$5 billion in student debt cancelled by the Biden administration – Here’s who’s qualified

TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Friday, January 19.

Full Video Transcript Below:

J.D. DURKIN: I’m J.D. Durkin – reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.

Stocks are coming off a winning session after big tech helped prop up the market – the S&P 500 came within striking distance of hitting a fresh record high.

Investors are also watching developments in Washington after Congress passed a bill to avoid a partial government shutdown. This measure will keep the government funded into March.

In other news – continuing with President Joe Biden’s vow to cancel at least $10,000 of student debt per person, his administration announced it will forgive another $4.9 billion in student loans for more than 73,000 Americans.

“According to the U.S. Department of Education, $3.2 billion will go to roughly 44,000 borrowers who have worked in public service for at least a decade. The remaining $1.7 billion will help almost 30,000 Americans who are enrolled in income-driven repayment plans.

U.S. Secretary of Education Miguel Cardona said, “The Biden-Harris administration has worked relentlessly to fix our country’s broken student loan system and address the needless hurdles and administrative inaccuracies that, in the past, kept borrowers from getting the student debt forgiveness they deserved.”

According to the White House, the Biden administration has canceled more than $136 billion in student debt for almost 4 million Americans.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.

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