Biden Erases $39B In Student Debt, But Payments Resume For Many: Here's When They Restart, Deferment Options
Portfolio Pulse from Aaron Bry
President Joe Biden's administration will erase $39 billion of student debt for over 800,000 Americans, despite the Supreme Court's decision to strike down widespread student debt relief plans. The administration will work around the court's decision by updating a technical requirement under a long-existing program. Student loan interest is set to resume in September, while payments will restart in October. Several publicly traded loan servicers, including Sofi Technologies Inc (NASDAQ:SOFI), Nelnet Inc (NASDAQ:NNI) and Discover Financial Services (NYSE:DFS), have been impacted by the Supreme Court's decision.
July 14, 2023 | 7:09 pm
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POSITIVE IMPACT
Discover Financial Services' stock has been impacted by the Supreme Court's decision to overturn Biden's debt relief plan.
The Supreme Court's decision to overturn Biden's debt relief plan has led to a resumption of student loans, which could increase the demand for Discover's loan services, potentially driving up its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Nelnet Inc's stock has been impacted by the Supreme Court's decision to overturn Biden's debt relief plan.
The Supreme Court's decision to overturn Biden's debt relief plan has led to a resumption of student loans, which could increase the demand for Nelnet's loan services, potentially driving up its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Sofi Technologies Inc's stock has been impacted by the Supreme Court's decision to overturn Biden's debt relief plan.
The Supreme Court's decision to overturn Biden's debt relief plan has led to a resumption of student loans, which could increase the demand for Sofi's loan services, potentially driving up its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80