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.
Tax filing season is officially upon us, just as the IRS returns to full strength following the five-week government shutdown. But tax filers should expect some turbulence along the way, said Nicole Kaeding, director of federal projects at the Tax Foundation, a tax policy think tank.
These are the headlines you Need 2 Know for Monday, Jan. 28, 2019.
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
President Trump announced on Friday that he reached a tentative deal with Democrats to reopen the government temporarily while the two sides continue to negotiate on border security. The continuing resolution would fund the government at current levels for three weeks, until Feb. 15. While Trump framed the deal as a victory, he was essentially agreeing to the same proposal that was offered by Democrats before the shutdown, which he had rejected.
President Trump's longtime ally Roger Stone was arrested Friday in connection with Robert Mueller's Russia probe. The FAA reported delays at several major airports across the U.S. because of an increase in employees taking sick leave at air traffic control centers. And Lois Backon, head of Corporate Partner Marketing for JPMorgan Chase, tells Cheddar how the bank partners with celebrities to share their financial planning tips.
Early Friday morning, FBI agents in riot gear arrested Roger Stone, a longtime Trump adviser, at his Florida home. He was charged with five counts of making false statements, one count of witness tampering and one count of obstruction, related to Special Counsel Robert Mueller's investigation into Russian meddling in the election.
These are the headlines you Need 2 Know for Friday, Jan. 25, 2019.
As the partial government shutdown enters its sixth week, it's up to moderates on both sides of the aisle to compromise on a solution to reopen the government, even if it means giving President Trump a partial victory on border funds, Sen. Mark Warner (D-Va.) told Cheddar. "Let me be clear, I'm willing to support more border security," the Virginia Democrat told Cheddar's J.D. Durkin on Wednesday. "But we ought to do it without these lives being held in hostage. Let's get the government open, even if it's for a few weeks, to let us negotiate."
It was an urgent warning from a group of professionals not known for a proclivity to scare the public. "In our risk averse industry, we cannot even calculate the level of risk currently at play, nor predict the point at which the entire system will break. It is unprecedented," the statement read in part. It was issued jointly on Wednesday, from the unions representing America's air-traffic controllers, pilots, and flight attendants.
These are the headlines you Need 2 Know for Thursday, Jan. 24, 2019.
