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Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Investors treaded lightly on Thursday - ahead of the crucial monthly employment report. Friday’s data could support the Federal Reserve decision to make a big interest rate cut in September or spark fear that even more rate cuts are needed to prevent the labor market from softening too much.
Related: Average Americans are not prioritizing 401(k)s, student loans, and family planning
In other news - If you have a student loan you will not be forgiven for having whiplash. President Biden’s debt forgiveness efforts have been on again, off again ever since he launched them. Well, this time it’s on again, thanks to a ruling by a Federal judge.
A restraining order temporarily blocking student debt relief will expire, paving the way for loan balances to disappear for 27.6 million Americans. With all of Biden’s student loan reduction programs combined, three out of every four federal student loan borrowers could benefit, according to the Center for American Progress.
The Department of Education hailed the latest ruling, which arrived a month before the November presidential elections. “We will not stop fighting to fix the broken student loan system and provide support and relief to borrowers across the country.”
This debt forgiveness plan will help if you fall into one of these categories: 1. Your loan balance is larger than the amount you borrowed. 2. You’ve been making payments for decades. 3. You have a loan from a school facing financial trouble. 4. You qualify for a loan forgiveness program but have yet to apply.
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The White House says the plan, which still has to be finalized, will save borrowers $147 billion over a decade.
Republicans have tried to block all of Biden’s student loan rollbacks by turning to the courts. They did score at win earlier this year with the Supreme Court
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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