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.
Kansas Rep. Stephanie Clayton is leaving the Republican Party behind after the GOP leaders in her state pulled their support for a bipartisan plan to fund the local education system in what she called a "power play" to damage the incoming Democratic governor.
When U.S. Attorney General Jeff Sessions moved to undermine Obama-era marijuana industry protections in January, there was little indication how pivotal 2018 would prove to be for the cannabis industry. As 2019 approaches, Cheddar is now looking ahead to next year and forecasting what's in store for the U.S. marijuana industry.
These are the headlines you Need 2 Know for Thursday, Dec. 27, 2018.
As Cheddar reflects on 2018, we are profiling the most innovative, flamboyant, and often-controversial entrepreneurs and corporate leaders who delivered the year's most memorable moments in business. Of the CEO Class of 2018, who was crowned Biggest Flirt? Class Clown? Cheddar's Sleeper Success Award Goes to Satya Nadella.
2018 was a dramatic year on the political stage ー but more drama is yet to unfold as new players enter the scene, promising more disruptions in Washington. In anticipation of a new year and a new Congress, we’re gazing into Cheddar’s Crystal Ball to bring you our predictions for the politicos to watch.
After a Christmas Eve plunge that sent the Dow Jones Industrial Average tumbling 650 points, stocks spiked in a massive rally on Wednesday, with the Dow booking the largest single day of point gains in its history.
These are the headlines you Need 2 Know for Wednesday, Dec. 26, 2018.
Hopes of a Santa Claus Rally were dashed on Monday, as markets accelerated their declines on Christmas Eve in the wake of one of the Trump administration’s most tumultuous weeks yet. The Dow Jones Industrial Average shed 650 points on Monday, putting markets on pace for their worst December since the Great Depression.
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.
With uncertainty in Washington over a looming government shutdown, investors are keeping an eye on Wall Street. As stocks look to close at their worst spot in a decade, one expert says we have yet to hit the bottom. Jason Rotman from Lido Isle Advisors talked to Cheddar about what investors can expect in the new year.
