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In 2011, San Francisco began automatically opening a college savings account for every child entering kindergarten in the public school system.
Now those students are going to college.
Even small amounts of savings can make children more likely to get a degree, research shows. “This is really a tool for supporting a college-going mindset,” said Citi’s Brandee McHale.
Other cities, and even a few states, have started similar initiatives following San Francisco’s lead.

Odilon Dimier | PhotoAlto | Getty Images

Even though more students feel priced out of college entirely, there are efforts to improve access to higher education that seem to be working.
In 2011, San Francisco made headlines when it became the first city in the nation to kick off a college savings account with $50 for every child entering kindergarten in the public school system.

Now those students are about to enter college.
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Yadira Saavedra, 17, is one of the more than 600 students from San Francisco who will start college with financial assistance from the Kindergarten to College, or K2C, savings program.
Her parents saved $2,200 in a universal children’s savings account, which helped change her perspective about getting a degree, she said.
“My family has always pushed me to go to college, but I felt bad,” Saavedra added. “I didn’t really know how much college cost; I just knew it was a lot of money.”

This fall, she is an incoming freshman at the University of California, Davis. She plans to study archeology or sociology.

To pay the tab, Saavedra will rely on a combination of resources, she said, including the savings and need-based aid. “It means hope for me that I’m able to go to college, and I’m very proud of that.”
“These accounts have made a difference,” said José Cisneros, San Francisco’s treasurer.
College affordability is an ongoing problem.
Tuition and fees have more than doubled in 20 years, reaching $10,940 at four-year, in-state public colleges, on average, in the 2022-23 academic year. At four-year private colleges, it now costs $39,400 annually, according to the College Board, which tracks trends in college pricing and student aid.

Arrows pointing outwards

When adding in other expenses, the total tab can be more than $70,000 a year for undergraduates at some private colleges or even out-of-state students attending four-year public schools.
That, along with ballooning student debt balances, is enough to deter many high school students from considering college.
And yet, even when families have saved less than $500, low- to moderate-income children are three times more likely to enroll in college and more than four times more likely to graduate from college than those with no savings account, according to a study by the Center for Social Development at George Warren Brown School of Social Work at Washington University in St. Louis.
“Just engaging with that account builds an awareness and aspirations,” Cisneros said.
Since the program started, the balances have grown to $15 million, he added. “Every dollar represents conversations that have been happening in households.”
“This isn’t about providing just a savings account,” said Brandee McHale, global head of community investing and development at Citi, which helped implement the program. “This is really a tool for supporting a college-going mindset.”

Moreover, the success of the program has led to adoption of similar savings initiatives across the country. There are now more than 120 universal children’s savings account programs in 39 states, according to recent data.
New York City, Boston and Los Angeles all have their own programs, which include additional funding and rewards for parents who continue to build up the balances.
San Francisco’s model also helped encourage California to launch CalKIDS, the nation’s largest children’s savings account program, in 2022.
The statewide initiative allocated $1.9 billion to fund college savings accounts of $500 each for 3.7 million low-income California public school students from first to 12th grade. Students who are in foster care or are homeless received an additional $500.
Like most other plans, the savings can be rolled into a 529 college savings account — a tax-advantaged way to save for college or other schooling and related expenses.
Saavedra, who is a first-generation college student, said she’s most excited that her younger siblings will be able to participate, as well.
“They’re going to be like, ‘My sister went to college.’ It’s going to be so much more achievable,” she said.
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An Outback Steakhouse truck sits parked outside a restaurant in New York.
Daniel Acker | Bloomberg | Getty Images

Company: Bloomin’ Brands (BLMN)

Business: Bloomin’ Brands owns and operates casual, upscale casual and fine dining restaurants in the United States and internationally. Its restaurant portfolio includes Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. The company’s sales are broken down by Outback (65% of sales), Carrabba’s (15% of sales), and Fleming’s and Bonefish (the remaining 20% of sales).
Stock Market Value: $2.35B ($26.98 per share)

Activist: Starboard Value

Percentage Ownership: 9.6%
Average Cost: $25.80
Activist Commentary: Starboard is a very successful activist investor and has extensive experience helping companies focus on operational efficiency and margin improvement. Starboard has made 112 prior 13D filings and has an average return of 27.16% versus 11.98% for the S&P 500 over the same period. Of these filings, 19 have been on companies in the consumer discretionary sector, where Starboard has an average return of 28.11% versus 11.83% for the S&P 500 over the same period. However, two of their most successful engagements in recent years were at Papa John’s International (376.8% return versus 47.34% for the S&P 500) and Darden Restaurants (63.3% return versus 13.6% for the S&P 500).

What’s happening?

Starboard took a 9.6% position in BLMN for investment purposes. Earlier this month, Starboard entered into an advisor agreement with David C. George, a retired restaurant executive who served in various roles at Darden for nearly 17 years, with respect to the firm’s investment in BLMN. Starboard noted that it decided to retain him as an advisor in connection with this investment, following discussions with him and in view of his unique skill set, broad restaurant industry experience and extensive restaurant industry knowledge.

Behind the scenes

Bloomin’ Brands is one of the largest casual dining companies in the world and has been on Starboard’s radar since the firm invested in direct competitor Darden Restaurants back in 2013. At that time, Bloomin’ was outperforming Darden and trading at a premium multiple, but the circumstances have since flipped with Bloomin’ trading in the 5-6x earnings before interest, taxes, depreciation and amortization range. Meanwhile, Darden and Texas Roadhouse are trading at double-digit multiples.

Despite having great brands, Bloomin’ has lost the confidence of the market and fallen behind on various operational metrics, but its main problem is lagging same store sales and issues generating traffic due to somewhat of an identity crisis in how it operates the Outback restaurants. Traditionally, Outback had been a family-friendly steakhouse, but recently the company has tried to pivot to a “bar and grill” model with bigger menus and more affordable items – trying to become all things to all people. Not only is that much more operationally complex, but it has them operating in the lower price and more competitive bar and grill space. This has driven away many of their original, longstanding customers, in comparison to LongHorn Steakhouse and Texas Roadhouse, which have stayed true to what they are.
The primary opportunity here is to improve operations, mainly from a top line level but also by cutting costs. This can largely be accomplished by restoring Outback to its former family-friendly steakhouse glory and shifting away from the more complex and competitive “bar and grill” model. If there is anyone with the experience to do this, it is Starboard’s Jeff Smith, who led significant shareholder value creation at both Darden and Papa John’s. Getting Starboard involved with fresh eyes on the board would also go a long way toward restoring management’s lost credibility in the market.
There are also very compelling strategic opportunities to create shareholder value. Bloomin’ would get more value in selling some of its undervalued assets, such as Fleming’s, its upscale steakhouse business. There has been a lot of M&A in the high-end steakhouse space: Ruth’s Chris was recently acquired by Darden for 10x EBITDA; Del Frisco’s was acquired for 11-12x EBITDA; and Fogo De Chao was bought in a private transaction for a reported $1.1 billion. At similar EBITDA multiples, Fleming’s could go for $500 million. But a better opportunity might be their hidden gem in the 150 Outback restaurants in Brazil. These are all company-owned with a strong management team and are among the most popular restaurants in the country with 2- to 3-hour wait times. Selling these restaurants at a 10x EBITDA multiple could garner an additional $750 million, or they could franchise them for less money but an ongoing royalty.
In the United States, only 157 of the company’s 1,157 restaurants are franchised. Bloomin’ has been trying to grow by adding company-owned restaurants, which is capital intensive and operationally complex. There is an opportunity to increase the percentage of franchised restaurants by adding through franchising or converting company-owned restaurants to franchises. This is not only capital accretive to the company but results in a more stable and predictable level of cash flow that generally gets a higher multiple in the marketplace. Additionally, the company could use the cash it generates to return capital to shareholders. 
This is not unfamiliar territory for Bloomin’ or Starboard. In 2020, Jana Partners engaged with Bloomin’ and was successful in getting two directors appointed to the board: John P. Gainor, Jr. and Lawrence V. Jackson. While Jana no longer owns shares of Bloomin’ and likely does not regularly talk to these two about about the company, as directors appointed by an activist with a similar value-creating agenda, it would not be surprising if they were somewhat like-minded to Starboard’s agenda. As for Starboard, the firm has had extensive success at both Papa John’s and Darden, but in strikingly different ways. Papa John’s was a very amicable engagement in which Starboard was invited onto the board and worked with management to create extensive shareholder value. The firm did the same at Darden, but that took a long, contentious proxy fight for them to ultimately replace the entire board and the CEO. These two situations show Starboard’s breadth and abilities as an activist. Knowing the firm, it would much prefer to go the amicable path like Papa John’s, but it will take the Darden path if forced to. If management is smart, they will view Darden as a warning, and Papa John’s as the opportunity.
Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments. Bloomin’ Brands is owned in the fund. More

An overnight locksmith can cost up to $400 depending on the time, lock type, service and trip fees.
Sixty-three percent of employees are unable to cover a $500 emergency expense, SecureSave found.

Bluecinema

Picture this: You come home after a long day. As you approach your front door, you reach for your keys — but don’t feel them in your pocket.
You quickly realize you’re locked out of your home. Luckily, on-call locksmiths are available to help.

However, an emergency visit like this can cost as much as $400, depending on your location and the time, lock type, service and trip fees, according to This Old House, a home improvement information and advice platform. (The average cost nationwide is $150, the platform found.)
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Unfortunately, more than half — or 63% — of American workers are unable to cover a $500 emergency expense, found SecureSave, a provider of financial technology that helps employers offer emergency savings benefits. And only 48% of respondents to a May poll of 1,000 U.S. adults by Bankrate say they have enough emergency savings to cover at least three months’ worth of expenses.
Due to this lack of emergency savings, people are more likely to finance an unforeseen expense on credit cards or dip into retirement savings accounts.In fact, the share of 401(k) plan participants who made a hardship withdrawal reached an all-time high in 2022, Vanguard found.

Furthermore, 32% of adults could not have covered an emergency $400 expense completely with cash in 2021, according to the Federal Reserve. Their most common approach, instead, was to put the emergency expense on a credit card and pay it over time.”It’s certainly common now, and a lot of people sometimes feel like they don’t know where to start,” said financial advisor Winnie Sun, co-founder and managing director of Irvine, California-based Sun Group Wealth Partners and a member of the CNBC FA Council.

Here are other common emergency calls with their average costs:

1. Car trouble

A tow truck recovers the vehicle driven by golfer Tiger Woods in Rancho Palos Verdes, California, on Feb. 23, 2021, after a rollover accident.
Frederic J. Brown | AFP | Getty Images

Locksmiths can also help if you left your car keys inside your vehicle. However, service costs, again, depend on the distance a locksmith travels, time of day, and the type of lock and effort needed.
On average, unlocking the door can run from $70 up to $150 nationwide, while rekeying the car door can balloon to as much as $600, J.D. Power found.
Meanwhile, if your car breaks down or you get into an accident, you may need to call a tow truck.The average cost of getting your car towed is $109, according to J.D. Power. Yet, several factors impact the price, such as your location and how far you need to go; you could pay up to $600 to go as far as 100 miles.

2. Medical emergencies

Marje Cannon | E+ | Getty Images

Serious health-related events — like a critical illness, infection or accident — may mean you need to either dial an emergency number or run to the nearest hospital ER or urgent-care facility.The chances of first responders taking you to a medical center where physicians who are covered by your exact health insurance provider work are low to none.
On average, urgent-care visits cost up to $200, while hospital emergency room visits can cost as much $1,300, according to American Family Care.

3. Household repairs

JGI/Tom Grill | Tetra images | Getty Images

Last year, homeowners spent an average of $1,953 on home emergency spending, according to home services website Angi. Emergency spending had the largest increase in 2021 due to natural disasters in Texas, California and New York; 40% of respondents were impacted by extreme weather events, Angi found.
Some of the most common emergency household repairs including fixing bursting, freezing or leaking pipes; leaks from the roof; overflowing toilets; gas leaks; electrical hazards; termite or mice infestations; and mold growth, according to home management platform Thumbtack.

Consider alternate financial safety nets

“Everybody should try to have an emergency fund set aside,” said certified financial planner Carolyn McClanahan, founder of Life Planning Partners in Jacksonville, Florida, and also a CNBC FA Council member. “If they don’t have an emergency fund set aside, it’s important to know where to get cash if you need it.”To better protect yourself from incurring such high emergency costs, consider these alternate financial safety nets:1. Use credit cards wisely: You really need to see credit cards as a last resort, said Sun. If you do use your credit card, make sure you prioritize paying off the balance in full by the end of the month, she added. Otherwise, high-level interest rates can inflate the amount owed quickly. “Use your credit card as a 30-day bridge, but commit to paying that off,” she said.2. Set up a home equity line of credit: A home equity line of credit, or HELOC, is a loan secured by your house’s equity. It can work as an emergency line of credit, as well, said Sun. Applying for a HELOC is similar to taking out a mortgage for a house, added McClanahan.
“You can open a HELOC and not use it until a disaster happens,” she said.
HELOCs interest rates are generally lower than credit card interest rates. McClanahan noted.
“Depending on the bank, your interest rate can be from 8% to 10%, versus 20% to 30% on a credit card,” she said.
However, they tend to be variable interest rates, so you don’t want to use it if you don’t have to, McClanahan said.

This makes it harder for to “budget from month to month,” said Seth Bellas, a branch manager with Churchill Mortgage, earlier this year.
However, don’t wait until you have an emergency to apply for a HELOC, said McClanahan; the key is to have it open before you need it and pay it off as fast as possible, she added. Give yourself two to three months to set it up, added Sun.
3. Look into roadside assistance coverage: For a flat monthly or annual fee, roadside assistance plans can help if you’re locked out of your car, need it towed or have to have it pulled out of mud, sand or snow.
But first check with your auto insurance provider, advised McClanahan. And, review your policy to make sure what’s included in your coverage, according to Sun.
Roadside assistance plans from car insurance companies are usually the cheapest option, WalletHub has found. However, it’s usually added to an existing policy or only available when a policy has collision and comprehensive coverage.
4. Avoid surprises by planning ahead: Whatever the emergency, it pays to have planned ahead.
“If you have an old car and it has lots of miles, you always have to be prepared when the car breaks down,” McClanahan said.
Put money away in a car fund the same way you set money aside in an emergency fund.The key is to remember that you’re investing in yourself when you put money away, whether for short-term emergencies or long-term goals, she added.
As for that locked front door, a good way to avoid a big locksmith bill in the first place is put a spare set of your keys in a lockbox outside your home or in the hands of a trusted friend, said McClanahan. More

Homeowners are sitting on nearly $30 trillion of home equity, just shy of the peak in 2022. 
Here are the best ways to tap your home for cash.

Many Americans are house-rich, at least on paper.
Thanks to skyrocketing housing prices, homeowners are now sitting on nearly $30 trillion in home equity, according to the St. Louis Federal Reserve — just shy of the 2022 peak.

That’s roughly $200,000 cash per homeowner in equity that can be tapped, which is the amount most lenders will allow you to take out while still leaving 20% equity in the home as a cushion.

How to tap your home for cash

Up until last year, taking cash out by refinancing was a popular way to access the equity you’ve accumulated in your home. With mortgage rates currently over 7%, that’s suddenly a lot less appealing.
Even with high rates of home equity, borrowers are more likely to take out a second loan to pull cash out, rather than lose their low rate through a cash-out refi.
Otherwise, a home equity line of credit, also known as a HELOC, lets you borrow money against a portion of your home’s equity. Instead of taking out a home loan at a fixed amount, a HELOC is a revolving line of credit, but with better rates than a credit card, that you can use when you want to, or just have on hand.
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Last year, originations of home equity loans and HELOCs increased 50% compared with two years earlier, according to the Mortgage Bankers Association, or MBA.
“Given the nearly $30 trillion of accumulated equity in real estate, there is untapped potential for home equity lending for lenders and borrowers,” said Marina Walsh, MBA’s vice president of industry analysis.

Factor in the terms, rates and risks

When it comes to borrowing against your home, the terms can vary greatly, according to a LendingTree report that analyzed more than 580,000 home equity loan offers across the country. 
The average home equity loan amount offered to homeowners is $104,102, LendingTree found. Homes in Iowa had the most favorable terms with an average interest rate of 9.88% — two percentage points higher than the average rate of 7.88% offered in Maryland, the lowest in the nation.
Still, at less than 10%, rates are significantly lower than what it costs to borrow on credit cards, which charge roughly 20%, on average.

However, “it’s not that easy to withdraw money from your home,” said Zillow’s senior economist, Nicole Bachaud. “Not everybody is going to qualify for getting an extra loan.”
Fewer banks offered this option during the height of the Covid pandemic, when lenders tightened their standards to reduce their risk. Access to HELOCs has improved, although the most preferable terms still go to borrowers with higher credit scores and lower debt-to-income ratios.
“Though a home equity loan can be a good way to pay for big expenses, like major renovations, or to consolidate high-interest debt, getting one isn’t without drawback,” added Jacob Channel, LendingTree’s senior economist.

“Not only can qualifying for a home equity loan be more challenging than qualifying for other types of debt, defaulting on a home equity loan can have serious negative consequences,” Channel said. In some extreme instances, defaulting on a home equity loan can mean that you’ll lose your house, he noted.
Even now, “borrowers shouldn’t rush out to get a home equity loan until they fully understand all of the risks associated with them,” Channel cautioned.
Keep in mind that different lenders will also offer different terms and interest rates, Bachaud added. She recommended talking to several mortgage companies or loan officers, as well as weighing all the costs before deciding what makes the most sense.
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GOP senators introduced a resolution this week to block the Biden administration’s new student loan repayment plan, known as SAVE.
The U.S. Department of Education announced on Tuesday that more than 4 million people have already signed up for the program, which is expected to dramatically reduce loan bills.

Senator Bill Cassidy, R-La., seen at the U.S. Capitol on Feb. 11, 2021.
Joshua Roberts | Reuters

Republican Sens. Bill Cassidy of Louisiana; John Thune of South Dakota; and more than a dozen other GOP colleagues introduced a Congressional Review Act resolution this week to overturn the Biden administration’s new, more affordable student loan repayment plan.
“Once again, Biden’s newest student loan scheme only shifts the burden from those who chose to take out loans to those who decided not to go to college, paid their way or already responsibly paid off their loans,” Cassidy said in a statement.

President Joe Biden’s plan, known as the Saving on a Valuable Education, or SAVE, plan, is expected to dramatically shrink many borrowers’ bills, with some seeing their monthly obligation fall to zero dollars.
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The U.S. Department of Education announced Tuesday that more than 4 million people have already signed up for the program.
Consumer advocates criticized Republican efforts to roll back the aid.
“We condemn this move to block a plan that will provide significant financial relief to low-income borrowers and communities of color,” said Jaylon Herbin, director of federal campaigns at the Center for Responsible Lending.

The Education Department has warned that the Covid pandemic had left millions of borrowers financially worse off and that Biden’s student loan forgiveness plan was necessary to avoid a historic rise in delinquencies and defaults.
After the Supreme Court stuck down the debt cancellation policy in June, Biden rolled out a number of other relief measures for borrowers, including the SAVE plan.
The Congressional Review Act allows Congress to block new regulations with a joint resolution from the House and Senate. However, the president can veto the resolution.
As a result, “this attempt to block the SAVE plan will not be successful,” said higher education expert Mark Kantrowitz. More

During a campaign event in Iowa in early August, Republican presidential hopeful Ron DeSantis made it clear he was against student loan forgiveness.
“Why should a truck driver have to pay for somebody that got a degree in zombie studies?” the Florida governor asked.
But scholars in the field defend the subject, pointing out that zombies are an important symbol in our culture, with ramifications for the U.S. criminal justice system, the history of slavery, neuroscience and more.

Florida Gov. Ron DeSantis laughs during a press conference in Auburndale, Florida, Jan. 30, 2023.
Paul Hennessy | Lightrocket | Getty Images

During a campaign event in Iowa in early August, Republican presidential hopeful Ron DeSantis made it clear that he was against student loan forgiveness.
Given broad criticism on the issue from Republicans, the Florida governor’s view is not unusual. His example, however, was.

“Why should a truck driver have to pay for somebody that got a degree in zombie studies?” DeSantis asked.
The governor’s comment, which he has made several times over the years, seems a twist on the popular argument from the right that working-class Americans shouldn’t be forced to pay the tax bill for canceling the debt of those who have benefited from higher education.
But less clear is why DeSantis is taking aim at “zombie studies.”
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“To my knowledge, there are no academic majors in zombie studies,” said higher education expert Mark Kantrowitz.

There are, however, several colleges that offer classes on zombies, as well as a growing body of academic research, CNBC found. Scholars in the field defend the subject, pointing out that zombies are an important symbol in our culture, with ramifications for the U.S. criminal justice system, the history of slavery, neuroscience and more.
“The figures that haunt our popular narratives are a society’s way of working through shared experiences and problems,” said Sarah Juliet Lauro, an associate English professor at the University of Tampa. Lauro edited a collection of zombie scholarship, “Zombie Theory: A Reader,” in 2017.

Zombie lessons center on free will

Eric Smaw, a philosophy professor at Rollins College in Winter Park, Florida, teaches a course called “Zombies, Serial Killers, and Madmen.” He is well aware of the governor’s dismissal of his work.
“My guess is that DeSantis chose zombie studies to suggest that colleges are wasting time and money teaching about fictional creatures instead of practical knowledge that will get students jobs,” Smaw said.
But there is no doubt the topic has real-word significance, he said.
Smaw’s coursework and research focuses on disruptions to human consciousness, including from infections similar to the one caused by the ophiocordyceps unilateralis fungus, also known as the zombie-ant fungus. According to an article in The Atlantic, “when the fungus infects a carpenter ant, it grows through the insect’s body, draining it of nutrients and hijacking its mind.” Similar diseases and viruses can impact humans and lead to what is known as “homicidal automatism,” in which people unknowingly kill others, Smaw said.

If our behavior is completely determined by our neurology, then we are not free.

professor of philosophy at Rollins College

In one famous legal case that Smaw goes over with his students, a Canadian man who murdered his mother-in-law and severely injured his father-in-law was later acquitted because the attacks occurred while the man was sleepwalking. He had no memory of the events when he woke up, and he didn’t have any motive.
“For hundreds of years, we jailed and executed people suffering from insanity because we did not recognize that they have diminished mental capacities,” Smaw said. “The more we learn about homicidal automatism, the more likely it is that we will develop more humane ways of responding to it, and even preventing it from happening.”
Beyond these extreme cases, Smaw said, the study of zombies provides an opportunity to explore ideas around human autonomy and free will.

“There are many interesting philosophical and cultural considerations that arise in the course,” Smaw said. “One question is: Can humans act freely according to their own choices, or do they act only according to their neurology?”
“If our behavior is completely determined by our neurology, then we are not free.”
Meanwhile, at Saint Xavier University in Chicago, Tatiana Tatum, a science professor, teaches a class called “Biology of Zombies.” She said the topic helps her explain how the human body works.
“There is an innate fear of death that intrigues people, and an intense sense of survival,” Tatum said. “These juxtaposing feelings find a great home in zombie stories.”
Her course lessons include chemical zombification, bacterial zombification and fungal zombification. “We also discuss a bit of neuroscience,” she added.

Eye of newt, fin of … pufferfish?

Some researchers claim the organs of pufferfish, which contain the potent poison tetrodotoxin, in the past have been used to create “zombie” potions in some parts of the world.
Bildagentur-online | Universal Images Group | Getty Images

Tatum’s class is hardly confined to science fiction or hypotheticals. She teaches her students about a poison that can actually bring on zombie-like symptoms. The concoction is made up of tetrodotoxin, a potent toxic substance found in pufferfish.
“It blocks the flow of sodium ions, but leaves the potassium channels unaltered,” Tatum said. “This allows the victim to stay conscious but in a paralyzed, coma-like state.”
There is evidence that similar poisons have been used.
In a 1986 article in Harvard Magazine, journalist Gino Del Guercio said there are poison makers in Haiti, traditionally considered the birthplace of the zombie myth, who mix together ingredients such as pufferfish, dried toad and human bones, wearing nose plugs to protect themselves.
“For rural Haitians, zombification is an even more severe punishment than death, because it deprives the subject of his most valued possessions: his free will and independence,” Del Guercio wrote.

‘Who’s afraid of zombie studies?’

Lauro, the University of Tampa professor, is scheduled to give a talk in Frankfurt, Germany, this month called, “Who’s Afraid of Zombie Studies?”
“The talk is pretty much entirely about this DeSantis nonsense, as well as what DeSantis is doing to education in Florida,” Lauro said.
DeSantis’ policies have led to an increase in book bans, and Florida’s Department of Education recently rejected an Advanced Placement course on African American studies.

Since DeSantis has taken aim at Black history, I think we can connect the dots on why the idea of ‘zombie studies’ gets under his skin so much.

Sarah Juliet Lauro
associate English professor at the University of Tampa

The governor did not immediately respond to requests for comment.
Lauro theorizes that the myth of a still-living body separated from its soul began in Africa, around the time of slavery. From there, the stories made their way to the Caribbean via the transatlantic slave trade.
“The zombie first comes to wider awareness during the U.S. occupation of Haiti, and from there, the legend that ‘dead men’ are forced to work in the cane fields for free in Haiti,” Lauro said.
The first wave of zombie fiction hit the U.S. in the late 1920s, during the time of the Great Depression. At the start of the country’s worst economic disaster, Lauro argues, the government largely abandoned the poor, and the myth of the zombie became a way to critique how workers are oppressed by capitalism. Zombies eventually made their way to Hollywood, at first in films about disempowered workers and then later contagion and cannibalism.

But Lauro argues in her book “The Transatlantic Zombie” that the stories are always in some way about slavery and resistance to slavery, given the myth’s origin.
“Since DeSantis has taken aim at Black history, I think we can connect the dots on why the idea of ‘zombie studies’ gets under his skin so much,” she said.
At the same time, Lauro said the governor was giving the subject too much airtime on the campaign trail: “No university or college that I’ve ever heard of has ever offered a degree in zombie studies.”
But, she said, “If any of your readers want to hire me to start a program in zombie studies, they can look me up: I’m about ready to leave this state until we get a new governor.” More

After a three-year reprieve, interest began accruing again on federal student loans on Sept. 1.
In October, millions of borrowers will make their first student loan payment since before the Covid-19 pandemic hit.
Since interest accrual on federal student loan works differently depending on your loan type and life status, borrowers should learn what the recent changes mean for them, experts say.

Drazen Zigic | Istock | Getty Images

1. In-school borrowers

For student loan borrowers who are still in school, they may or may not see the interest on their debt accrue again this month. It depends on their loan type, Kantrowitz said.
Undergraduate subsidized student loans should not start racking up interest until after you’ve graduated and finished your six-month grace period. On the other hand, the interest on unsubsidized loans, common for graduate students, begin collecting interest as soon as they’re disbursed.
Likewise, holders of these loans will see their debt grow if they’ve returned to school for another degree, even if they enroll in an in-school deferment. Many borrowers are automatically put into this status.

2. Recent graduates

Most graduates get a so-called grace period after they’ve finished school before they need to start making their student loan payments. This period is usually six months, although in some cases, it’s nine months.
You won’t see the interest on your undergraduate subsidized loans collect until you’ve exited this window. Again, unsubsidized loans continue to grow.
Months during the pandemic-era pause count toward your grace period, Kantrowitz said.

3. Those struggling

Struggling borrowers may have options when it comes to keeping their interest suspended.
They should first see if they qualify for a deferment, experts say. That’s because their loans may not accrue interest under that option, whereas they almost always do in a forbearance.
If you’re unemployed when student loan payments resume, you can request an unemployment deferment with your servicer. If you’re dealing with another financial challenge, meanwhile, you may be eligible for an economic hardship deferment.

Those who qualify for a hardship deferment include people receiving certain types of federal or state aid and anyone volunteering in the Peace Corps, Kantrowitz said.
With both a hardship and an unemployment deferment, interest generally doesn’t accrue on undergraduate subsidized loans. Unsubsidized loans will rack up interest.
The maximum amount of time you can use an unemployment or hardship deferment is usually three years, per type.
Other, lesser-known deferments include the graduate fellowship deferment, the military service and post-active duty deferment and the cancer treatment deferment. You should ask your servicer if your loans will continue to grow under these varied options because each case is different. More

Higher mortgage rates have created a so-called golden handcuff effect.
Nearly 82% of homeowners feel “locked-in” by their existing low-rate mortgage, according to data from Realtor.com.
But there is a tipping point, recent reports show — and 5.5% is the “magic” number.

After bottoming out below 3% in January 2021, the average rate for a 30-year, fixed-rate mortgage now sits above 7% — which is just too high for many homeowners to consider selling.
At today’s rates, most homeowners would need to finance a new home at a higher rate than the rate they currently hold, adding hundreds of dollars a month to their mortgage payment. That has created an incentive to stay where they are.

“Even if they bought a cheaper house, their payments would go up,” said Nicole Bachaud, a senior economist at Zillow.
“These existing homeowners either can’t or are unwilling to sell their home because they can’t afford a mortgage on a new home,” Bachaud said.
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But there is a tipping point, recent reports found: Homeowners are nearly twice as willing to sell their home if their mortgage rate is 5% or higher, according to Zillow, and 71% of prospective homebuyers who plan to purchase their next home with a mortgage said they would not accept a rate above 5.5% — that is the “magic mortgage rate,” according to a survey by John Burns Research and Consulting.

Higher interest rates created a ‘golden handcuff’ effect

Since it’s unlikely rates will drop anytime soon, this has created a so-called golden handcuff effect. Similar to the financial incentives employers may offer to discourage employees from leaving a company, homeowners are now bound by their low mortgage rate. 

Most homeowners today have mortgages with interest rates below 4% or even below 3%, after moving or refinancing when rates hit record lows during the Covid pandemic.
Currently, there is “a stock of people sitting on very cheap mortgages,” said Tomas Philipson, a professor of public policy studies at the University of Chicago and former acting chair of the White House Council of Economic Advisers. 
Nearly 82% of home shoppers said they felt “locked in” by their existing low-rate mortgage, according to a separate survey by Realtor.com.

Bob and Terri Wood, of Mobile, Alabama, with their grandson.
Courtesy: Bob Wood

Bob Wood, 66, has been thinking of selling his home in Mobile, Alabama. The finance professor and his wife, Terri, purchased the 5,000-square-foot house with a pool nearly a decade ago.
“It’s probably time to downsize,” he recently told CNBC. They would also like to be closer to their grandchildren in Tennessee.
And yet, “we are in the 10th year of a 3.125% 15-year fixed mortgage,” he said. They don’t want to move now and give up that low rate to buy at a higher rate. “We just don’t want to pay that much in interest,” he said.
Wood said he’d be more likely to move if rates came down to “the 4%-5% range.”
“The reality of it is, until inflation comes down in a meaningful and sustainable way, mortgage rates are going to stay high,” said Greg McBride, Bankrate’s chief financial analyst. 
Because of that, there is a critical shortage of homes for sale, with year-to-date new listings roughly 20% behind last year’s pace, which is also putting more pressure on prices.

Rates may not drop below 3% ‘anytime soon — if ever’

“In many ways, we’re in uncharted territory right now,” said Jacob Channel, senior economist at LendingTree.
Between 1978 and 1981, mortgage rates similarly doubled from around 9% to more than 18%, compelling more homeowners to hold on to their homes.
However, “mortgage rates weren’t at record lows in the late ’70s before they started to skyrocket in the early ’80s, nor did home prices increase as rapidly,” Channel said.

But if history is any guide, “there is a good chance the housing market will eventually pick up steam again like it has in the past,” he added.
“While mortgage rates may not return to sub-3% levels again anytime soon — if ever — there’s no reason to think that they’ll stay as high as they currently are forever,” Channel said.
“Recent volatility makes it difficult to forecast where rates will go next, but we should have a better gauge in September as the Federal Reserve determines their next steps regarding interest rate hikes,” said Sam Khater, Freddie Mac’s chief economist.
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