TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why those with student loans are rejoicing.
Category
🥇
SportsTranscript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Investors traded lightly on Thursday
00:06ahead of the crucial monthly employment report.
00:09Friday's data could support the Federal Reserve's decision
00:11to make a big interest rate cut in September
00:14or spark fear that even more rate cuts are needed
00:17to prevent the labor market from softening too much.
00:20In other news, if you have a student loan,
00:22you will not be forgiven for having whiplash.
00:25President Biden's debt forgiveness efforts
00:27have been on again, off again, ever since he launched them.
00:30Well, this time, they're on again,
00:32thanks to a ruling by a federal judge.
00:34A restraining order temporarily blocking
00:36student debt relief will expire,
00:38paving the way for loan balances to disappear
00:41for 27.6 million Americans.
00:44With all of Biden's student loan reduction programs combined,
00:47three out of every four federal student loan borrowers
00:51could benefit, according to the Center for American Progress.
00:55The Department of Education hailed the latest ruling,
00:58which arrived a month before
00:59the November presidential elections.
01:01Quote, we will not stop fighting
01:02to fix the broken student loan system
01:05and provide support and relief
01:06to borrowers across the country.
01:09This debt forgiveness plan will help
01:10if you fall into one of these categories.
01:13One, your loan balance is larger
01:15than the amount you borrowed.
01:16Two, you've been making payments for decades.
01:19Three, you have a loan from a school
01:21facing financial trouble.
01:22Four, you qualify for a loan forgiveness program,
01:25but have yet to apply.
01:27The White House says the plan,
01:29which still has to be finalized,
01:30will save borrowers $147 billion over a decade.
01:36Republicans have tried to block
01:37all of Biden's student loan rollbacks
01:40by turning to the courts.
01:41They did score a win earlier this year with the Supreme Court.
01:45That'll do it for your daily briefing
01:46from the New York Stock Exchange.
01:48I'm Conway Giddens with The Street.