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More than 550,000 people have signed up for a federal program that promises to repay their remaining student loans after they work 10 years in a public service job. But now, some of those workers are left to wonder if the government will hold up its end of the bargain — or leave them stuck with thousands of dollars in debt that they thought would be eliminated, the New York Times reported today. In a legal filing submitted last week, the Education Department suggested that borrowers could not rely on the program’s administrator to say accurately whether they qualify for debt forgiveness. The thousands of approval letters that have been sent by the administrator, FedLoan Servicing, are not binding and can be rescinded at any time, the agency said. The filing adds to questions and concerns about the program just as the first potential beneficiaries reach the end of their 10-year commitment — and the clocks start ticking on the remainder of their debts. Read more. 

Now available in the ABI Bookstore: Pick up your copy of the updated and revised Graduating with Debt: Student Loans under the Bankruptcy Code, Second Edition! 

More than 80 percent of people who ask their card company for relief from their annual fees receive it, according to a new survey, the Wall Street Journal reported. Most get the fee waived entirely, while a smaller portion receive a fee reduction, according to a CreditCards.com report released today that surveyed around 950 card users. Indeed, several large credit card lenders told The Wall Street Journal that they often give in to such requests. The card companies didn’t want to speak publicly about their actions since that could encourage more card holders to ask for breaks on their fees. Intense competition between credit card issuers is the main reason for this flexibility on fees.

The Labor Department said today that the number of Americans filing for unemployment benefits unexpectedly rose last week, but remained below a level associated with a strengthening labor market. Initial claims for state unemployment benefits increased 15,000 to a seasonally adjusted 258,000 for the week ended March 18, Reuters reported. Claims for the prior week were revised to show 2,000 more applications received than previously reported. The government revised the claims data going back to 2012 and published new seasonal factors for 2017. The revisions showed no change in the state of labor market. Claims have now been below 300,000, a threshold associated with a healthy labor market for 80 straight weeks. That is the longest stretch since 1970 when the labor market was smaller.