Biden Administration announces another round of student loan forgiveness

  • 4 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and another $7.7 billion will be forgiven in student loan debt.

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00:00I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching on
00:03the street today. Stocks react to weaker-than-expected earnings from Target as consumers
00:08pull back spending due to inflation. Separately on the earnings front, investors are looking ahead
00:13to results from Nvidia. This report is key as the stock continues to lift the tech-heavy Nasdaq.
00:19Wall Street will also be monitoring minutes from the Federal Reserve's May meeting for hints
00:24on the central bank's path forward on interest rates.
00:28In other news, the Biden administration has announced another round of student loan
00:32forgiveness. This time it plans to forgive $7.7 billion in loans for more than 160,000 borrowers.
00:40The U.S. Education Department announced $5.2 billion would be forgiven for roughly 67,000
00:47borrowers through its Public Service Loan Forgiveness Program. Another $1.9 billion
00:53will be wiped out for about 39,000 borrowers enrolled in income-driven repayment plans.
00:58That's not all. $613 million will go to about 54,000 borrowers through the administration's
01:05SAVE plan, which allows for loan forgiveness after 10 years to those who borrowed $12,000 or less.
01:12U.S. Secretary of Education Miguel Cardona said in a statement,
01:16The Biden-Harris administration remains persistent about our efforts to bring student debt relief to
01:22millions more across the country. After this newest round of relief, $167 billion in student
01:28loans have been forgiven for 4.75 million Americans. And that'll do it for your daily
01:35briefing. From the New York Stock Exchange, I'm Conway Gittens with The Street.

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