loans

SEOUL, Sept. 30 (UPI) — Lenders Shinhan Bank and NH Nonghyup Bank have introduced new credit loan products for foreign employees in South Korea.

Shinhan Bank said Tuesday that the firm is offering loans of up to $14,200 with repayment terms ranging from six months to three years. It is available to holders of such visas as F2, F5, E7, and E9.

Eligible applicants need to have at least six months remaining on their stay and have received salaries through Shinhan Bank for the past three straight months. Applications can be made at the bank’s branches or via its mobile app.

To improve accessibility, the bank noted that some of its branches near industrial parks that employ large numbers of foreign workers have remained open on Sundays since July.

“We have come up with a credit loan product to make it easier for non-Korean customers to access financial services,” Shinhan Bank said in a statement. “We will continue to expand tailored services for international clients.”

NH Nonghyup Bank rolled out a similar loan program Tuesday. The credit limit is $21,300, with repayment terms ranging from six months to six years, and most other conditions mirror those of Shinhan Bank.

While domestic lenders have traditionally focused on Korean customers, they are increasingly expanding services for foreign residents as their numbers grow.

According to the Ministry of Justice, the foreign population here jumped around 35% over the past three years, from 1.96 million in 2021 to 2.65 million in 2024. The figure is expected to approach 3 million this year.

The Financial Supervisory Service also reported that the number of foreign borrowers at the country’s four major banks — KB Kookmin, Shinhan, Hana and Woori — surged 60% from late 2022 to early 2025.

FORMER University students could be owed £1,000s in overpaid loans – here is how to check if you can get a refund.

In the last tax year, over one million third level education leavers overpaid their student loans, according to figures released by the Student Loans Company (SLC). 

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But there are a number of reasons you may have been overcharged on your loan.

According to MoneySavingExpert, this includes beginning to repay the loan during some months, despite not earning enough in the full year.

You are only required to pay your loan back once your income exceeds a certain annual threshold.

This varies depending on what type of plan you were on when you started university. There are five plans in total.

For example, those on Plan 1, who attended university between 1998-2011 are required to earn a minimum of £26,065 before they begin paying back their loan.

Minimum earnings thresholds vary from plan to plan, with those on Plan 2 who attended university between 2021-22 being required to earn £28,470 before they start making repayments.

The blog said that if your earnings vary throughout the year, i.e. if you received a bonus, this could lead you to start making repayments before you are actually required to.

Another reason you may have overpaid is if you were put on the wrong plan.

This can happen if you filled in the student loan section of the HM Revenue & Customs (HMRC) starter checklist form wrong.

You can check which plan you are on by visiting the Gov.uk website.

Alternatively, you may be overcharged if you began repaying your loan too early or you had money deducted after the loan was fully repaid.

How to get a refund if you have overpaid

If you think you have been overcharged, you can get the money back and there a few ways you can go about this.

The blog said that former students who began repaying the loan despite not meeting the earnings thresholds can request a refund online.

This is done via the government’s Student Loan Company (SLC) online portal.

To do this, you will need to sign in to your online repayment account and select ‘request a refund’.

Once you’ve requested a refund through your online account, it will be processed in 28 days.

The money will get paid into your bank account.

It is also worth nothing that this only applies for tax years up to 2023-24.

More ways to claim

Alternatively, students can speak to their employer or call the SLC.

This may be applicable if you entered the wrong plan when filling out an HMRC starter form.

Ahead of your call, you can check what plan you are on in your online account and download an ‘active plan type letter”.

You can call on 0300 100 0611 to discuss the matter with the SLC.

You can also call the helpline if you began repaying your loan too early.

The MSE blog said: “When you get through, explain your situation and ask to reclaim the money you’re owed.

“To make the process smoother, before ringing see if you can dig out any old payslips, your payroll number, and/or your PAYE reference number.”

There is no restriction on how far back you can claim, so if you think you may have been affected years ago you can still ring up.

If you had money deducted after the loan was fully repaid, HMRC should pay you back this money automatically, 

Readers of the blog have claimed back as much as £3,773 by using these methods.

One said: “Thank you so much. I knew something wasn’t right when I lodged my tax returns and reading Martin’s article was the catalyst for a sustained attempt to work out what had happened. I received £3,773 back.”

While another said the process only took 15 minutes.

They explained: “I spent 15 minutes on the phone and got £555 back for overpayments on my student loan.

“Most was because of my maternity leave. Thanks so much, couldn’t have come at a better time.”

How student loan plans work

If you wish to attend university you may take out a loan to help cover the costs.

The loan is paid directly to the university or college on your behalf.

Repayments start from the first April after you finish or leave your course.

You repay 9% of your income above the repayment threshold.

This means that the majority or basic-rate taxpayers lose 37p for every £1 they earn above the threshold – 20p as income tax, 8p as national insurance and 9p for a student loan.

Your repayment threshold will vary depending on when you studied at university.

Interest is charged on your loan from the day you receive the first payment until it is repaid in full.

THE SKINT celebrities that are struggling to make ends meet – from Dawn O’Porter to Mischa Barton.

Even if you have made lots of money, it doesn’t always mean you’re not going to run into money problems as these celebrities have found out.

Mischa Barton

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The OC actress Mischa, 39, has had a widely-publicised battle with her former momager, Nuala Barton, over her money.

In July 2015, she even sued her mother, alleging that she lied about how much Mischa was being paid for a film role and pocketed the rest of the cash herself.

She’s also struggled to make mortgage payments on her home in the past, at one point falling five months behind.

Though she eventually sold the Beverly Hills mansion in summer 2016 for $7.05 million reports The BBC.

Dawn O’Porter

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Her husband is one of Hollywood’s biggest comedy actors, but despite this, Dawn O’Porter has revealed she is struggling to make ends meet financially.

The television presenter, 46, who has been married to Bridesmaids actor Chris O’Dowd since 2012, has opened up about her money woes.

She expressed to MailOnline: “I work pay cheque to pay cheque. I’m always broke. My card got declined last week. I’m like, what the f*** is happening? When will this end?”

The Scottish writer and director has had a varied career, presenting several documentaries and shows including BBC’s Super Slim Me and How To Look Good Naked on Channel 4.

Meanwhile, Chris, 45, has starred in some of Hollywood’s biggest productions, including This Is 40, Thor: The Dark World, Gulliver’s Travels and St. Vincent.

The couple have two children, sons Art, 11, and Valentine, who is eight years old.

Lindsay Lohan

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The Parent Trap’s Lindsay Lohan had her bank accounts seized in 2012, for reportedly owing $234,000 in tax.

Lindsay apparently sent her 18-year-old sister to haggle with second hand stores to make some emergency cash from her old clothes.

Ali Lohan went to the vintage clothing store Wasteland to flog the singer’s most valuable designer gear.

Ali was seen arriving at the Los Angeles store with bags bursting with shoes, clothes and accessories.

But she was reportedly shocked when she was offered a lot less than she was expecting.

She tried another tactic to increase the value of the items by listing all the occasions her famous sister had been pictured wearing them.

She went through items including a pair of Chanel pumps and a Balenciaga handbag, saying: “These have to be worth more, Lindsay was photographed wearing them, that has to add value.”

But the manager would not be swayed, and Ali had to settle much lower than she had planned.

Her Scary Movie 5 co-star, Charlie Sheen, gave her $100,000 towards the bill and Lindsay now appears to have her finances under control.

50 Cent

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50 Cent declared himself bankrupt in 2015, but said the move was a ‘strategic’ one, and not because he’d spent all of his money.

He made the decision after he was sued for leaking a sex tape of Lastonia Leviston, who has a child with his rap rival Rick Ross, and didn’t want other people to follow suit.

He told US talk show host Larry King in 2015L “It’s a move that was necessary for me to make at this point.

“So I didn’t allow myself to create that big red and white bulls eye on my back, where I become the person that people consistently come to.”

He still had to pay off debts of more than $22 million, though, with $6 million going to Lastonia for invasion of privacy.

Shane Richie

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Back in 2020, the EastEnders legend said the coronavirus pandemic hit him hard and left him begging friends and family for loans.

Shane revealed how the pandemic and years of daft spending had left him “literally skint.”

At the time he was relying on loans from friends and family, and government help to pay his mortgage.

He told the Mirror at the time: “I was going on tour, doing a TV series and panto but it all got cancelled in March. Now I am literally skint!

“You save for a rainy day but you don’t expect the rainy day to last eight months. Thankfully, I’ve been able to borrow money from mates, my family and the bank.”

He added: “I got rid of my car but only cos I lease a car for my wife for the school run. I can get around on a moped.

“I am alright, I have had a career and if it all finishes tomorrow, so be it. If the worst comes to the worst, I’ll do stand-up or resurrect a musical.”

Shane also revealed that he blew thousands on the strangest things, in particular Planet of the Apes memorabilia.

He said: “It was my favourite show as a boy, I couldn’t resist. It harks back to Christmases when mum and dad couldn’t afford much.”

However, after his stint on I’m a Celeb and back on our screens in EastEnders, we are sure Shane’s finances are in much better order now.

Courtney Love

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In April 2014, Courtney was hit with a $320,000 tax bill, as well as being ordered to pay $96,000 to a fashion designer she defamed on Twitter.

Later that year, the singer told the Sunday Times, “I lost about $27 million.

“I know that’s a lifetime of money to most people, but I’m a big girl, it’s rock ‘n roll, it’s Nirvana money, I had to let it go.

“I make enough to live on, I’m financially solvent, I focus on what I make now.”

And back in 2021 according to official tax records, the Hole lead singer had five outstanding tax debts that have accumulated from 2017 to 2021. 

The iconic artist was hit with three outstanding Internal Revenue Service liens, totaling $1.9 million, while the rest of the debt was owed to the State of California.  

At the time, a clerk at the Los Angeles County Registrar-Recorder’s office confirmed to The Sun that all of the liens remained outstanding and were unpaid.

Dawn Robinson

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Dawn, found early fame in the ’90s alongside Terry Ellis, Cindy Herron, and Maxine Jones for their work as R&B group En Vogue.

With seven Grammy nominations under their belt, the foursome are considered one of the most successful R&B girl groups of the past quarter-century.

But now Dawn has revealed that she’s been living in her car for the past three years.

She has likened it to a “camping trip” that’s helped her feel more “free.”

The singer said in a recent video posted to her YouTube channel: “You guys, for the past three years, I have been living in my car.

“I said it, oh my gosh, it’s out,”

The Grammy nominee explained that she was living with her parents for a while in Las Vegas before the situation became unfavourable.

She eventually moved back to Los Angeles after her manager suggested she move in with him for a bit.

But the home was too small so Dawn ultimately resided in a hotel for eight months before deciding to research “car life.”

Following her search, the singer began living in her car in 2022 and said that she “felt free.”

She added: “I felt free. I felt like I was on a camping trip. It just felt like it was the right thing to do.

“I didn’t regret it. You know, a lot of celebrities have lived in their cars.”

The singer admitted that though the experience is sometimes “scary” she’s learned “what to do in my car and how to do it, like, how to cover my windows and you don’t talk to certain people.”

She explained: “You’re careful of telling people that you’re alone, as a woman especially.”

Her candid confession comes weeks after her former band – En Vogue – announced that they would soon be embarking on a European tour.

Cat Power

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Charlyn Marie “Chan” Marshall, better known by her stage name Cat Power, is an American singer-songwriter.

She spent a lot of her own money on recording 2012 album, Sun.

Then, when it came time to tour Sun, she took to Instagram to share some bad news with fans.

She wrote: “I may have to cancel my European tour due to bankruptcy & my health struggle with angioedema.

“I have not thrown in any towel, I am trying to figure out what best I can do.”

The tour was indeed postponed, with Chan later adding: “The American tour has been wonderful and amazing, and with me being unable to afford to bring my show with full production (which i helped create), to Europe.

“Financially, really dumped a huge additional amount of stress on me as I was and still am fighting trying to get tour support.”

Amid a rally that’s seen the crypto market cap hit $4 trillion for the first time, JP Morgan is now moving toward crypto-backed loans, signaling that its anti-crypto stance is quietly melting away.

The move reflects a shift in how US banks view crypto, with the approvals of GENIUS Act and Clarity Act at last week’s Crypto Week also fueling positive sentiment. Crypto investors are well aware of this institutional pivot and so are exploring opportunities to maximize their gains in the weeks ahead.

With it looking like a new altcoin season is imminent, which cryptocurrencies could benefit the most from the increasing institutional adoption? We take a closer look at JP Morgan’s move and explore four of the best cryptos to buy amid this development.

JP Morgan Eyes Crypto Loans

JP Morgan may start lending directly against crypto assets, such as Bitcoin and Ethereum, according to a report by The Financial Times. The loans are expected to be finalized by 2026, although this is subject to change.

However, an unidentified source told The Financial Times that JP Morgan CEO Jamie Dimon’s previous remarks about the crypto industry have alienated some potential clients.

Dimon has been critical about crypto in previous years, with the exec even calling it a “scam” in 2018. However, he appears to finally be succumbing to positive sentiment fueled by ETFs, regulatory clarity, and increased investor demand.

“The same banks that laughed in 2017? They are positioning now,” wrote Wise Advice on X.

Indeed, it’s another step toward the full integration of digital assets into the traditional finance (TradFi) sector, something that could bolster the crypto industry’s credibility and adoption. This could drive substantial gains for investors who position correctly.

As such, here are four cryptos that could benefit the most from the news:

Bitcoin Hyper

However, Bitcoin is limited in terms of speed, fees, and functionality. Transactions take around 60 minutes to finalize, fees can cost over $100, and the network is primarily limited to sending and receiving functions. That’s why the Bitcoin layer 2 blockchain, Bitcoin Hyper, could be the best crypto to buy now.

It’s a Bitcoin-aligned blockchain with sub-second finality, dirt-cheap fees, and smart contract support. The blockchain is built using the Solana Virtual Machine, meaning Solana developers can port their apps to the network in minutes. And Bitcoin Hyper does not sacrifice security or decentralization. Transactions are reported to L1 in batches, ensuring immutability and long-term security.

The project is currently undergoing a presale and has raised $4.1 million to date, demonstrating significant investor interest. With Bitcoin spearheading the current rally by recording a new all-time high last week, sentiment around the BTC ecosystem is bullish.

And as institutional appetite for Bitcoin rises, we could well see the $HYPER price surge once it lists on exchanges in the near future. Visit Bitcoin Hyper.

Arbitrum

While Bitcoin Hyper may offer the strongest option among Bitcoin L2s, Arbitrum is winning in the Ethereum realm. It’s an Ethereum L2 built using Optimistic Rollups technology, which allows for the submission of transaction batches back to Ethereum in a single transaction, making it cheaper and faster than using Ethereum L1 directly.

Arbitrum’s total value locked has surged by almost 50% since April, rising from $2 billion to $2.9 billion. There are also over $3 billion worth of stablecoins on the Arbitrum network. This is dry powder that could be invested in $ARB or ecosystem tokens as the bull market unfolds.

It’s worth noting that the project has also seen substantial TradFi adoption recently, with eToro announcing it will launch its tokenized stocks trading platform on the app.

Similar to Bitcoin Hyper, increasing institutional appeal in Ethereum will drive users to seek out aligned infrastructure with heightened transactional capabilities. We can already see remnants of this playing out with eToro’s app plans. That’s why $ARB has rallied 74% this month.

TOKEN6900

TOKEN6900 is a new meme coin highlighting the absurdity of modern finance. JP Morgan FUDed Bitcoin below $50,000, only to offer it to clients at $120,000. Money printers are on (brrr,) and meme coin prices are skyrocketing. It’s peak brain rot season.

TOKEN6900 is a meme coin that, rather than pulling you away, aims to help you capitalize on this absurdity. It follows in the footsteps of SPX6900 – which hit a new all-time high last week and is up over 1,000% since last year – and vies to deliver huge gains on what it calls “collective meme-fueled delusion.”

However, while SPX6900 is currently worth $1.8 billion, TOKEN6900 is undergoing a presale. The presale is rapidly approaching the $1 million raised milestone, reflecting strong demand but also leaving massive room for growth.

However, the $T6900 presale has a $5 million hard cap. This means investors must act quickly or risk missing out, especially given the current bullish conditions in the market. Visit TOKEN6900.

Solana

Solana made a name for itself with its meme coin infrastructure, featuring tokens like Bonk, Dogwifhat, and OFFICIAL TRUMP, alongside platforms like Pump.fun, which created a vibrant rail for light-hearted speculation.

But Solana is more than a home for joke tokens. It’s an increasingly popular asset for institutional players. BlackRock and Franklin Templeton migrated their tokenized money market funds to the chain this year, and the Solana Foundation secured a partnership with R3, allowing clients such as HSBC and Barclays to utilize the network.

R3’s website emphasized that the move provides Solana with access to broader liquidity and a new investor pool, while offering TradFi players the benefits of Solana’s DeFi ecosystem. These benefits include access to regulated real-world assets (RWAs) and new yield opportunities.

Currently, Solana trades at $199, having rallied by 4% today despite the broader market trading at breakeven. $SOL has also flipped BNB to become the fourth-largest cryptocurrency, underlining its strengthening position in the market.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. ModernDiplomacy.eu is not a licensed crypto-asset service provider under EU regulation (MiCA). Cryptocurrencies are highly volatile and involve significant risk. Always conduct your own research and consult a licensed advisor before making any investment decisions.

A DRAGON’S Den winner and former Team GB gold medallist fraudulently used Covid loans to buy himself a £1.8million mansion.

Rick Beardsell illegally pocketed £100,000 worth of taxpayers cash to purchase his home – despite receiving a £75,000 investment during his stint on the BBC show.

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The 46-year-old fiddled two Covid Bounce Back loans to buy himself five-bed Holly House in the exclusive village of Prestbury, Cheshire.

Dad-of-two Beardsell was only entitled to apply for one loan worth £50,000, but fraudulently applied for two and greatly exaggerated his annual turnover by up to 23 times.

It came after the world champion sprinter had successfully secured investments from TV Dragons Tej Lalvani and Deborah Meaden for his successful protein shake bottle business, ShakeSphere.

Chester Crown Court heard he applied for the loan to prop up his other company, Sports Creative Ltd, but none of the money went towards the sportswear business.

Prosecutor Geoff Whealan told the court Beardsell made the fraudulent applications to HSBC in December 2020 and then to NatWest in January 2021.

He said: ”The defendant stated on the HSBC form that the turnover of Sports Creative was £485,000 and on the NatWest form said it was £320,000.

“But unaudited financial statements showed turnover for the year end February 2020 was £20,622.

”The turnover was clearly exaggerated to secure the maximum bounce back loan.

“Subsequent transactions showed the bounce back loan funds were not being used for the economic benefit or business purposes of Sports Creative at this time.”

The money arrived in Sports Creative’s account in January 2021, but then almost £400,000 was transferred to Beardsell’s personal Santander account in the space of six months.

Then £431,160.80, including the remaining bounce back loan funds, was transferred to a firm of solicitors for the purchase of Holly House he bought with his wife Ezster.

Mr Whelan added: ”In effect the bounce back loan funds had been used for this purchase.

“It can be inferred from the defendant’s conduct that it was his intention to use the bounce back loans for this purpose at the time he made the application for it.”

Beardsell, who won two World Records for sprinting, faced three years in jail after he admitted two charges of fraud.

In October 2024, he attended an interview under caution at the Insolvency Services offices.

In a statement he said: ”The guidance pertaining to Bounce Back Loans indicated that the proceeds of such loans may be utilised for any purpose that yields a direct benefit to the company.

”At that juncture, I sought professional advice and was advised that such purposes include, but are not limited to, the coverage of overhead expenses or outstanding liabilities, as well as the investment in company assets or property.

“The funds that were transferred to my personal account constituted a director’s loan and other economical overheads for the business.”

Mitigating, his counsel Nichola Cafferkey explained that the loans had been repaid in full to the banks.

She said: ”The loss of his good character is of some significance in respect of a man who has dedicated his life to his family, his professional entities and also his sporting endeavours.

“These offences were out of character and were committed four years ago.

“He has taken responsibility and repaid the money back. He knows that it’s his own fault.

“He has brought shame on his family and brought shame on himself.

”His wife is also his business partner and concerns that they have had about the ability to provide financially for their young children have been significant.”

The court also heard that Beardsell had suffered a series of medical issues both before and after securing the loans.

Ms Cafferkey continued: “A year prior to the submission of the first loan application, the defendant was diagnosed with an aggressive form of testicular cancer and required surgery and extensive chemotherapy.

“The chemotherapy was successful but led to some significant side effects.

”One of those being vertigo, of which he had a severe episode which required hospitalisation and thereafter there are ongoing long-term issues as a result of that.

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“The investigations brought on by the defendant’s own actions has had an impact on his family which has led to a situation where he has been experiencing significant stress over the past few years.

“On top of that there are ongoing knee pains associated with his athletic success at national and international level.

“He has been running a business for many years without issue and it is plain he is extremely remorseful and regretful for his actions.

“The impact on his wife’s physical health in terms of stress and strain has been significant. There has been significant weight loss and insomnia.

“This will be the only time that Richard Beardsell appears before the court.”

Beardsell was sentenced to 18 months in prison, suspended for two years.

He was also ordered to complete 250 hours of unpaid work and pay costs of £11,142.70.

Judge Simon Berkson told Beardsell: “You fraudulently lied and lied again in your applications for these loans.

“They were supposed to be for use in keeping your business running but the money was used for your own personal needs and the needs of your family.

“This is not a victimless crime. The government was trying to help struggling businesses at the time of national crisis.

“People were in lock down, people were dying and people were very ill at the time when people required their public services.

“You used fraudulently obtained public funds for your own use, depriving honest people of the scheme’s funds when the country was in crisis.

“You are a generally successful man both in business and in sports, particularly your involvement with athletics.

“You continue to run your business and it was on the TV programme Dragons’ Den.

“You are a married person with two children and they are young children. You have survived an aggressive form of cancer.

“I have concluded that an immediate custodial sentence would have a significant harmful impact on your wife and children.”

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June 28 (UPI) — The latest version of the Senate’s federal budget reconciliation bill would limit the availability of student loans for future borrowers by revising federal student loan programs and regulations.

The budget bill that already has passed the House of Representatives and the Senate version would place a maximum amount on how much people could borrow through the federal Parent PLUS and graduate student loans to help them pay for their college educations.

The House-approved version would limit undergraduate borrowing to $50,000, while the Senate version would limit that amount to $65,000.

Graduate students would see limits of $100,000 for most master’s programs, while the borrowing limit for professional degrees would be $150,000 in the House version and $200,000 in the Senate bill.

Supporters of the proposed limits say they could save taxpayers more than $300 billion and make it harder for college and university administrators to raise tuition costs and fees.

Opponents say it would make it harder for disadvantaged students to attend college.

“It’s abundantly clear that the budget reconciliation package would reduce access to higher education and healthcare and jeopardize [the University of California’s] ability to carry out its public service mission,” Chris Harrington, U.C. associate vice president for Federal Governmental Relations, said on Monday in a letter to the state’s House delegation in May.

The House-approved bill would eliminate Pell Grants for part-time students, subsidized loans for undergrads and Graduate PLUS loans for graduate and professional students, according to the University of California.

It also would limit eligibility for Supplemental Nutrition Assistance Program and Medicaid benefits for low-income students.

The Senate’s version of the proposed fiscal year 2026 budget reconciliation bill numbers 940 pages and might be voted on as soon as Saturday night.

Saudi and Qatari payments settle Syria’s arrears, allowing World Bank and IMF to re-engage.

The World Bank says it will restart operations in Syria following a 14-year pause after the country cleared more than $15m of debt with financial backing from Saudi Arabia and Qatar.

The United States-based institution announced on Friday that Syria no longer has outstanding obligations to the International Development Association (IDA), its fund dedicated to low-income countries.

Earlier this week, Saudi Arabia and Qatar paid off Syria’s outstanding debts of approximately $15.5m, paving the way for renewed engagement with international financial bodies.

“We are pleased that the clearance of Syria’s arrears will allow the World Bank Group to reengage with the country and address the development needs of the Syrian people,” the bank said. “After years of conflict, Syria is on a path to recovery and development.”

The bank is now preparing its first project in Syria, which will focus on improving electricity access — a key pillar for revitalising essential services like healthcare, education, and water supply.

Officials said it marks the beginning of expanded support aimed at stabilising Syria and boosting long-term growth.

US to lift sanctions on Syria

The bank’s announcement coincides with a dramatic shift in US policy towards Damascus.

US President Donald Trump announced on Tuesday that Washington would begin lifting sanctions imposed on Syria, including measures under the Caesar Syria Civilian Protection Act.

On Wednesday, Trump met Syria’s President Ahmed al-Sharaa on the sidelines of the GCC summit in Riyadh, marking a historic breakthrough in relations between the countries and the first such meeting between the two nations’ leaders in 25 years.

Secretary of State Marco Rubio confirmed that waivers would be issued, easing restrictions on entities previously penalised for dealings with the now former administration of Bashar al-Assad, which was toppled in December.

“Lifting sanctions on Syria represents a fundamental turning point,” Ibrahim Nafi Qushji, an economist and banking expert, told Al Jazeera. “The Syrian economy will transition from interacting with developing economies to integrating with more developed ones, potentially significantly reshaping trade and investment relations.”

The moves represent a significant moment in Syria’s reintegration into the global financial system after 13 years of civil war and isolation.

In April, a rare meeting was held in Washington involving officials from Syria, the IMF, the World Bank, and Saudi Arabia. A joint statement issued afterwards acknowledged the dire state of Syria’s economy and promised coordinated efforts to support its recovery.

The International Monetary Fund has since named its first mission chief to Syria in more than a decade. Ron van Rooden, previously involved with IMF operations in Ukraine, will lead the Fund’s renewed engagement.

Martin Muehleisen, a former IMF strategy chief, noted the urgency of providing technical assistance to rebuild Syria’s financial institutions. “Those efforts could be funded by donors and grants in-kind,” he told the news agency Reuters, adding that some support could begin within months.

Al-Assad was toppled after a lightning offensive by opposition fighters led by the Hay’et Tahrir al-Sham armed group last December.

Syria’s new government has sought to rebuild the country’s diplomatic ties, including with international financial institutions. It also counts on wealthy Gulf Arab states to play a pivotal role in financing the reconstruction of Syria’s war-ravaged infrastructure and reviving its economy.

The government, led by interim President al-Sharaa, also wants to transition away from the system that gave al-Assad loyalists privileged access to government contracts and kept key industries in the hands of the al-Assad family.

NEW YORK — Christine Farro has cut back on the presents she sends her grandchildren on their birthdays, and she’s put off taking two cats and a dog for their shots. All her clothes come from thrift stores and most of her vegetables come from her garden. At 73, she has cut her costs as much as she can to live on a tight budget.

But it’s about to get far tighter.

As the Trump administration resumes collections on defaulted student loans, a surprising population has been caught in the crosshairs: hundreds of thousands of older Americans whose decades-old debts now put them at risk of having their Social Security checks garnished.

“I worked ridiculous hours. I worked weekends and nights. But I could never pay it off,” says Farro, a retired child welfare worker in Santa Ynez, Calif.

Like millions of debtors with federal student loans, Farro had her payments and interest paused by the government five years ago when the pandemic thrust many into financial hardship. That grace period ended in 2023 and, earlier this month, the Department of Education said it would restart “involuntary collections” by garnishing paychecks, tax refunds and Social Security retirement and disability benefits. Farro previously had her Social Security garnished and expects it to restart.

Farro’s loans date back 40 years. She was a single mother when she got a bachelor’s degree in developmental psychology and when she discovered she couldn’t earn enough to pay off her loans, she went back to school and got a master’s degree. Her salary never caught up. Things only got worse.

Around 2008, when she consolidated her loans, she was paying $1,000 a month, but years of missed payments and piled-on interest meant she was barely putting a dent in a bill that had ballooned to $250,000. When she sought help to resolve her debt, she says the loan company had just one suggestion.

“They said, ‘Move to a cheaper state,’” says Farro, who rents a 400-square-foot casita from a friend. “I realized I was living in a different reality than they were.”

Student loan debt among older people has grown at a staggering rate, in part due to rising tuitions that have forced more people to borrow greater sums. People 60 and older hold an estimated $125 billion in student loans, according to the National Consumer Law Center, a six-fold increase from 20 years ago.

That has led Social Security beneficiaries who have had their payments garnished to balloon by 3,000% — from approximately 6,200 beneficiaries to 192,300 — between 2001 and 2019, according to the Consumer Financial Protection Bureau.

This year, an estimated 452,000 people aged 62 and older had student loans in default and are likely to experience the Department of Education’s renewed forced collections, according to the January report from CFPB.

Debbie McIntyre, a 62-year-old adult education teacher in Georgetown, Ky., is among them. She dreams of retiring and writing more historical fiction, and of boarding a plane for the first time since high school. But her husband has been out of work on disability for two decades and they’ve used credit cards to get by on his meager benefits and her paycheck. Their rent will be hiked $300 when their lease renews. McIntyre doesn’t know what to do if her paycheck is garnished.

She floats the idea of bankruptcy, but that won’t automatically clear her loans, which are held to a different standard than other debt. She figures if she picks up extra jobs babysitting or tutoring, she could put $50 toward her loans here and there. But she sees no real solution.

“I don’t know what more I can do,” says McIntyre, who is too afraid to check what her loan balance is. “I’ll never get out of this hole.”

Braxton Brewington of the Debt Collective debtors union says it’s striking how many older people dial into the organization’s calls and attend its protests. Many of them, he says, should have had their debts canceled but fell victim to a system “riddled with flaws and illegalities and flukes.” Many whose educations have left them in late-life debt have, in fact, paid back the principal on their loans, sometimes several times over, but still owe more due to interest and fees.

For those who are subject to garnishment, Brewington says, the results can be devastating.

“We hear from people who skip meals. We know people who dilute their medication or cut their pills in half. People take drastic measures like pulling all their savings out or dissolving their 401ks,” he says. “We know folks that have been driven into homelessness.”

Collections on defaulted loans may have restarted no matter who was president, though the Biden administration had sought to limit the amount of income that could be garnished. Federal law protects just $750 of Social Security benefits from garnishment, an amount that would put a debtor far below the poverty line.

“We’re basically providing people with federal benefits with one hand and taking them away with another,” says Sarah Sattelmeyer of the New America think tank.

Linda Hilton, a 76-year-old retired office worker from Apache Junction, Ariz., went through garnishment before COVID and says she will survive it again. But flights to see her children, occasional meals at a restaurant and other pleasures of retired life may disappear.

“It’s going to mean restrictions,” says Hilton. “There won’t be any travel. There won’t be any frills.”

Some debtors have already received notice about collections. Many more are living in fear. President Trump has signed an executive order calling for the Department of Education’s dismantling and, for those seeking answers about their loans, mass layoffs have complicated getting calls answered.

While Education Secretary Linda McMahon says restarting collections is a necessary step for debtors “both for the sake of their own financial health and our nation’s economic outlook,” even some of Trump’s most fervent supporters are questioning a move that will make their lives harder.

Randall Countryman, 55, of Bonita, Calif., says a Biden administration proposal to forgive some student debt didn’t strike him as fair, but he’s not sure Trump’s approach is either. He supported Trump but wishes the government made case-by-case decisions on debtors. Countryman thinks Americans don’t realize how many older people are affected by policies on student loans, often thought to be the turf of the young, and how difficult it can be for them to repay.

“What’s a young person’s problem today,” he says, “is an old person’s problem tomorrow.”

Countryman started working on a degree while in prison, then continued it at the University of Phoenix when he was released. He started growing nervous as he racked up loan debt and never finished his degree. He’s worked a host of different jobs, but finding work has often been complicated by his criminal record.

He lives off his wife’s Social Security check and the kindness of his mother-in-law. He doesn’t know how they’d get by if the government demands repayment.

“I kind of wish I never went to school in the first place,” he says.

Sedensky writes for the Associated Press.