The Blubber

Per MW

Senator Elizabeth Warren gave comments regarding Biden's authority as the Supreme Court is trying to decide whether the student loan debt cancellation plan was legal.

Warren: “Let me be very clear, President Biden has the legal authority to cancel student-loan debt... If the Supreme Court follows the law instead of playing politics they will make clear that the Republican attempt to stop student-loan debt relief is baseless, and that that relief will go forward immediately.”

As of press time, there were over 40 million student debtors, owing $1.6 trillion in outstanding loans in Q1 2023. Despite payments being paused, it was noted that loan payments would start again on October 1, 2023.

Student Borrower Protection Center senior advisor for policy and strategy, Aissa Canchola Banez, gave a statement regarding the HEROES Act, which would have seen the cancellation of some student debt.

Banez: “I was the first person in my family to graduate from college. My daddy ended up as a janitor, but I had a chance to go to school because I went to a commuter college that cost $50 a semester,”

In May, it was announced that the Biden administration would forgive $42 billion student loan debt for public service workers. A month before this, the Supreme Court allowed $6 billion in student loan settlement.

See flow at unusualwhales.com/flow.

Other News:

• Biden administration forgives $42 billion student loan debt for public service workers
• Supreme Court allows $6 billion student loan debt settlement, per CNBC

Resources:

MarketWatch