Biden Administration forgives another $7.4 billion in student debt

The Street

TheStreet’s Caroline Woods brings you the biggest news of the day, including what investors are watching and the Biden Administration’s continued effort to curb student loan debt.

Transcript

00:00 I'm Caroline Woods reporting from the New York Stock Exchange.

00:03 Here's what we're watching on the street today.

00:06 Stocks are looking to round out a mixed week after seeing both red and green throughout

00:10 the week.

00:11 Investors are reacting to a trio of big bank earnings.

00:15 JP Morgan, Citi and Wells Fargo all reported before the opening bell and all three beat

00:20 Wall Street's estimates.

00:22 The earnings parade will continue next week with big names like Netflix, American Express

00:27 and Bank of America set to report.

00:30 In other news, the Biden administration has announced another round of student loan forgiveness.

00:35 The White House plans to forgive $7.4 billion in student loan debt for 277,000 borrowers.

00:43 206,000 will have a collective $3.6 billion in debt wiped out through the administration's

00:48 saving on a valuable education plan.

00:51 65,000 will see their debt erased through the Department of Education's income-driven

00:55 repayment plans and 4,600 will have their debt taken care of through a program for public

01:00 servants.

01:01 Of the latest round of debt forgiveness, U.S. Secretary of Education Miguel Cardona said,

01:06 quote, "As long as there are people with overwhelming student debt competing with basic needs such

01:11 as food and health care, we will remain relentless in our pursuit to bring relief to millions

01:16 across the country."

01:18 The Biden administration has forgiven $153 billion in debt for more than 4 million Americans

01:24 since the president took office.

01:27 That'll do it for your daily briefing from the New York Stock Exchange.

01:30 I'm Caroline Woods with The Street.

01:32 Thanks.

01:33 [BLANK_AUDIO]

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