Another round of student debt forgiveness from the Biden administration will affect 35,000 U.S. workers.
Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Earnings season is helping the tech-heavy Nasdaq rebound from its worst rout of the year. Chipmaker TSMC helped lift the mood with better-than-expected quarterly profits, thanks to continued strong demand coming from artificial intelligence.
Investors are also digesting a larger-than-anticipated jump in weekly jobless claims. 243,000 new applications for jobless benefits were filed last week.
In other news, The Biden Administration is not giving up on efforts to deliver student loan relief. $1.2 billion in student debt cancellation was announced Thursday under a program that was originally put in place by George W. Bush.
35,000 workers will see their debt wiped clean under the Public Service Loan Forgiveness Program, which erases federal student loan balances for government or not-for-profit employees, who qualified, and stayed current on payments for at least a decade.
“The additional Americans approved for PSLF today are hardworking public servants who will finally receive the financial breathing room they were promised,” Education Miguel Cardona said in a statement, adding “This is relief that will bring real change in their lives and marks another win for this administration’s relentless and unapologetic work to fix a broken student loan system.”
Despite many legal challenges, including a loss before the Supreme Court, the Biden Administration has so far delivered roughly $170 billion in student loan forgiveness for roughly 4.8 million people.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I”m Conway Gittens with TheStreet.
Subscribe |
Earn. Live. Invest. |
TheStreet Pro |
#studentloans #Biden #loanforgiveness
source
