The Biden administration will forgive another $4.28 billion in student loan debt for 54,900 borrowers.
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CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
There’s a moderately positive bias on Wall Street Friday amid some progress on the inflation front. The Personal Consumption Expenditures index, or PCE, which is the Fed’s preferred inflation gauge, rose by just 0.1 percent in November and 2.4 percent from a year ago. Both readings were softer than expected. That’s good news after the Federal Reserve warned earlier this week that it expects inflation to run hotter in 2025, prompting policymakers to scale back interest rate cut expectations.
In other news, 55,000 student loan borrowers are about to get an early Christmas bonus. The Biden Administration approved another $4.28 billion in additional student debt forgiveness.
The Department of Education has been laser focused on improving the efficiencies of a student debt relief program that knocks out debt for public service employees after 10 years of monthly payments.
In a statement, Education Secretary Miguel Cardona says “Four years ago, the Biden-Harris Administration made a pledge to America’s teachers, service members, nurses, first responders, and other public servants that we would fix the broken Public Service Loan Forgiveness Program, and I’m proud to say that we delivered.”
President Biden will go down in history for forgiving more student loan debt than any other president. Under his watch, nearly $180 billion has been wiped away for roughly 5 million student loan borrowers. The Public Service Loan Forgiveness Program has been the place where he’s been able to make the most impact, since Republican opposition to block other efforts were largely successful.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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