Start your week smart: Student loan debt, Trump AI image, Met Gala, papal election, Cinco de Mayo
By Andrew Torgan, Daniel Wine and Meghan Pryce, CNN
(CNN) — Are you reeling from the recent stock market gyrations? Afraid to look at your 401(k) balance? Does it feel like we’re already in a recession? We’ve got you covered. Check out CNN’s guide to financial sanity in a not-so-sane world.
Here’s what else you need to know to Start Your Week Smart.
Sunday spotlight
The US Department of Education will restart collecting federal student loans in default on Monday, ending a pandemic-era pause that began about five years ago. More than 5 million borrowers are in default.
Federal student loans go into default after 270 days without payment.
The move comes as President Donald Trump is dismantling the Department of Education and rolling back some of former President Joe Biden’s policies, including some dealing with student loan forgiveness.
1️⃣ Fear and anxiety: Student loan borrowers who are in default say making hefty monthly payments could upend their lives as they struggle to pay for basics like food and housing. Some are preparing for the worst.
2️⃣ What to expect: The government will restart the Treasury Offset Program, which collects debts by garnishing federal and state payments, such as tax returns or Social Security benefits. It also will begin dipping into people’s wages.
3️⃣ Taking a hit: More than 9 million student loan borrowers could see their credit scores tank as delinquencies are poised to hit record highs. New student loan delinquencies have been shown to have big impacts, with scores dropping an average of 87 points for borrowers with a weak credit history and 171 points for those with better credit.
4️⃣ Who’s in charge? The financial arm of the Department of Education managed student loans, but Trump’s plan to kill the agency raised a huge question mark. He said the Small Business Administration would take over responsibility.
5️⃣ Drowning in debt: Student loans. Credit cards. Mortgages. Americans are finding it harder and harder to pay off their debt, and in some cases they haven’t been this overextended since the aftermath of the Great Recession.
Top headlines
• GOP amps up Trump impeachment talk in midterm battle as party leaders woo Kemp for Senate
• Trump draws criticism with AI image of himself as the pope ahead of the papal conclave
• A pregnant woman wandered the desert for days before Border Patrol detained her. Now with a newborn, she faces deportation
• What we know about the killings of a Cincinnati deputy and an 18-year-old who was shot by police
• Warren Buffett to step down from Berkshire at year’s end, Greg Abel to succeed Oracle of Omaha
The week ahead
Monday
The Met Gala returns to the Metropolitan Museum of Art in New York, drawing a bevy of A-list celebrities for a night of exhibition-viewing, dinner and drinks. But first, they’ll walk the steps in what’s become one of the top red-carpet moments of the year. Here’s what you can expect during fashion’s biggest night out.
Columbia University will announce the winners of the 2025 Pulitzer Prizes, awarded in the categories of journalism, books, drama and music.
And it’s Cinco de Mayo, which is NOT Mexican Independence Day! That’s September 16. Cinco de Mayo commemorates the Mexican army’s victory over French forces at the Battle of Puebla on May 5, 1862. In the US, it’s mostly an excuse to drink margaritas on a Monday.
Wednesday
Roman Catholic cardinals from around the globe will gather at the Vatican to start the process of electing a successor to the late Pope Francis. Only cardinals under the age of 80 are allowed to vote in a papal election. It’s unclear when we’ll see the traditional white smoke signaling a new pope has been elected. The last two conclaves — held in 2005 to elect Pope Benedict XVI and in 2013 to elect Pope Francis — lasted two days.
The Department of Homeland Security will begin requiring travelers to present a REAL ID as an accepted form of identification at TSA checkpoints after years of pushing back the deadline. Travelers have been scrambling to get their licenses changed to avoid disruptions in domestic travel plans this summer and into the holiday months. Passports are still an acceptable form of identification for both domestic and international air travel. Older, non-expired licenses are still valid for driving and other identification purposes outside of the federal travel requirements.
The Federal Reserve will conclude a two-day meeting on interest rates, just days after President Trump renewed his attacks on Chairman Jerome Powell. At a rally in Warren, Michigan, marking the 100-day mark of his second term, Trump told the crowd, “Inflation is basically down and interest rates came down despite the fact that I have a Fed person who’s not really doing a good job, but I won’t say that.” Trump’s comments are the latest in his line of attacks against Powell in recent weeks.
Thursday
Russian President Vladimir Putin has declared a unilateral three-day ceasefire in Ukraine that will begin on May 8 — a move met with skepticism by Ukrainian officials who demanded the Kremlin leader immediately accept a longer truce proposal from the US that he has so far rejected. Moscow said “all military actions” in Ukraine would be suspended from midnight May 8 to midnight May 11, a decision which it said was based on “humanitarian considerations.” The truce would coincide with Russia’s World War II Victory Day commemorations on May 9 and the 80th anniversary of the defeat of Nazi Germany. Last month, the Kremlin proclaimed a 30-hour truce over Easter, which Kyiv cautiously agreed to. Ukraine’s military later accused Russia of violating that ceasefire with more than 2,900 attacks along the expansive frontlines. Moscow also accused Ukraine of breaking that truce.
Photos of the week
Check out more images from the week that was, curated by CNN Photos.
What’s happening in entertainment
TV and streaming
Former President Joe Biden will appear on ABC’s “The View” for his first interview since leaving the White House. He will be joined by former first lady Jill Biden for the live in-studio conversation at 11 a.m. ET on Thursday.
The 60th Academy of Country Music Awards will air live on Prime Video and the Amazon Music channel on Twitch at 8 p.m. on Thursday. Country music icon Reba McEntire will host the show.
On the big screen
Josh Hartnett stars in the action comedy “Fight or Flight.” Basically, it’s John Wick on a jumbo jet. “Fight or Flight” lands in theaters Friday.
What’s happening in sports
At a glance …
Sovereignty won the 151st running of the Kentucky Derby on Saturday at Churchill Downs Racetrack in Louisville, Kentucky. The next leg of horse racing’s Triple Crown will take place in less than two weeks at The Preakness Stakes in Baltimore, Maryland.
In basketball, the NBA’s Eastern Conference Semifinals tip off today when the Indiana Pacers face the Cleveland Cavaliers. On Saturday, the Denver Nuggets beat the Los Angeles Clippers, with a 120-101 win, moving on to the Western Conference Semifinals.
On the ice, the St. Louis Blues and Winnipeg Jets face off in Round 1 in Game 7 of the Stanley Cup playoffs tonight at 7 p.m. ET. Catch up on the latest at NHL.com.
For more of your favorite sports, head on over to CNN Sports as well as Bleacher Report, which — like CNN — is owned by Warner Bros. Discovery.
Quiz time!
Looking for a challenge to start your week? Take CNN’s weekly news quiz to see how much you remember from the week that was! So far, 6.7% of readers who took the quiz got a perfect score and 35% got eight or more questions right. How will you fare?
Play me off …
‘The Imperial March’
As any member of the Rebel Alliance or the Galactic Empire will attest, today — the fourth day of May — is Star Wars Day! May the fourth be with you, always. (Click here to view)
The-CNN-Wire
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