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Federal Judge Strikes Down Education Dept.’s New PSLF Employer Rule

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Federal Judge Strikes Down Education Dept.’s New PSLF Employer Rule


Borrowers at nonprofits, schools, and public agencies keep their PSLF eligibility — for now.

A federal judge has thrown out the Department of Education’s controversial new Public Service Loan Forgiveness rule, ruling it unlawful one day before it was scheduled to take effect.

In a 68-page decision issued June 30, 2026, U.S. District Judge Myong J. Joun of the District of Massachusetts (PDF File) held that the rule was “contrary to law,” exceeded the Department’s statutory authority, was “arbitrary and capricious,” and violated the First Amendment.

His order vacated the rule entirely.

There’s another case in the District of Columbia that’s also about this same rule, still waiting on a ruling as of writing.

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The News

The decision resolves two consolidated lawsuits: Commonwealth of Massachusetts v. U.S. Department of Education and National Council of Nonprofits v. McMahon.

The challengers included 22 states, the District of Columbia, five cities and counties, five nonprofit employers, and five employee associations.

More than 100 amici filed briefs against the rule. As the judge pointed out, “Zero amici appeared in support of the defendants.”

Why It Matters

PSLF forgives the remaining federal student loan balance for borrowers who make 120 qualifying payments while working full-time for 10 years at a qualifying public service employer, such as government agencies and 501(c)(3) nonprofits.

The rule the court struck down would have let the Department disqualify employers based on a new “substantial illegal purpose” standard. Borrowers at affected employers could have lost progress toward forgiveness through no fault of their own. 

The court found the rule chilled protected activity at organizations serving immigrants, teaching diversity and inclusion content, and providing gender-affirming care.

The Details

The judge’s central objection was that the rule tied PSLF eligibility to the administration’s policy priorities rather than to settled law. Its definition of “substantial illegal purpose” reached beyond established criminal statutes. For example, creating its own definition of “trafficking” untethered to federal criminal law, and treating civil immigration violations as grounds for “aiding and abetting” liability.

“Administrations change with elections; criminal laws do not,” Joun wrote. The court held the rule was unconstitutionally vague and effectively compelled employers to affirm the administration’s view that all diversity, equity, and inclusion practices are illegal — “a belief, not settled law.”

How This Connects

The rule had drawn scrutiny for months. Earlier in 2026, the Department attempted to add a perjury attestation to PSLF forms, and states pushed to block the employer rule before its July 1 effective date, as The College Investor previously reported. The change had also raised concerns that teachers, nurses, and other public-service staff could quietly lose PSLF status depending on their employer.

The ruling lands during an already turbulent stretch for borrowers. The SAVE plan has ended, and the new Repayment Assistance Plan (RAP) launches July 1, 2026, reshaping PSLF strategy for the year ahead.

This is a trial-court decision, so the Department of Education can appeal to the U.S. Court of Appeals for the First Circuit. For now, the rule is vacated nationwide and does not take effect.

Borrowers pursuing PSLF should continue certifying employment and confirming their payment counts through their federal loan servicer.

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Editor: Colin Graves

The post Federal Judge Strikes Down Education Dept.’s New PSLF Employer Rule appeared first on The College Investor.

The Four Business Outcomes That Break When Enterprises Stop Validating Their Defenses

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The Four Business Outcomes That Break When Enterprises Stop Validating Their Defenses









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Here’s how long it takes first-time buyers to save a down payment

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“Saving for a down payment takes years of discipline, which is why receiving the keys is such a meaningful milestone,” Banfield said, adding that down payments as low as 5% to 6% remain common for conventional loans in affordable markets.

What this means for brokers serving first-time buyers

Redfin’s head of economic research, Chen Zhao, tied the timeline gap directly to local incomes. “Local home prices are driven by local incomes,” Zhao said.

“In more affordable markets, buyers can accumulate a down payment much faster because home prices — and therefore down payment requirements — are significantly lower. That’s helping keep the dream of homeownership within reach for many.”

Detroit-area Redfin agent Anne Loehr, who works in one of the country’s most affordable markets, said most of her first-time clients put down just 5%. She also urges buyers to budget beyond the down payment itself.

“I always tell my first-time homebuying clients to consider finding a home that’s under budget so they can reserve funds for the additional costs of owning a home, such as regular maintenance and unexpected repairs, which can amount to tens of thousands of dollars,” Loehr said.

Nike’s earnings exceeded Wall Street’s expectations, but CEO Elliott Hill’s test is the World Cup

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Nike’s earnings exceeded Wall Street’s expectations, but CEO Elliott Hill’s test is the World Cup



When Nike brought Elliott Hill out of retirement almost two years ago to helm the sports conglomerate, it was with the intention of turning the brand’s strained relationships with athletes and retailers around in what Hill would later call a “sport offense.” 

That offensive strategy seemed to pay off—in North America at least—when Nike’s quarterly earnings exceeded Wall Street’s expectations. The company reported an adjusted 20 cents earnings per share, compared to the 13 cents expected. It also reported $10.97 billion in revenue, a $130 million increase from the expected $10.86 billion. And thanks to a nearly billion dollar tariff refund ($986 million), the company’s gross margin increased 8.9% during the quarter—even if analysts excluded the gain in their earnings expectations.

But Hill, the Nike CEO, is facing two report cards. There’s the one after the bell today that demonstrates what real progress Hill has made on stemming Nike’s losses (for the past two years, Nike’s sales fell every single quarter with shrinking profit margins and money earned per share dropping by almost two thirds). But he’s also facing the one on the world stage that’s playing out in stadiums across the United States, Mexico and Canada. The World Cup could show whether his efforts to rejuvenate Nike’s sports culture into something consumers really want really paid off. 

On the offense

Hill inherited a company in freefall: negative 5% year-over-year revenue growth and the start of what would become a 62% decline in earnings per share from its peak in May 2024. Since his first quarter as CEO in November 2024, earnings per share, a number investors keep a close eye on, is down 56%—hitting $1.51 per share—and operating income is down by half. 

Nike brought back Hill to fix its relationship with retailers like Dick’s Sporting Goods after his predecessor John Donahoe aggressively pursued direct-to-consumer sales in a digital strategy that Hill said made Nike’s partners “feel we’ve turned our back on them.” And so Hill focused his tenure on rebuilding Nike’s shelf presence. 

Going on a sport offense meant shifting Nike from designing for women, men and kids to designing with different types of athletes in mind, for a more “sport-led” approach to maximize innovation, Hill explained at a May 2026 talk at UC Berkeley’s Haas School. The earnings report as clearly on his mind last week when he told the FT that this restructuring was taking longer than he’d anticipated. “Job’s not done until the job’s done,” Hill said. “I guess Wall Street will be the judge of that, right?”

His efforts seem to be paying off in North America: revenue growth is up 15 percentage points since the lowest point under Donahoe.

Nike’s World Cup moment

A portion of Hill’s strategy involved bringing Nike on par with Adidas on the world stage. While the rival is an official FIFA partner, Nike outfits 12 teams with kits and uses advertising to compete. He told investors on the March earning call that soccer is next in the sport offense with the new Mercurial footwear, Tiempo cleats and Aero FIT national kits, asserting that Nike is “utilizing the World Cup as an opportunity to catalyze the football marketplace for quarters to come.”

Nike will face off against Adidas to make the most of the World Cup as the two compete through ad campaigns, with Nike featuring superstar athletes Cristiano Ronaldo, Kylian Mbappe and LeBron James (juxtaposed with Adidas’ ads featuring Lionel Messi). The decades-long rivalry is not just about bragging rights: It’s the first big global stress test of Hill’s approach to driving up Nike demand. To meet this end, Nike also overhauled its previous playbook by adding celebrities like Kim Kardashian and K-pop star Lisa to its “Rip the Script” ad campaign, which gathered over 78 million views, as compared to Adidas’s 7.8 million in the last month. 

“There’s a reason why Nike is spending that kind of money on those ad campaigns at the World Cup,” David Swartz, a senior equity analyst for Morningstar, told Fortune.

The company said the goal of the ad was to give fans “something worth talking about, worth clipping, worth wearing, worth showing up to,” a seeming attempt to turn the enthusiastic culture around the World Cup into Nike demand. 

“Nike is very visible during the World Cup and it can generate sales directly, because people do buy jerseys for those national teams and for the players that they like,” Swartz told Fortune. “It’s also a big branding opportunity in the long term to try to get Nike back in the forefront of the sportswear world, where it typically has been, but has lately fallen behind.”

From dominating footwear to declining sales

While Tuesday’s report showing North American growth matters for Nike, Swartz told Fortune that regaining market share in China—where Nike is losing out to Chinese footwear company Anta—matters all that much more. Today’s earnings show China results for Nike as weak but in line with expectations. Nike’s China revenue fell from over $7B (when Hill started) to $6B as of February’s quarterly data and is projected to fall to $5.5B through August because of competition and inventory glut. 

“Its profitability in China has just collapsed, which has been a big problem because historically it was Nike’s highest margin region,” Swartz said. “The main concern right now for investors probably is how long is it going to take for Nike to get a turnaround in China.”

There’s also the concern that Nike has fallen behind on innovation, with no new and exciting sportswear products to attract consumers, an issue compounded by the tariffs and high gas prices that have been squeezing consumer companies generally. Retailers in China are also having difficulty selling Nike merchandise, even at a discount, which continues the inventory glut and takes up shelf space that could hold new products, according to Swartz. 

“Utlimately, Nike needs to have more full price selling and less discounting of its products to get its margins back up,” he added. 

[INTERVIEW] Pharmasave Partnership with Blue Rewards

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Some companies decided to discontinue their parntnership with Blue Rewards, but some chose to continue. So today, we get one of those perspectives with Ivan Guillen, Chief Executive Officer of Pharmasave who will share with us their rational for their continued partnership as Air Miles during their transition to Blue Rewards.

The post [INTERVIEW] Pharmasave Partnership with Blue Rewards appeared first on Pointshogger.

Where to invest your next 10 Lakhs? [India or Global?]

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Where to invest your next 10 Lakhs? [India or Global?]



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As a retail investor in 2026, the geography you choose to invest your money in might be one of your biggest decider in how your wealth will grow.

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In this video, I discuss the same. Watch till the end.

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The ‘SaaSpocalypse’ Is Coming for B2B Software, but Here’s the Crucial Flaw Everyone Is Ignoring

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The ‘SaaSpocalypse’ Is Coming for B2B Software, but Here’s the Crucial Flaw Everyone Is Ignoring



In your push for automation, don’t forget the most important thing.

When Information Is No Longer the Edge

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When everyone has access to the same information, the risk is not only that analysis becomes commoditized, but that interpretation becomes social. Analysts read the same notes, listen to the same calls, track the same revisions, and absorb the same narratives. Over time, the market can become highly efficient at distributing information and still vulnerable to shared assumptions.

Consensus traps often appear when a story becomes too clean.

A high-quality compounder with strong margins, recurring revenue, and excellent management can remain a very good business while becoming a weaker investment if the market stops questioning the assumptions embedded in the valuation. The analyst’s job is not to deny quality but to ask what is already being paid for, what must remain true for the valuation to hold, and what evidence would suggest that the growth story is becoming less exceptional.

For example, a company may still report solid revenue growth while the quality of that growth begins to weaken. Customer acquisition costs may rise, pricing power may soften, churn may increase, or reinvestment needs may become heavier. None of these factors necessarily invalidates the business, but together they can change the investment case. The consensus trap is to keep treating yesterday’s quality as permanent when the economics of tomorrow are already becoming less attractive.

The same risk appears in the opposite direction. A sector treated as structurally impaired may still contain companies with stronger balance sheets, better market positions or more resilient cash flows than the broad narrative suggests. A temporary disappointment can be mistaken for permanent damage; a short-term recovery can be mistaken for a structural turn.

This is where second-order thinking matters. The first question is what happened; the second is what the market expected to happen; the third is what the market now believes will happen next; and the fourth is whether that belief is justified.

Outperformance often comes from living in the gap between those layers.

Mortgage Rates Could Drop Up to .50% with Basel Re-Proposal

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Mortgage Rates Could Drop Up to .50% with Basel Re-Proposal


Looking for mortgage rate relief?

It could come without any further improvement in bond yields.

Instead, Basel re-proposal, which boils down to improved bank capital requirements, could push rates lower as banks increase their appetite for mortgages.

But not all borrowers would benefit equally. Those who could muster large down payments would see the biggest impact.

And under certain models, rates could fall as much as a half point, meaning a borrower facing a 6.375% rate today might soon qualify for a rate below 6%.

Basel Rule Changes Will Increase Bank Appetite for Mortgages

It’s no secret banks have long been disinterested in mortgage lending.

Post-GFC they never really came back. Some banks participated more than others and Wells Fargo was #1 for a brief spell.

But over the past many years, it’s been all about the nonbanks, with Rocket Mortgage the top mortgage lender in America before United Wholesale Mortgage squeezed them out.

Part of the reason had to do with Basel III, in which banks were required to hold more capital for the loans they kept on their books.

Without getting too stuck in the weeds here, banks were disincentivized from making mortgages and keeping them as a result.

But proposed changes could get banks back in the mortgage game.

For example, the risk weight for a conventional mortgage with a 75% loan-to-value ratio (LTV) could fall from 50% to 30%-35%, per the Urban Institute.

And for a loan below 60% LTV, from 50% to 20%-25%. These lower risk weightings would entice banks to lend again, especially at lower LTVs.

So borrowers who were able to put a 20% down payment or more on a home purchase would be able to snag better pricing on their mortgage.

How Much Lower Would Mortgage Rates Be?

How much lower?

Well, it depends, but it appears to be pretty sizable.

The Urban Institute laid out a chart with the Basel Re-Proposal as drafted with narrow and broad readings, along with recommended changes.

Again, without getting too deep here, the impact is sizable.

A conventional mortgage borrower would see a 30-year fixed anywhere from 15 to 40 basis points lower.

For example, if your quote was 6.375% today, perhaps it’s 5.99% thanks to these changes.

Assuming mortgage rates eventually drift back to those sub-6% levels we saw in February, maybe you’re closer to 5.5%.

It’s even better for the borrower with lots of home equity or a 40%+ down payment. For these folks, a rate improvement of up to .50% is possible.

So again, a rate of 6% drops to maybe 5.5%.

Those with jumbo loans would also benefit as the jumbo-conforming spread narrowed as much as 30 basis points.

In a nutshell, the Urban Institute notes that the changes would invite “banks to compete more aggressively for prime conventional originations, particularly low-LTV refinances and jumbo purchase mortgages.”

Notably, this wouldn’t have as much impact on high-LTV loans or government-backed ones, such as FHA loans and VA loans.

In addition, borrowers with low down payments could see higher mortgage rates because Fannie and Freddie wouldn’t generate as many low-LTV loans to offset the risk of the former.

That would reduce the cross-subsidy that makes high-LTV loans cheaper than they otherwise would be.

However, Urban has proposed improved risk weightings for loans with private mortgage insurance (PMI) as well, which would improve mortgage rates on such loans by 15 to 35 bps.

Across the entire mortgage universe, mortgage rate pricing could be up to .30% lower. That’d be a nice win for home buyers struggling with affordability today.

Colin Robertson
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Dave Perrill Sells 175,000 HIVE Digital Blockchain Shares. What Does This Mean for Investors?

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Sustainable blockchain firm HIVE Digital Technologies Ltd. (HIVE 3.62%) saw director Dave Perrill sell 175,000 directly held common shares for a transaction value of approximately $821,000 on June 19, 2026, according to a SEC Form 4 filing.

Hive Digital Technologies Stock Quote

Hive Digital Technologies

Today’s Change

(-3.62%) $-0.14

Current Price

$3.62

Transaction summary

Metric Value
Shares traded (direct) 175,000
Transaction value ~$821,000
Post-transaction shares (direct) 0
Post-transaction value (direct ownership) ~$0

Transaction value based on SEC Form 4 weighted average purchase price ($4.69); post-transaction value based on June 19, 2026 market close ($4.26).

Key questions

  • What was the structure and context of this transaction?
    The filing reflects an option exercise and an immediate sale, in which 175,000 common shares were disposed of directly by Dave Perrill via open-market transactions.
  • How did this sale impact direct and total beneficial ownership?
    This transaction reduced Perrill’s direct common share holdings in this class from 175,000 to zero.
  • Were any indirect holdings, trusts, or related entities involved in the transaction?
    No indirect holdings or trust entities were involved; all shares sold were held and disposed of directly.
  • Does this represent a complete exit from HIVE Digital Technologies Ltd?
    No. While direct holdings of this common share tranche are now zero, t Perrill retains more than 600,000 restructed satrockl units (RSUs) convertible into common shares. Some have yet to vest.

Company overview

Metric Value
Price (as of market close 2026-06-29) $3.76
Revenue (TTM) $297.791 million
Net income (TTM) -$148.448 million
1-year price change 109%

* 1-year price change calculated using June 29th, 2026 as the reference date.

Company snapshot

  • Provides green-powered data center services, digital currency mining, and performance computing hosting, with revenue primarily from the sale of mined digital assets and computational infrastructure services.
  • Operates a business model focused on leveraging renewable energy for blockchain infrastructure, monetizing both digital asset production and high-performance computing capacity.
  • Targets blockchain networks, distributed computing clients, and enterprises requiring energy-efficient computational resources.

HIVE Digital Technologies Ltd. operates at the intersection of blockchain infrastructure and sustainable computing, managing data centers powered exclusively by green energy. The company’s strategy centers on providing scalable, energy-efficient solutions for digital currency mining and distributed computing needs. With a streamlined workforce and a focus on technological efficiency, HIVE aims to maintain a competitive edge through its commitment to sustainability and advanced infrastructure.

What this transaction means for investors

There are multiple reasons an insider may sell shares in a business, not all of which indicate a bearish view of the stock, like having to pay a large personal expense.

But when an insider sells a large portion of his or her holdings after the stock has more than doubled in a year, it’s a signal investors should pay attention to.

Perrill is a blockchain and crypto executive who has been on the HIVE board since October 2019. According to SEC filings, Perrill first reported any shareholding interest in HIVE in March of 2026, indicating a series of RSUs, a portion of which had just vested. Being a director of the business for many years, it’s surprising Perrill didn’t have any equity in the business beforehand (though it is not a requirement). The RSUs he sold had only recently vested to be eligible for sale.

While insider sales have been found in studies to predict a stock price decline less than half the time, in this case, Perrill timed the sale well. HIVE shares have declined 15% from Perrill’s sale price. (Perrill sold the Canada-listed shares on June 19. All figures have been converted to USD).

While the executive has more RSUs to sell and more that have yet to vest, it’s not a bullish sign when a longtime insider appears eager to cash in. That and the subsequent decline in the stock price are a red alert for investors.

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