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Former ITT Tech students get $3.9B in debt cancellation

Students who used federal loans to attend ITT Technical Institute as far back as 2005 will automatically get that debt canceled. This comes after authorities found “widespread and pervasive misrepresentations” at the defunct for-profit college chain. The Biden administration says the action will cancel $3.9 billion in federal student debt for 208,000 borrowers. It adds to the administration’s list of piecemeal student debt cancellations, but it provided no answers on broader student debt cancellation. President Joe Biden supported debt cancellation as a presidential candidate and for months has been considering erasing up to $10,000 per borrower. He promised a decision by the end of August.

Inflation Reduction Act may have little impact on inflation

With inflation raging near its highest level in four decades, President Joe Biden is poised to sign into law his landmark Inflation Reduction Act Tuesday afternoon. Its title raises a tantalizing question: Will the measure actually do what it says? Economic analyses suggest that the likely answer is no — not anytime soon, anyway. The legislation, which now heads to the White House for Biden's signature, won’t directly address some of the main drivers of surging prices — from gas and food to rents and restaurant meals. Still, over time, the bill could save money for some Americans by lessening the cost of certain prescription drugs for the elderly, extending health insurance subsidies and reducing energy prices.

New Scottish law makes period products free for all

A law has taken effect in Scotland to ensure period products are available free of charge to anyone who needs them. The Scottish government said it became the first in the world to legally protect the right to access free period products when its Period Products Act came into force Monday. Schools, colleges and universities as well as local government bodies must make a range of period products available for free in their bathrooms under the new law. The Scottish government already invested millions of pounds since 2017 to fund free sanitary products in education institutions. But the law makes it a legal requirement. A mobile phone app also helps people find the nearest place where they can pick up period products.

Memphis hospital locks down after nearby shooting of 6

Authorities say people have been wounded in a shooting that led to a lockdown of a hospital in Memphis, Tennessee. Memphis police said the six were shot shortly after midnight by people in a black SUV near Methodist North Hospital. In a statement, police said two children were taken to Le Bonheur Children’s Hospital in critical condition. The condition of one of the children later improved to non-critical. Four other people were taken in critical condition to Regional One Health Medical Center. Police said one of those shot was later listed as non-critical. Methodist North Hospital was placed on a lockdown that has since been lifted.

GM recalls 484K big SUVs to fix problem third-row seat belts

General Motors is recalling more than 484,000 large SUVs in the U.S. to fix a problem that can cause the third-row seat belts to malfunction. The recall covers Chevrolet Suburbans and Tahoes, Cadillac Escalades and GMC Yukons from 2021 and 2022. The automaker says rivets that hold the buckle to the mounting bracket on the left- and right side third-row seats may have been formed improperly. The belts may not properly hold a passenger in a crash, increasing the risk of injury. The company says it’s not aware of any crashes or injuries caused by the problem. Dealers will inspect the rivet heads and replace buckle assemblies if needed. Owners will be notified starting Sept. 26.

US, South Korea to begin expanded military drills next week

The United States and South Korea will begin their biggest combined military training in years next week in the face of an increasingly aggressive North Korea. The North has been ramping up weapons tests and threats of nuclear conflict with Seoul and Washington. South Korea’s military says the drills underscore Washington and Seoul’s commitment to restore large-scale training. The two countries canceled some of their regular drills and downsized others to computer simulations in recent years to create space for diplomacy with North Korea and because of COVID-19 concerns. The drills will almost surely draw an angry reaction from North Korea, which describes all allied training as invasion rehearsals.