Protesters in favor of student loan relief gathered outside the Supreme Court on Tuesday morning, demanding that the top jurists side with President Biden as they hear two cases challenging his signature student loan debt relief policy.
Biden’s relief program looks to cancel $10,000 of student debt for low- to middle-income borrowers and $20,000 for Pell Grant recipients, but the legal challenges have put the program on hold while the Supreme Court hears the arguments for the cases that jeopardize it.
Activists who showed up ahead of oral arguments told Cheddar that Americans should not have to be burdened with so much student debt.
"I went to college as a first generation college student. My FAFSA said we had zero expected family contribution," said Kristin McGuire, executive director of the advocacy group Young Invincibles. "I borrowed $20,000 to finance my college education, and I currently owe over $55,000."
“We're almost 20 years later, and my debt has doubled. And Americans should not have to go through that,” McGuire continued.
Democratic Rep. Ayanna Pressley (Mass. District 7) also made an appearance outside the Supreme Court.
"The people demand and deserve student debt cancellation," Pressley told the crowd. "Student debt cancellation will change and save lives."
Pressley said that Republican officials are “disconnected from the hardship of everyday folks who are burdened by this debt” and “chose obstruction.”
But, Republicans have called Biden’s plan fiscally irresponsible.
“Our nation is facing a staggering $31 trillion worth of debt and we have closed in on the debt ceiling, yet the Biden administration is still attempting to cancel millions of dollars in student loans,” Senator Rick Scott of Florida has said. “The reality is, a blanket forgiveness of student loans only benefits a small percentage of the population at the expense of millions of other hard working Americans."
The Court’s decisions won’t be released until the early summer, but 26 million people have already applied for the program, with 16 million having already been approved.
In February, Senator Jeff Merkley (D-Ore.) and Representative Jamaal Bowman (D-N.Y. 16th District) introduced the Fair College Admissions for Students Act. The bill looks to curb the admissions advantage given to the children of alumni and donors for colleges and universities. Sen. Merkley joined Cheddar news to discuss the push behind the legislation. "My dad was a mechanic. I was applying to schools around the country. I never thought about the fact that those students who came from the most privileged backgrounds also got a special advantage in applying to college," he said. "They take up 10-25 percent of the slots at many of our universities, and so this is kind of affirmative action for those who need it least rather than a level playing field for everyone else." If enacted, the law would amend the Higher Education Act of 1965 doing away with legacy or donor status admissions for any school participating in the federal student aid program.
Nancy Daoud, a private wealth adviser for Ameriprise Financial, joins Cheddar News' Closing Bell, where she discusses what led to a sharp spike on Wall Street during Tuesday's session and what she will be watching for most closely when the Fed announces it latest policy decision on Wednesday.
Russia's economy is effectively at a standstill after it was slapped with extensive western sanctions, and now it has to make the first of four monthly interest payments on dollar bonds. It's likely the country will not be able to pay — so what happens next? Major credit ratings agencies have downgraded Russian sovereign debt, with Fitch issuing a 'C' rating and S&P Global Ratings issuing a 'CCC-' rating. Caleb Silver, Editor in Chief of Investopedia, joins Closing Bell to discuss what a Russian debt default could mean for Russia's economy, U.S. consumers who have pensions with exposure to Russian assets, and whether this could create a global financial crisis.
With the number of Ukrainians being displaced due to the Russian invasion surging, two students from Harvard took it on themselves to develop a website to help connect potential hosts with refugees seeking housing. The co-founder of the website Ukraine Takes Shelter, Marco Burstein, joined Cheddar news to discuss working together with fellow freshman Avi Schiffmann to streamline the effort to aid Ukrainian refugees. "We basically worked for three days straight developing the website, and since then the response has been pretty incredible," Burstein said.
Over three weeks ago, WNBA player Brittney Griner was arrested in Russia on drug charges. According to reports, the Star arrived at an airport near Moscow where authorities found Vape cartridges and hashish oil in her luggage. Grindr faces serious charges that could carry a possible sentence of 5-10 years in a Russian prison. Experts warn that Griner's arrest could be used as a bargaining chip. Partner at Stroock & Stroock & Lavan, Thomas Firestone, joined Cheddar to discuss more.
On a live broadcast, an employee on a Russian state news television channel held up a sign protesting propaganda about the war in Ukraine. Ruslan Deynychenko, executive director of the Ukrainian fact-checking organization StopFake, joined Cheddar News to discuss what he called the misinformation spread to the Russian people about the invasion. "They are not about informing people they are about brainwashing people," he said. "Russian government uses their media as an instrument, as a tool, of their foreign policy."
Student loan payments for millions of borrowers are set to resume on May 1st. However, signals from the Department of Education show that the date may be pushed back. Once again, it's been pushed back a few times. Initially, the Biden Administration stated loan payments would resume as the economy continues to show signs of recovery. Student Loan Expert and Author of "How to Appeal for More College Financial Aid", Mark Kantrowitz, joined Cheddar to discuss more.
