Supreme Court Strikes Down Biden's Student Debt Relief: Stocks To Watch
Portfolio Pulse from Aaron Bry
The Supreme Court has ruled that President Biden's plan to forgive up to $10,000 of student debt for eligible Americans is unconstitutional. This has led to a decrease in the stock prices of student loan providers such as SoFi Technologies Inc, Upstart Holdings Inc, and LendingClub Corp.
June 30, 2023 | 3:48 pm
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NEGATIVE IMPACT
LendingClub Corp's stock price was trading lower on Friday following the Supreme Court's ruling.
The Supreme Court's ruling could lead to a decrease in demand for student loans, which could negatively impact LendingClub's business.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
SoFi Technologies Inc's stock price fell by about 2% following the Supreme Court's ruling.
The Supreme Court's ruling against the student debt relief plan could lead to a decrease in demand for student loans, negatively impacting SoFi's business.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Upstart Holdings Inc's stock price moved lower following the Supreme Court's announcement, but was still trading slightly in the green around noon Friday.
The Supreme Court's ruling could lead to a decrease in demand for student loans, which could negatively impact Upstart's business.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100