Economy

She also functioned as a sort of brand whisperer, collaborating with designers on their nascent cosmetic collections, starting with Giorgio Armani for L’Oréal, which was introduced in 2000.

If a company tried to engineer this kind of promotion, the fee would reach several million dollars.

Valued at more than $1 billion in 2018, Pat McGrath Cosmetics announced that it had filed for Chapter 11 bankruptcy protection on Jan. 22 to “simplify its capital structure, reduce its debt load and unlock the potential of this brand.”

Regardless of which agency manages student loans, borrowers will still have to pay them back.

The text of the executive order shutting the education department down compares the debt portfolio managed by the department to the size of the Wells Fargo bank.

That portfolio includes more than $1.5tn (£1.1tn) in loans taken out by more than 40 million Americans.

In 2024, the Education Data Initiative estimated that the US spends a total of just over $857bn on primary and secondary education - the equivalent of $17,280 per pupil.

The department's allocation was $238bn (£188bn) in fiscal year 2024 - less than 2% of the total federal budget.

The two largest funding streams by far provide additional funds to school districts to serve economically disadvantaged students and students with disabilities.

The condos, which start at $1.4 million, will have valet service, a private yacht club and white quartz kitchen countertops with induction cooktops from the German appliance maker Miele.

Allie Eichner heard the same warnings from brokers when she decided to go all-electric at the La Baia project on Bay Harbor Islands in between Miami Beach and the mainland.

Gas is still coveted by a lot of consumers.

Trump’s 2026 budget proposal would cut federal education funding by 15%.

The Education Department also manages the $1.6 trillion federal student loan program, investigates discrimination, and provides research and data on how US students are performing.

It has a very big job, doling out billions in federal grants and funding that represent about 10% of spending on K-12 education in the US, about $28 billion per year.

Most education funding comes from states.

That money is distributed across the country and much of it is meant to focus on children in poverty.

It incentivizes private K-12 education in a new way with a novel tax break beginning in 2027 for people who donate to private school scholarship programs, which effectively puts public money toward private schools, something conservatives have long sought.

The money is meant to help immigrant students attain English proficiency, fund after-school and summer programs, and support the hiring and retention of teachers in low-income areas.

In England, the loans are eventually written off after 40 years.