To expand apprenticeship programs at a federal and state level, the Department of Labor is setting aside $200 million. (iStock)
The U.S. Department of Labor just announced $200 million in grants set to go towards apprenticeship programs.
The funding is divided between two opportunities — $95 million for the second round of the Apprenticeship Building Grant Program and $100 million for the second round of the State Apprenticeship Expansion grants.
“The second round of Apprenticeship Building America funding announced today continues the Department of Labor’s commitment to providing all of America’s workers with access to training and career preparation that leads to good jobs with family-sustaining wages,” Acting U.S. Secretary of Labor Julie Su said. “These grants serve as another avenue toward strengthening the nation’s workforce development infrastructure to connect people from all communities to the good jobs being created by President Biden’s Investing in America agenda.”
The money is going to specific industries, including tech and cybersecurity, education, healthcare, clean energy, the public sector and supply chain sectors. All of these industries are growing and are in need of qualified employees.
This round of funding is specifically aimed at underrepresented and underserved communities who have had a difficult time accessing education and apprenticeship programs in their communities.
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Student loan borrowers facing financial hardship to qualify for next round of forgiveness
In another effort to help borrowers combat hefty student loan debt, the Biden Administration recently proposed another round of debt forgiveness. This time, the forgiveness would go to borrowers facing financial stress and difficulties.
The proposal would offer automatic relief for borrowers likely to default on their loans in the next two years.
The proposal outlines the factors used to determine this hardship. These include a borrower’s total loan balance, their monthly payments relative to their household income and other high-burden costs like childcare or healthcare.
The proposal gives the U.S. Secretary of Education the power to decide if these factors qualify a borrower for hardship relief.
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Rural students getting more financial help
The Biden Administration recently announced $44.5 million in funding for 22 institutions to help improve enrollment in rural areas.
In the U.S., only 29% of individuals aged 18 to 24 in rural communities attend college. That percentage goes up to 48% for individuals living in urban areas and 42% for individuals living in suburban areas.
To increase the percentage of rural students attending college, the Rural Postsecondary and Economic Development (RPED) grant program is designed to promote career paths in high-demand industries.
Other initiatives are also set to help rural students. Byron Trott, a merchant banker, launched the small-town and rural students (STARS) network. The network began with a $20 million donation from Trott Family Philanthropies and will help enroll small-town students in elite universities.
“There is a massive talent pool in our small towns and rural communities that has so much to offer – to our colleges, to society and to future generations,” Trott said.
With the money, colleges can hire dedicated staff who can recruit students from rural areas. It’s also intended to support high school counselors and teachers who can encourage students to go to college.
The funding also goes toward paying for campus visits, expanding summer programs and helping families navigate financial aid options.
If you can qualify for a student loan refinance at a lower rate than you’re currently paying, there are often few downsides to refinancing. You can use Credible to compare refinancing rates from multiple private lenders at once.
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