Biden forgives another $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:
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.

#biden #studentloans #politics

[BonafideGail]

Just imagine being kind and generous enough to help people on your way out when you know you won't get anything in return?!

[MrTee-deto]

Another 4.28 billion that we don't have.

[jeffreycarlton]

Why not forgive medical debt? More people have gotten into debt trying to pay bills accrued after treating their loved ones of cancer for months on end only to see them pass away. Besides, doesn't he understand that relieving the students' debt only increases the debt of every other US citizen? He is such a sadist!

[Bilbo_Schwaggins]

I just got my letter of forgiveness after making loan payments for 17 YEARS. I don't care what people say I did great during the last 4 years. I bought a house, bought a new car, completed my masters's degree (paid out of pocket no more loans thank god) and got a better job with a 20% pay increase. Thank You Joe Biden!

[BonafideGail]

It's fun to read all the comments from the self-serving who simply can't be happy for someone else getting a break. 😂😂😂

[jeffnelson]

The Supreme Court said “NO” 3 times already…

[jerrycantu]

I mean stimulus checks to u s citizens pocket

[ernest]

The criteria is, People paying on their debt for 10 years consecutively, People who can afford the loans, that didn't have any hardships, are the ones who are forgiven. 55, 000 total, who met that criteria, the children of everyone in Washington.

[Booklady]

I would like my car loan forgiven. Why not forgive home loans too? Why are college loans so "special"? Lots of partying in colleges. Good times...for free now😮 WHY???

[RooMonroe-mf]

They're not cancelled. They're shifted to tax payers.

[HiddenpatroitU]

The American People have spoken, Democratically
This will stop soon, and so many other TAX Payer's dollars abuse
*NO MORE FREE RIDES AT THE TAXPAYERS EXPENSE*

[jerrycantu]

Biden, do the right?Thank give us the help.We need cash for the new year before you leave office

[NormanSilver]

Hopefully this errant move will be stopped by the Courts. Senile Joe has to go!

[jerrycantu]

I'm not talking about student loans

[brocktonma.]

Why no tax break for those parents that saved and paid?

[LoudMouthTim]

My name better be on the list for loan forgiveness! I've never paid a penny of student loans in 25+ years, and I am not starting now! And I am a 3 time TRUMP voter!

[jerrycantu]

We need help in our pockets right now.
Not when you leave office.

[mikmik]

On graduation day, McDonalds has the smartest crews. So many college graduates have degrees in subjects that aren't employing. They need work someplace.

[idngeqh]

It took me 22 years to save to pay for my kids college, glad I also paid for people I don’t know.

[jerrycantu]

Biden I don't mean student loans I never. Then they stood in.I'm talking about stimulus checks to u s american citizens