren't homeowners, the impact will likely be limited. The Rhodium Group estimates that by 2030 the bill's provisions will save households an average of up to $112 a year as gas and electricity becomes cheaper as more Americans drive EVs and houses become more energy- efficient.

The parents of a self-taught, visually-impaired artist are pushing the charity efforts of their son forward in Nebraska.

Jeff Hanson raised millions of dollars for charity before he died two years ago, all through his colorful works of art.

In the 27 years of his life, Hanson raised over $7 million for charity.

Hanson's style was defined by bold use of colors in high-contrast, heavily-textured canvases that pop off the walls. But there was a reason for Hanson's style; He was born with neurofibromatosis, which causes Hanson to have brain tumors that damaged his vision.

"He started painting simple watercolor notecards, and eventually, those watercolor notecards became heavily textured Acrylic on canvas," said Julie Hanson, Jeff's mother.

It is this style that a group of Creighton medical and art students sought to emulate on Tuesday, with Hanson's parents, on their own canvasses.

"For me personally, I'm blessed to be able to contribute to his art. He's a big donor of the community, and a lot of people know him," said Monty Khela, a Creighton medical student.

"Jeff's life was about love, kindness and generosity. So this giving of paintings to live charity auctions is how he became defined. He didn't wish to be defined as the kid down the street with a brain tumor," said Julie Hanson.

Hanson credited his poor vision for helping him create his style of art, which now hang in the homes of Warren Buffett and Elton John.

"Focus on what you can do, not what you can't do," said Julie Hanson.

Hanson's family has the goal of reaching $10 million for charity in honor of their son.

Watch the video above for the full story.

NEW YORK (AP)  — When President Joe Biden announced a plan to forgive student loan debt, many borrowers who kept making payments during the pandemic wondered if they'd made the right choice.

Borrowers who paid down their debt during a pandemic freeze that started in March 2020 can, in fact, get a refund — and then apply for forgiveness – but the process for doing that hasn’t always been clear.

If you think you’re eligible, here’s what you need to know:

___

WHO IS ELIGIBLE FOR A REFUND?

Borrowers who hold eligible federal student loans and have made voluntary payments since March 13, 2020, can get a refund, according to the Department of Education.

For some people, that refund will be automatic. You can get a refund without applying if your payments brought your loan balance below the maximum debt relief amount: $10,000 for all borrowers and $20,000 for Pell Grant recipients. Borrowers can check their balance in their studentaid.gov account.

For example, if a borrower paid $100 a month for 10 months of the pandemic and their balance is now $8,000, that $1,000 will automatically be refunded. Then they can apply to get the rest of their debt forgiven.

But if a borrower paid throughout the pandemic and still owes $14,000, they won’t get an automatic refund. They can, however, apply to have $10,000 of that debt erased.

Another group of people that has to apply for a refund is those who completely paid off their loan balance during the pandemic. If that’s you, you’re eligible for loan forgiveness, but you’ll have to request a refund prior to applying for debt relief. Borrowers should confirm their eligibility for the loan forgiveness program prior to requesting a refund.

For example, if a borrower had $5,000 in debt at the start of the pandemic and paid it all back during the freeze but is eligible for up to $10,000 in forgiveness, they would apply for a $5,000 refund, then apply to have their debt forgiven.

“Borrowers who paid off their loans during the pause will need to request a refund first, then request cancellation,” said a spokesperson from the Department of Education.

The refund is not available for private student loans.

Eligible federal student loans:

—Direct Loans (defaulted and non-defaulted)

—Federal Family Education Loan (FFEL) Program loans held by ED (defaulted and non-defaulted)

—Federal Perkins Loans held by ED (defaulted and non-defaulted)

—Defaulted FFEL Program loans not held by ED

—Defaulted HEAL loans

If you are not sure which loan you have, visit your dashboard at studentaid.gov and find the “my loan servicers” section. If you can’t access your dashboard, you can call the Federal Student Aid office at 1-800-433-3243 to ask for loan servicer information.

HOW CAN I APPLY FOR A REFUND?

Borrowers who want a specific amount refunded can apply by calling their loan service provider. Right now, refunds are only being done via phone and not through any website or email.

When the Biden Administration announced the forgiveness, loan servicers found themselves inundated with calls. But many borrowers now say they’re not waiting long when calling.

“I was on hold for about five minutes,” said Megan McParland, of New Jersey, who graduated in 2018 and made several payments during the payment freeze.

McParland requested a refund the first week of September. At first, she felt the servicer tried to dissuade her from making the request. But after confirming that she wanted to proceed, she was told that she would see her refund in about a month.

Sierra Tibbs, a 47-year-old resident of Casselberry, Florida, had a similar experience. The entire phone call with her loan servicer took around 20 minutes.

Tibbs applied for a refund after seeing a video online informing her that she could get back money she paid during the pandemic.

If you are unsure who services your loan or if the servicer changed during the pandemic, visit your student aid account dashboard and scroll to “my loan servicers” or call 1-800-433-3243.

Before calling your loan provider to request your refund, you need to know your account number and the amount you want to be refunded.

—Loan servicers’ phone numbers:

FedLoan Servicing: 1-800-699-2908

Great Lakes Educational Loan Services, Inc.: 1-800-236-4300

Edfinancial: 1-855-337-6884

MOHELA: 1-888-866-4352

Aidvantage: 1-800-722-1300

Nelnet: 1-888-486-4722

OSLA Servicing: 1-866-264-9762

ECSI: 1-866-313-3797

Default Resolution Group: 1-800-621-3115 (1-877-825-9923 for the deaf or hard of hearing)

HOW WILL THE REFUND WORK — AND WHEN WILL MY LOANS BE FORGIVEN?

When you request a refund, the amount that you have paid during the payment freeze will be added back to your student loan balance, said Katherine Welbeck, Civil Rights Counsel for the Student Borrower Protection Center.

That amount is still eligible for cancellation and can be eliminated after you apply for forgiveness.

You're eligible for debt relief if you had an annual federal income below $125,000 individually or $250,000 if you're married or head of household in 2020 or 2021. The application is expected to open in early October, and you can apply until Dec. 31, 2023.

It is unclear when borrowers will see debt relief. So far, the plan only mentions borrowers will be notified by their loan servicer when their debt is forgiven. There is also a possibility that forgiveness could be delayed if the Biden administration faces legal challenges.

Laura Baum, a 30-year-old resident of Chicago, paid $5,000 during the payment freeze toward her $15,000 remaining debt. She is eligible to have $20,000 canceled since she was a Pell grant recipient when she was an undergraduate. At the beginning of September, Baum called her loan servicer and asked for a refund.

But because of the uncertainty, she plans to save that money until the Department of Education confirms her debt has been canceled.

“I’m going to hold on to that refund until I absolutely see $0 in my student loans,” Baum said.

WHEN IS THE DEADLINE TO APPLY?

The deadline to apply for a refund is December 31, 2023. However, Welbeck recommends applying for a refund before applying for debt forgiveness.

“If you apply first, you can process the refund to get your money back, and then that balance in your account is canceled,” Welbeck said.

The application process for loan forgiveness is expected to take four to six weeks.

The Department of Education offers a subscription page where you can sign up to be notified when the application is open.

HOW MUCH CAN I GET REFUNDED?

According to the Department of Education, you can get a refund for the entire amount you paid during the payment freeze. However, you can choose a lower amount.

You might pick this option if, during the pandemic, you paid enough to get your debt below the maximum amount of forgiveness. You could get a partial refund, then apply to have your remaining debt wiped out.

Say you had $15,000 worth of debt remaining at the beginning of the payment freeze and have since paid $8,000 but qualify for $10,000 in debt relief. You might decide to ask for a refund of just $3,000. Then, your debt balance will be exactly $10,000, and you can apply for maximum loan forgiveness.

WHEN WILL I GET MY REFUND?

Borrowers should expect to receive their refund six to 12 weeks after requesting it, according to the Department of Education. But you might want to double-check with your loan servicer.

McParland’s loan servicer told her that she should see her refunded amount in 30 to 45 business days, but Baum was told that it would take 60 to 70 business days to see her money back in her bank account.

IS THE REFUND TAXABLE INCOME?

It is not yet clear if the refunded money will be considered taxable income. Welbeck recommends borrowers check with financial advisers from their own state.

Some states, such as Indiana, have already said they will tax debt relief for people who have their student loans canceled. Policies vary from state to state.

DOES THE REFUND AFFECT MY CREDIT SCORE?

Since the Department of Education has not yet announced how the cancellation or refunds will be reported to the credit bureaus, it is still uncertain if these amounts will affect borrowers’ credit scores, said Welbeck.

SHOULD I START PAYING AGAIN WHEN THE PAYMENT FREEZE ENDS?

The pandemic payment freeze is set to end on Dec. 31. If you have not seen debt relief by then, you are still expected to start making payments. Welbeck recommends that borrowers enroll in income-driven repayment plans before the end of the payment freeze.

Income-driven repayment plans allow you to set an affordable payment amount based on income and family size.

You can find more information about the four types of income-driven repayment plans here.

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You can find all of AP's financial wellness coverage at https://apnews.com/hub/financial-wellness.

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The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.

Captain Dennis Tajer has taken to the skies as an airline pilot for over 20 years. He’s also the spokesman for the Allied Pilots Association and represents 15,000 American Airline pilots.

"This has been in the air for a long time and no one did anything about it," said Tajer.

He says the pandemic exacerbated a staffing problem carriers knew about by offering early retirements in what he calls a money-saving move and then failed to plan for a return to normal.

"They kept us from collapsing they weren't ready for the recovery," said Tajer.

Airlines were looking to save money during the 2020 pandemic shutdowns. The federal government stepped in with aid under the condition airlines couldn’t lay people off or furlough anyone.

"And then they took a hundred airplanes at American, and they retired them permanently. They didn't train pilots to go on new airplanes, and of those who retired, they did not train their replacements," said Tajer.

But things changed a year later as Americans started to travel again, and airlines added routes.

In 2021, the airline industry expected an increase of 42% in routes compared to 2019, according to data from Cirium Innovata a database tracking flight schedules across airlines.

More flights mean more pilots to get passengers to their destinations. But hiring more pilots doesn’t come without turbulence. In the past, airlines have turned to the Air Force as a pipeline to bring in pilots. But they’re also facing a shortage.

A congressional report in 2019 warned the Pentagon faced a shortfall of over 3,000 pilots, which it states has been "several years in the making."

"It was rare at the majors depending on the airline, to find someone who wasn't prior military. It was just the pipeline that was there everyone knew with the fall of the wall and the Soviet Union collapsing that the military wound down," said Tajer.

The FAA requires commercial pilots to log 1,500 flight hours for certification. And obtaining a commercial license after that isn’t cheap.

We looked at three different flight schools. A commercial pilot’s license price ranges between $30,000 to nearly $100,000.

"What young man or woman is thinking, 'Hey, I'm gonna go drop a $100,000, maybe make it, maybe not for a job that will come,'" Tajer said. "And go I'll be laid off, there will be bankruptcies, I'll be unemployed if you're looking at this as a business decision other than I just wanna fly what a horrid investment."

But some airlines are taking matters into their own hands. Phoenix-based Mesa Airlines recently purchased nearly 30 planes to help pilots build time toward their airline transport pilot license while trying to build a recruiting pipeline.

And American, United, Delta, Southwest, Frontier, and others are spearheading similar initiatives. Washington is also working toward a solution. In July, Republican Nebraska Senator, Deb Fischer, introduced the Let Experienced Pilots Fly Act. It would raise the retirement age from 65 to 67 — though pilots would only be allowed to fly within the U.S. — with a new emphasis on solving the issue.

Tajer believes it’s going to take time to get more new pilots in the cockpit.

"So, it's gonna take a while, and there's no magic switch. It takes a series of switches and everybody working together to get it done," said Tajer.

This means, for now, travelers and pilots are left having to pack their patience.

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How much money do you plan on spending this holiday season?

A forecast released Thursday by the National Retail Federation expects to see a 6 to 8 percent growth in holiday spending over 2021.

“The overall outlook from those consumer fundamentals are very positive and support what we believe is a fairly good forecast,” said Jack Kleinhenz, chief economist of the National Retail Federation.

Keep in mind this does not include vehicles, gas, or food services. Just retail more broadly. The National Retail Federation said a few factors are at play here.

“Strong job and income growth has been important,” Kleinhenz said. “More jobs means more income, more spending.”

A jobs report released Friday shows the payroll grew by 261,000 in October, according to the Labor Department.

Kleinhenz said consumers also have a good bit of savings to spend from when everyone was saving during the pandemic.

“We can't minimize the importance of the ability for people to tap into their savings in many cases,” he said.

Kleinhenz said credit is also a factor. “Credit availability has supported spending.”

However, this forecast is not adjusted for inflation. The Consumer Price Index has climbed over 8 percent in the past year. If you take out food and energy, that number is around 6.5%. CPI is weighted toward essentials, but things like electronics and clothing aren’t going up at the same rate.

Some forecasts are not so optimistic.

Consulting firm McKinsey & Company said consumer demand has softened and inventory levels are high in an October holiday shopping report. They also mentioned many consumers are eager to spend and splurge.

International shipping company Maersk wrote in their Q3 report released Wednesday:

“With the war in Ukraine, an energy crisis in Europe, high inflation, and a looming global recession there are plenty of dark clouds on the horizon. This weighs on consumer purchasing power which in turn impacts global transportation and logistics demand.”

They did see an increase in revenue in the third quarter. Maersk is the world’s largest container and shipping company.

Whether you decide to save or splurge this year, experts seem to be at odds with spending habits this holiday season.

KANSAS CITY, Mo. — Birdie Hansen stumbled nose-first into her small business during a time when most businesses were standing still.

"It was just a little hobby that I was doing around when everyone was doing their sourdough starters," she said

Her pandemic project turned into Effing Candle Co. in Kansas City, where she and her husband make cozy candles with a big sense of humor.

It’s a business that’s been growing, despite the odds, but as many small businesses can relate, success hasn’t come easily.

"The cost of our materials have definitely gone up this year, our wax our fragrances. Shipping is more expensive. Labels have gone up. Like everything that we touch has gone up in price," she said.

What consumers are feeling in terms of inflation, small businesses feel too. Inflation right now is at 7.7% and, according to Deloitte, that’s reflected in the holiday spending outlook.

Holiday spending is expected to stay stagnant at $1,455 per household, but consumers plan to buy less gifts—nine compared to 16—and will pull back on non-gift spending by 12%.

While low-income earners plan on spending 25% more than last year, high-income earners will most likely spend 7% less.

"Every day was a teachable moment for the last two and a half years," said Larry Wigger, an associate professor of supply chain management at the University of Missouri Kansas City.

Wigger had a lot to talk about in his classroom lately. He says inflation has been made worse by the lack of labor and supply chain disruptions of both the pandemic and the war in Ukraine.

"Just when we thought we were gonna recover it, set everybody back again," he said.

Wigger says that it will most likely take big shifts in society until we get back to how things were before the pandemic, including growing interest in blue-collar jobs and figuring out long-term supply solutions. In the meantime, there are opportunities for businesses to get creative to weather the current climate.

"Rethinking how you source your stuff, being creative about your hiring, and really thinking through your job descriptions," he said.

Getting creative is exactly what Birdie has been doing at her candle company.

What has worked in her favor is making sure her products come in a variety of price points, offering big discounts on imperfect products, and online gifts with purchases and free shipping minimums to entice buyers. She also hopes consumers keep small businesses like hers in mind when deciding where to spend this holiday season as every dollar continues to mean so much.

"We are just the ones out here making a product that we love, for consumers that we love," she said.

Congress passed a $858 billion defense policy bill this week called the National Defense Authorization Act.

Most of that money – $816.7 billion – will go toward Department of Defense programs, according to documents. About $30.3 billion will go toward national security programs, and $378 million is allocated for defense-related activities.

The NDAA will fund new military weapons purchases, increase pay for service members, and add more support for Ukraine and Taiwan.

The bill would also end the Pentagon’s COVID-19 vaccine mandate.

The bill increases America’s total national security budget by about 10& from the defense bill we saw last year.

To put our defense spending into context, a chart by the Peter G. Peterson Foundation shows the U.S. spends more on defense than the next 9 countries combined. It shows the U.S. spending $801 billion, while China, India, the United Kingdom, Russia, France, Germany, Saudi Arabia, Japan, and South Korea spend $777 billion combined.

China had the second highest military spending at $293 billion, according to 2021 stats from Statista.

The bill will now go to President Biden’s desk to be signed.

BUFFALO, N.Y. (WKBW) — Many wonder where to turn to make ends meet after the storm severely impacted their weekly paycheck.

Because of the storm, one woman said she hasn't been able to make it for her shifts at the Harborcenter in Downtown Buffalo. She said it's been extremely difficult now living paycheck to paycheck.

"It's hard. It's breaking my heart," Mary Knickerbocker said.

Knickerbocker has not been able to make it into her part-time time job since the storm.

"And I live paycheck to paycheck to pay rent, to pay bills my landlord is not gonna sit there and say, 'Because of the blizzard, you can't pay your rent.' He's gonna say, 'I want my rent money,'" she said.

She is the only one in her home who can work.

"I mean it's putting a lot of stress not only on myself my family and I have no one to turn to," she said.

She tried to get to work on Thursday, but after waiting nearly two hours, she said the bus never came. NFTA spokesperson Kelly Khatib said they are restoring bus service to the fullest extent, but road conditions are creating delays.

"I called my boss, told him I'm not gonna get in and it's like there's no help. You know? I can't get into work," Knickerbocker said.

Her story is like many others in Western New York right now. Erie County Executive Mark Poloncarz was asked during his briefing Thursday if there can be any relief for workers like Knickerbocker.

"I feel sorry for those who've lost wages, lost money they probably needed more than ever at the holiday season," Poloncarz replied.

Unfortunately, he said, the county, state or federal government does not reimburse for private sector and personal loss.

"It is unfortunately an employer, employee issue, and FEMA does reimbursement and we're gonna seek reimbursement for the governments. It is only for a governmental response. It is not for private damages. It is not for private loss," he added.

Dan Neaverth, commissioner of Homeland Security and Emergency Services, said there is not a lot they can do at the moment.

"There's no avenue on that, at this point. We'll push those complaints if they're filed," he said.

He said the Department of Labor can weigh in on this. The department sent back this email:

Mirand also reached out to the Governor's office about this. A spokesperson said in an email:

Still, so many people like Knickerbocker are waiting for the help they so desperately need.

"All we want to know is that there's help out there for us," she said.

This article was written by Kristen Mirand for WKBW.

Mega Millions players have a chance to strike it rich Friday night.Friday night's winning numbers are: 30 - 43 - 45 - 46 - 61 MB: 14The jackpot has grown to $1.35 billion.Plenty of people have won smaller prizes in the lottery game, but no one has matched all six numbers and won the grand prize since Oct. 14. Those 25 straight drawings without a winner have allowed the top prize to roll over and grow larger for three months.It's now the fourth-largest lottery prize in U.S. history. If there isn't a winner Friday night, the jackpot will inch closer to the record $2.04 billion Powerball prize won last November in California.The long stretch without a Mega Millions jackpot winner is because of the game’s steep odds of 1 in 302.6 million.The $1.35 billion prize is for a winner who chooses an annuity with annual payments over 29 years. Winners almost always take the cash option, which for Friday night’s drawing would be an estimated $707.9 million.Mega Millions is played in 45 states as well as in Washington, D.C., and the U.S. Virgin Islands.

Federal COVID-19 relief funding that schools have relied on since the start of the pandemic is set to expire next year.

In 2020 and 2021, congress passed three COVID relief packages that added up to more than $190 billion for public and private schools across the U.S.

Districts report putting the money toward hiring staff, tech upgrades for online learning, improving airflow in schools, and mental health support.

Knowing the money will run out, some districts are concerned about budget shortfalls.

Former educator Amanda Bratten wants teachers and districts to know about a free online resource that could help them save money. It's called Propello.

"Propello is a K-12 education platform," Bratten said. "It's made for teachers, by teachers. and we bring together high-quality customizable curricula designed for hands-on learning. We allow for teachers to be able to personable that education to help students succeed."

Right now, Propello offers middle school science and language arts. There are plans to grow its elementary school curriculum next, including subjects like math and social studies.

Bratten says they do offer districts pay packages with premium tools, integrations and advanced services, but the priority is offering it for free to teachers.

The hope is districts can retain teachers, and those teachers won't have to spend their own money on resources.

Anastasia Pleasant thought she'd found a dream job working remotely.

Pleasant found a job opening online at Indeed.com, a legitimate job posting website that says it removes tens of millions of job listings each month that do not meet its quality guidelines.

The posting was for an executive assistant at a company supposedly called Guaranteed Finance Pro.

"And like I told you, I worked in journalism and I just I can't believe this happened to me," Pleasant said.

They offered to hire Pleasant right away — no interview required, which she thought was odd.

"And they said on the phone that this is a legitimate job and then emailed me, 'this is a legitimate job.' So I thought, 'well, OK, let's just go for it,'" Pleasant said.

Her supposed boss sent a check for $500 to buy supplies, but then he asked her to wire some payments to software vendors, which he said he would reimburse.

"So that should have been the first red flag that I ignored. And after that then they were sending me more checks and asking me to deposit them," Pleasant said.

Pleasant kept depositing the company’s checks, but her boss also kept asking her to wire money to more vendors.

Within days, Guaranteed Finance Pro’s checks started bouncing.

A panicked Pleasant learned her checking and savings accounts were empty, and she had a negative $25,000 balance.

Her boss texted back, “Be calm okay, do not panic.”

"And they just kept lying. And one of the checks that I have, they sent me a check for $34,000 to make up for everything. But then that bounced," Pleasant said.

Pleasant reported the scam to the Martin County Sheriff’s Office, the State Attorney General and the FBI.

No one answered the company phone, the website had no information and Pleasant's money has vanished.

"I feel really stupid and embarrassed and I don't want that to happen to anybody else," she said.

Indeed released the following statement:

"Indeed puts job seekers at the heart of everything we do. We have a dedicated search quality team who goes to extraordinary lengths deploying a variety of techniques to assess the suitability and validity of job listings. Indeed removes tens of millions of job listings each month that do not meet our quality guidelines. In addition, Indeed will not do business with an employer if their job listings do not pass our stringent quality guidelines. We encourage job seekers to report any suspicious job advertisements to us, or if they feel it necessary, to make a report to the police. We encourage all job seekers to review our Guidelines for a Safe Job Search."

A small business owner in Waterford, Wisconsin, was reunited with his work portfolio and $5,000 in cash all thanks to a group of high school students who were in the exact right place at the right time. On May 15, Charles Jessup — the owner of Jessup Tree Services — was finishing up a job in East Troy, Wisconsin, when a client started talking to him. "As I was getting in my truck, the gentleman said, 'Hey Charles, one more tree,' and I said, 'OK, great,'" Jessup recalled. "Well, like a dummy, I put my portfolio on the back of my truck saying, 'Well I'm not going to forget this.'" He did forget it, though. Jessup said he drove off, and somewhere along Highway 20 between East Troy and Waterford, he ended up losing his open portfolio containing several important items including $5,000 in cash."My computer, OK, MacBook Air with my life, my business, records," Jessup said. "And then on the inside is where I had tucked the cash."Retracing his steps, Jessup said he found only his laptop. But he also spotted Waterford Union High School's Future Farmers of America students doing their spring roadside clean-up. "Charles pulled over on the side of the road, and he got my attention, because I was kind of toward the back of the group," Luke Hying, a Waterford Union junior and the FFA president, said. "At first, I was kind of a little confused. I'm like, 'What does this guy want?'"In a last-ditch effort, Jessup explained to the students his situation and asked them to call if they tracked down any of his items. "We were like, 'OK, we're probably not going to find it,'" sophomore Morgan Schoof said. "All of a sudden, I was like, 'there's a $50 bill right here.'""We found money after money after money, and then we found his portfolio," Hying added. "Then we found a bunch of papers with the portfolio. It was actually pretty crazy how much we found in that ditch."Jessup said he then received a phone call from Hying. "It went from having a terrible day, you know beating myself up for why would I be so stupid to leave that on the back of my truck, to like, 'Wow, what great kids,'" Jessup said.Monday, Jessup said thank you by hosting a party for the students during their lunch hour. "I really had no idea it would make such a big impact to Charles and so many people would see it as such a big event in the community," Hying said. The one act of kindness is inspiring more acts of kindness.Doc's on the Fox, a Waterford restaurant, donated pizzas for the party. "I wanted to re-enforce that sometimes doing the right things has benefits," Jessup said.

People around the world are doing their part to help people in Ukraine by booking Airbnb reservations in the country.

Airbnb CEO, Brian Chesky confirmed the news on Twitter.

Airbnb users don’t plan on staying in Ukraine, but rather are just booking stays to finally help hosts in the country.

One couple tweeted that they booked a rental unit in Kyiv for one week.

User @DimmagioEth wrote, “It's really cheap and can make a small difference right now” and accompanied the Tweet with a screenshot of the conversation between him and an Airbnb host.

As people book Airbnbs in Ukraine, the company is also waiving all guest and host fees for reservations in the Eastern European country.

Outside of Ukraine, the company has offered up to 100,000 homes to Ukrainian refugees.

According to the United Nations, this has the potential to help up to 4 million people.

Airbnb reports more than 357,000 people visited the site to donate or become hosts for refugees.

MILWAUKEE —

Inflation is at its highest point in decades, but there may be some hard-to-spot price hikes in the supermarket aisles, disguised from consumers by creative packaging.

Consumer advocate Edgar Dworsky said "shrinkflation," another term for product downsizing or manufacturers putting less product in a package for the same price, is more common during times of inflation.

"It really does come in waves and, unfortunately, we are in the middle of a big wave right now," said Dworsky, founder of ConsumerWorld.org.

"Prices are going up, and I think companies want to do the most to make sure it looks like they're not the ones raising their prices," Milwaukee shopper Sam Krieg observed.

Dworsky highlighted examples of shrinkflation.

"We always used to buy half-a-gallon of orange juice. Then it went down to 59 ounces. Then it went down to 52 ounces," he said.

Consumers are likely to find fewer sheets in a roll of paper towels, less pet food in a can or maybe an ounce less of cereal in a box.

"That little 1-ounce multiplied by tens of millions is big bucks in their pocket, and out of your pocket," Dworsky said.

He said other manufacturers may change the shape of their package.

"There's now an indent on the bottom of the Skippy jar that's, in essence, dead space. Gatorade came in 32-ounce bottles. They're now 28 ounces. Look for the one that kind of has a waistline on it. That's the one that's 4 ounces shorter," Dworsky said.

Sister station WISN found an example of downsizing on a Milwaukee store's shelf.

The older package for a tube of Crest 3D White toothpaste showed it contained 4.1 ounces, while the newer package listed 3.8 ounces.

Selling for the same price, the newer tube contained 7% less toothpaste.

Crest's parent company, Procter & Gamble sent a statement to WISN 12 saying in part, "P&G takes a holistic view of pricing by product category... Our focus is on delivering superior products with the best performance, ultimately delivering value to our consumers."

The best advice for shoppers may be to check the price per ounce or per unit, which is often posted in smaller print on the store shelf.

But even that may be hard to find because not all states require stores to post a unit price.

Nineteen states require some form of unit pricing, WISN reports.

Dworsky said consumers who don't routinely check unit prices may not be aware when a product has been downsized.

"Manufacturers are counting on consumers not noticing," he said.

But is it an attempt to deceive consumers?

"It certainly is a bit of package trickery, to say the least. Does it cross the line to be illegal? No," Dworsky said.

It's just a cleverly disguised hit to your household budget.