Biden’s plan to salvage student loan relief

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first . border{padding:5px 5px 15px 25px;border-top:0;border-right:0;border-bottom:15px solid transparent;border-left:0}} Welcome to The Hill’s Business & Economy newsletter{beacon} Business & Economy Business & Economy The Big Story Biden already plotting next steps for student debt reliefPresident Biden said on Friday that he is already setting his sights on another course to provide student debt relief to “as many borrowers as possible as quickly as possible. ” © AP Photo “We will ground this new approach in a different law than my original plan, with the so-called Higher Education Act (HEA),” the president said, shortly after the Supreme Court struck down a previous plan pursued by the Biden administration to provide sweeping student loan forgiveness.

  While it’s not yet clear how much relief borrowers could be eligible under the proposal, the previous plan pushed by the White House would have granted up to $20,000 in student loan forgiveness.   Biden said on Friday that Education Secretary Miguel Cardona has already begun taking steps to initiate the rulemaking process for the backup plan.   The process could go well to the end of 2023, but the administration said it will try to move “as quickly as possible.

”   Under the HEA, advocates argue it allows the Education secretary to “compromise, waive or release” students loans. This path will require a public comment and notice period before it could go into effect.   Biden also announced an “on-ramp” repayment program for borrowers who may miss payments when they resume this fall.

  It would remove the threat of default or harm to credit ratings because the Education Department won’t refer borrowers who miss payments to collection agencies or credit bureaus for 12 months.   “If you can pay your monthly bills you should, but if you cannot, if you miss payments, this on-ramp temporarily removes the threat of default or having your credit harmed,” Biden said.   The Hill’s Lexi Lonas and Alex Gangitano delve further here.

  Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue. Did someone forward you this newsletter? Subscribe here. Essential Reads  Key business and economic news with implications this week and beyond: Teamsters hold off on strike after UPS counteroffer Members of the International Brotherhood of Teamsters and UPS will not strike Friday and are going back to the negotiating table after the delivery company gave the union a new counteroffer amid heated contract negotiations.

 Full Story Apple is now the first public company to be valued at $3 trillionApple became the first publicly traded company to close a trading day with a $3 trillion market value, marking another milestone for a technology juggernaut that has reshaped society with a line-up of products that churn out eye-popping profits.  Full Story Home prices are down only slightly from their peak: reportHome prices cooled only marginally in June, falling just 1 percent from their peak last year, according to a new report.    Full Story Why flight delays, heavy traffic could wreak havoc during the July 4th weekendMillions of travelers are set to take flight this weekend ahead of Independence Day after a week of turbulent conditions that led to thousands of delays and cancellations.

   Full Story The Ticker  Upcoming news themes and events we’re watching: #list-r15c0m2 ul{margin: 0 !important; padding: 0 !important;} #list-r15c0m2 ul li{mso-special-format: bullet;}#list-r15c0m2 . levelOne li {margin-top: 0 !important;} #list-r15c0m2 . levelOne {margin-left: -20px !important;}#list-r15c0m2 .

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levelSix {margin-left: 200px !important;} The Bureau of Labor Statistics releases its Employment Situation report for June next Friday at 8:30 am ET. In Other News Branch out with more stories from the day: It’s almost time to resume student loan payments. What happens if you don’t?After three years, the pandemic-era freeze on federal student loan payments will end this fall and more than 40 million Americans will have to start making payments again under the terms of a debt ceiling deal approved by Congress.

Full Story Good to Know  Business and economic news we’ve flagged from other outlets: #list-r20c0m2 ul{margin: 0 !important; padding: 0 !important;} #list-r20c0m2 ul li{mso-special-format: bullet;}#list-r20c0m2 . levelOne li {margin-top: 0 !important;} #list-r20c0m2 . levelOne {margin-left: -20px !important;}#list-r20c0m2 .

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levelNine {margin-left: 332px !important;}#list-r20c0m2 . levelTen li {margin-top: 0 !important;} #list-r20c0m2 . levelTen {margin-left: 376px !important;} S&P 500 rises on Friday to close out big first half, Nasdaq posts best start to a year in 4 decades (CNBC) A $1.

8 Trillion Student Debt Burden Set to Again Threaten US Consumers (Bloomberg) Americans are growing optimistic about inflation (CNN) What Others are Reading  Top stories on The Hill right now:Biden plots new course to get relief for student borrowersPresident Biden on Friday announced new actions to offer student loan borrowers some forgiveness, reintroducing his forgiveness plan grounded in the Higher Education Act (HEA). Read moreGen Zers make ‘difficult’ employees, managers say Three-quarters of bosses find Generation Z workers a trifle difficult, a corporate survey has found. A poll of 1,344 managers and business leaders by ResumeBuilder.

com found that 74 percent consider Gen Z employees more challenging than older staffers. Read more You’re all caught up. See you next week! .