Higher-ed finances 101

Welcome to The Money, where we break down financial news and provide the TL;DR version of how decisions by the Federal Reserve, government and companies impact you.

A federal appeals court on Monday unanimously granted a nationwide injunction temporarily barring the Biden administration’s student loan debt relief program. Twenty-six million Americans had already applied for debt cancellation.

“The injunction will remain in effect until further order of this court or the Supreme Court of the United States,” the panel of appeals court judges wrote in the ruling.

This latest ruling is seen as a more substantial setback for the president’s policy than the interim pause last week from the Eighth Circuit, which temporarily barred discharging any debt under the program until the court had more time to consider its next steps. The latest ruling suspends the program while the case continues, which could be many months. 

You can still secure the (school) bag

Forgiveness may be in jeopardy, but FAFSA is forever. If you have a student in high school applying to college or career school, equally important is applying for financial aid now to pay for the next school year. 

Even if your student is not sure they want to go to college or what school they'll attend, it's important to secure the money as soon as possible. Follow our guide to completing the Free Application for Federal Student Aid to make sure your kid can afford to go.

What’s getting cheaper?

The bad news: Inflation is still high. At 7.7%, it's well above the Fed's 2% target. The good news: It's not as high as it was earlier this year.

Believe it or not, some items are actually costing less than they did last year. 

For instance, beef prices are down nearly 4%. But the biggest declines were for smartphones, tickets to sporting games and TVs, according to data from the latest consumer price index report.

Smartphones are particularly interesting. Apple's iPhone has increased in price since last year. Its newest model, the iPhone 14, has a starting price of $800 while the iPhone 13 had a starting price of $700 when it was rolled out last year. 

If one of the most popular smartphones got more expensive, why is the Bureau of Labor Statistics, the agency that publishes CPI reports, saying otherwise?

Speaking of deals…

With consumers feeling squeezed because of inflation and a gloomy economic outlook, retailers — already swamped under a load of inventory — are unleashing their Black Friday sales early.

Seasonal sales have rolled out earlier and earlier for years now, but experts say the best deals are still to come the week of Thanksgiving (hint: next week).

To take full advantage, start preparing this week, experts say. The biggest electronics discounts are expected to be on Black Friday, the day after Thanksgiving. If all that turkey slowed you down and you missed the early doorbusters, don't worry. Experts say you can get a second chance on Cyber Monday, the Monday after Thanksgiving. And since it's all online, you don't even have to get out of your pajamas! Who doesn't like the sound of that?

📰 More stories you shouldn't miss 📰 

• Don't let uncertain times derail you: As layoffs and recession fears mount, will employers suspend their 401(k) match?
• Worried about a 2023 recession? Here are 4 things you can do in the next 2 months
• Sick profits: Private equity’s stealthy takeover of health care in multiple cities, specialties 
• Priceless, stinky old shoes: Steve Jobs' 1970s Birkenstocks auctioned for highest price ever paid for a pair of sandals
• You don't have to choose between spending a lot or skimping on gifts this year: 5 tricks to help you spend less this holiday season

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