Biden to forgive $4.28 billion in student loan debt

The Biden administration will forgive another $4.28 billion in student loan debt for 54,900 borrowers.

Transcript

00:00I'm Conway Gaines reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:05There's a moderately positive bias on Wall Street Friday amid some progress on the inflation

00:10front.

00:11The Personal Consumption Expenditures Index, or PCE, which is the Fed's preferred inflation

00:16gauge, rose by just 0.1 percent in November and 2.4 percent from a year ago.

00:23Both readings were softer than expected.

00:26It's good news, after the Federal Reserve warned earlier this week that it expects

00:30inflation to run hotter in 2025, prompting policymakers to scale back interest rate cut

00:36expectations.

00:37In other news, 55,000 student loan borrowers are about to get an early Christmas bonus.

00:43The Biden administration approved another $4.28 billion in additional student debt forgiveness.

00:50The Department of Education has been laser-focused on improving the efficiencies of a student

00:55debt relief program that knocks out debt for public service employees after 10 years

01:00of monthly payments.

01:01In a statement, Education Secretary Miguel Cardona says, quote, four years ago, the Biden-Harris

01:07administration made a pledge to America's teachers, service members, nurses, first responders

01:12and other public servants that we would fix the broken public service loan forgiveness

01:17program.

01:18And I'm proud to say that we delivered.

01:21President Biden will go down in history for forgiving more student loan debt than any

01:26other president.

01:28Under his watch, nearly $180 billion has been wiped away for roughly five million student

01:34loan borrowers.

01:35The Public Service Loan Forgiveness Program has been the place where he's been able to

01:38make the most impact since Republican opposition to block other efforts were largely successful.

01:46And that'll do it for your daily briefing from the New York Stock Exchange.

01:49I'm Conway Gittens with The Street.

01:51Thanks for tuning in.