As Biden Readies Another Large-Scale Student Loan Forgiveness Plan, Here Are Stocks To Watch
Portfolio Pulse from Anthony Noto
President Joe Biden is expected to announce a new student loan forgiveness plan, following the Supreme Court's overturning of a previous plan. The Biden administration has already approved nearly $138 billion in relief, benefiting over 4 million borrowers. This news has impacted stocks of student loan collection companies, with SoFi Technologies and SLM Corp seeing increases, while Nelnet Inc. and Navient Corp experienced decreases. Discover Financial Services, rumored to be selling its student loan unit, also saw a slight increase.
April 05, 2024 | 3:43 pm
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Navient Corp's stock price was down 0.06%, trading at $16.86 a share, potentially impacted by the student loan forgiveness developments.
Navient's minor stock decrease could reflect market uncertainty about the impact of the new student loan forgiveness plan on its operations.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Nelnet Inc. saw its stock price decrease by more than 0.65%, trading at $93.05, possibly affected by the student loan forgiveness news.
Nelnet's stock decrease may be due to concerns over how the new student loan forgiveness plan could impact its loan servicing business.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Discover Financial Services saw a slight increase of 0.1%, trading at $125.11, amid rumors of selling its student loan unit.
DFS's slight stock increase could be influenced by the broader student loan forgiveness context and rumors of divesting its student loan unit.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
SLM Corp. experienced a 0.31% increase in its stock price, trading at $21.12 a share, potentially benefiting from the student loan forgiveness news.
SLM Corp's stock increase may be attributed to the anticipated positive impact of the new student loan forgiveness plan on its business.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
SoFi Technologies saw its stock price increase by more than 0.85% to $7.37 a share, likely due to its significant involvement in student loans.
SoFi's stock increase is likely due to its significant exposure to the student loan market, which could benefit from the new forgiveness plan.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80