Speaker McCarthy Says "President Biden's Student Loan Giveaway Is Ruled UNLAWFUL. The 87% Of Americans Without Student Loans Are No Longer Forced To Pay For The 13% Who Do. This Builds On The Fiscal Responsibility Act's End To The Payment Pause...
Portfolio Pulse from Happy Mohamed
Speaker McCarthy announced that President Biden's student loan forgiveness has been ruled unlawful. This means that the 87% of Americans without student loans are no longer obligated to pay for the 13% who do. This decision is in line with the Fiscal Responsibility Act's end to the payment pause.
June 30, 2023 | 4:09 pm
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NEGATIVE IMPACT
The ruling against student loan forgiveness could potentially impact SLM Corporation, a major player in the student loan industry.
SLM Corporation, also known as Sallie Mae, is a major player in the student loan industry. The ruling against student loan forgiveness could potentially lead to a decrease in the company's stock price as it may result in fewer loans being issued or increased defaults.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
SoFi, a personal finance company offering student loan refinancing, could be affected by the ruling against student loan forgiveness.
SoFi, a personal finance company offering student loan refinancing, could be affected by the ruling against student loan forgiveness. This could potentially lead to a decrease in the company's stock price as it may result in fewer loans being refinanced.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The SPY ETF, which tracks the S&P 500, could see some impact due to the ruling against student loan forgiveness, but the effect is likely to be minimal.
The SPY ETF, which tracks the S&P 500, could see some impact due to the ruling against student loan forgiveness. However, given the broad nature of the ETF, the effect is likely to be minimal.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50