U.S. court rules in favor of Biden’s student loan repayment plan
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Published 2024-07-01
Transcript:
CONWAY GITTENS: Here’s what we’re watching on TheStreet today.
Wobbly is the best way to describe how Wall Street kicked off the second half of the trading year. Mixed signs from the factory floor gave investors reasons to be both worried and hopeful. Manufacturing activity shrank for the third straight month, according to the Institute for Supply Management. However, prices paid, a measure of inflation, hit a six-month low in June and new orders rebounded from a two-year low.
In other news, some student loan borrowers may be able to breathe a sigh of relief - at least for now. A federal appeals court has given the go-ahead to a White House debt relief plan, overturning a lower court’s injunction.
The 10th Circuit of Appeal’s ruling allows part of the Biden White House’s ‘Saving on a Valuable Education,’ or ‘SAVE’ plan, to kick in on schedule, even though legal challenges still remain. As part of this plan, monthly payments are capped at 5 percent of a borrower's discretionary income. Meanwhile, those with an income below $32,800 will see payments drop to zero.
However, another part of the plan, aimed at total debt forgiveness, remains halted by the courts.
Roughly 8 million Americans have signed up for ‘SAVE.’ By April, $4.8 billion in debt relief had been given to 360,000 Americans. Since President Biden took office, $167 billion in student loans have been forgiven for 4.75 million people.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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All Comments (21)
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"A court" the Supreme Court will overturn this.
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Thank God the courts MOSTLY have taxpayer's backs.
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Buy those votes Brandon!!!!
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Bullshit unless they wanna pay the Bill.
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I worked & paid my own way thru college...as have many others...no freebies!!
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How in the world can a legitimate court force people who did not have the opportunity to go to colledge ,pay for others to get to go free ? This is so messed up! Those who get their education free should have to pay back taxes and it should be given to those whose tax money got them where they are.Reperations if you will!
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I think that's wrong. I think Congress should vote on that. The supreme Court said it was against the law to take the taxpayers money and pay somebody else's debt with it. You went to school then you're responsible for it as long as you come out and do what you wanted to do. We the American people should not pay for your school. We pay for public schools, not college
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Now do you see why is Ability to Pardon and such needs revoked.Hes not In his right mind.Prove me wrong
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Jo just lectured nobodys above the law, right???????
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All of a sudden things are miraculously getting pushed thru its so transparent and tactical for voting season.
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The court is WRONG, Wrong wrong! These people signed a “LEGAL” contract promising to pay it back. Legal contracts are binding and others should NEVER be forced to pay someone else’s debt unless outlined by law i.e. spouse or parents, etc.
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The year my on was born, we began saving for college, even with that he worked also for his personal wants and needs!
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I would like the racial makeup background of those debt for people who was forgiven
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You borrowed it, you PAY FOR IT. If you were sold a worthless degree, sue your school, NOT THE TAXPAYER!
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This will not pass no student loans will be forgiven!
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I shouldn't have to pay off others school loans!!!!
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Really grasping at the votes huh?
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Loans are not forgiven. The taxpayers have to pay.
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Just got back from Europe. Now I know what the kids are doing with their student loan forgiveness 🤔
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How does this help future students? Maybe lower to cost of college would be a better act to helps students??
