Últimas noticias sobre SLM (NASDAQ:SLM) Bolsa

SLM Corp is the largest student lender in the country. It makes and holds student loans through the guaranteed Federal Family Education Loan Program as well as through private channels. It also engages in debt-management operations, including accounts receivable and collections services, and runs college savings programs.

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SLM (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLM#NASDAQ">SLM</a>) is set to give its latest quarterly earnings report on Wednesday, 2024-10-23. Here's what investors need to know before the announcement.
Analysts estimate that SLM will report an earnings per share (EPS) of $0.06. 
SLM bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Earnings History Snapshot</h3>
During the last quarter, the company reported an EPS beat by $0.27, leading to a 2.71% drop in the share price on the subsequent day.
Here's a look at SLM's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.84</td>
<td>1.07</td>
<td>0.89</td>
<td>0.31</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>1.11</td>
<td>1.27</td>
<td>0.72</td>
<td>0.11</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-3.0%</td>
<td>-1.0%</td>
<td>3.0%</td>
<td>1.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1729620160_0.png" alt="eps graph" />
<h3>Tracking SLM's Stock Performance</h3>
Shares of SLM were trading at $22.95 as of October 21. Over the last 52-week period, shares are up 76.64%. Given that these returns are generally positive, long-term shareholders should be satisfied going into this earnings release. 
<h3>Insights Shared by Analysts on SLM</h3>
For investors, grasping market sentiments and expectations in the industry is vital. This analysis explores the latest insights regarding SLM.
With 10 analyst ratings, SLM has a consensus rating of Outperform. The average one-year price target is $26.8, indicating a potential 16.78% upside.
<h3>Analyzing Analyst Ratings Among Peers</h3>
The below comparison of the analyst ratings and average 1-year price targets of and Enova International, three prominent players in the industry, gives insights for their relative performance expectations and market positioning.
<ul>
<li>The consensus outlook from analysts is an Outperform trajectory for Enova International, with an average 1-year price target of $90.5, indicating a potential 294.34% upside.</li>
</ul>
<h3>Key Findings: Peer Analysis Summary</h3>
The peer analysis summary outlines pivotal metrics for and Enova International, demonstrating their respective standings within the industry and offering valuable insights into their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>Credit Acceptance</td>
<td>Sell</td>
<td>12.42%</td>
<td>$330.70M</td>
<td>-2.94%</td>
</tr>
<tr>
<td>Enova International</td>
<td>Outperform</td>
<td>25.83%</td>
<td>$299.24M</td>
<td>4.69%</td>
</tr>
</tbody>
</table>

Key Takeaway:
SLM ranks higher in Revenue Growth compared to its peers. However, it lags behind in Gross Profit and Return on Equity. Overall, SLM is positioned in the middle among its peers based on the provided metrics.
<h3>Unveiling the Story Behind SLM</h3>
SLM Corp is the largest student lender in the country. It makes and holds student loans through the guaranteed Federal Family Education Loan Program as well as through private channels. It also engages in debt-management operations, including accounts receivable and collections services, and runs college savings programs.
<h3>Financial Milestones: SLM's Journey</h3>
Market Capitalization Analysis: The company exhibits a lower market capitalization profile, positioning itself below industry averages. This suggests a smaller scale relative to peers.
Revenue Challenges: SLM's revenue growth over 3 months faced difficulties. As of 30 June, 2024, the company experienced a decline of approximately -3.15%. This indicates a decrease in top-line earnings. When compared to others in the Financials sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Net Margin: SLM's net margin surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 48.13% net margin, the company effectively manages costs and achieves strong profitability.
Return on Equity (ROE): SLM's ROE excels beyond industry benchmarks, reaching 12.7%. This signifies robust financial management and efficient use of shareholder equity capital.
Return on Assets (ROA): The company's ROA is a standout performer, exceeding industry averages. With an impressive ROA of 0.87%, the company showcases effective utilization of assets.
Debt Management: SLM's debt-to-equity ratio is notably higher than the industry average. With a ratio of 2.66, the company relies more heavily on borrowed funds, indicating a higher level of financial risk.
<a href="https://www.benzinga.com/quote/SLM/earnings">To track all earnings releases for SLM visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

Earnings Preview: SLM

<a href="https://www.cnbc.com/2024/10/21/biden-student-loan-payment-pause-save-plan.html">https://www.cnbc.com/2024/10/21/biden-student-loan-payment-pause-save-plan.html</a>
Federal student loan payments for some 8 million borrowers will remain on pause for six months or longer, a spokesperson for the U.S. Department of Education said.&nbsp;
The development on Monday comes as the administration has been dragged into a slew of legal battles waged by Republicans over its recent student loan relief efforts.&nbsp;
&nbsp;
The borrowers who are excused from their monthly payments are those enrolled in the Biden administration's new SAVE plan.&nbsp;&nbsp;

Macro Economic Events

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SOFI

'Biden Extends Student Loan Payment Pause By 6 Months For 8 Million Save Plan Borrowers' - CNBC

Barclays analyst Mark Devries maintains SLM (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLM#NASDAQ">SLM</a>) with a Overweight and raises the price target from $23 to $27.

Price Target

Analyst Ratings

Barclays Maintains Overweight on SLM, Raises Price Target to $27

SLM's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLM#NYSE">SLM</a>) short percent of float has risen 8.79% since its last report. The company recently reported that it has 7.67 million shares sold short, which is 4.21% of all regular shares that are available for trading. Based on its trading volume, it would take traders 4.94 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>SLM Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728394225_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for SLM has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing SLM's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, SLM's peer group average for short interest as a percentage of float is 6.58%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

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How Is The Market Feeling About SLM?

JP Morgan analyst Richard Shane maintains SLM (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLM#NASDAQ">SLM</a>) with a Neutral and lowers the price target from $25 to $24.

JP Morgan Maintains Neutral on SLM, Lowers Price Target to $24

<a href="https://www.cnbc.com/2024/10/03/student-loan-forgiveness-plan-goes-ahead-biden.html" title="https://www.cnbc.com/2024/10/03/student-loan-forgiveness-plan-goes-ahead-biden.html">https://www.cnbc.com/2024/10/03/student-loan-forgiveness-plan-goes-ahead-biden.html</a>

'Biden Administration Can Move Forward With Student Loan Forgiveness, For Now' - CNBC

Sallie Mae Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLM#NASDAQ">SLM</a>) stock is trading higher on Wednesday. Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) initiated coverage of the student loan provider with a Buy rating and set a <a href="https://www.benzinga.com/insights/analyst-ratings/24/09/41012042/demystifying-slm-insights-from-7-analyst-reviews">price target of $27</a>.
The Details: Sallie Mae currently holds a 58% market share in private student loans, however, the bank indicates there&#8217;s room for growth, describing the lender as &#8220;poised for market share gains.&#8221;
Bank of America points to growth in college enrollment, increase in the price of college and competitors leaving the student loan market to support its market share growth belief. Specifically, the bank stated that college enrollment is estimated to grow by about 4% by 2027 and the cost of college has increased at a 3% compound annual growth rate since 1993-94.
The bank pointed to the past as evidence of Sallie Mae&#8217;s ability to take advantage of competitors exit from the market. For instance, the lender increased its market share by 60pbs during the 2021-22 school year following Wells Fargo&#8217;s exit.
Also, the bank highlighted the lender&#8217;s focus on high credit-quality consumers. It stated that less than 8% of borrowers at the time of originations had a credit score lower than 670. Next, the note recognized the lender&#8217;s efficient business model.
&#8220;Sallie Mae began a strategy in 2020 in which it seeks to minimize balance sheet growth and accelerate share repurchases by selling student loans at high execution levels due to its strong credit profile. Through the &#8220;loan sale arbitrage&#8221; strategy, SLM has driven attractive returns, while not needing to expand capital levels to sustain its industry leading origination volumes,&#8221; said the bank.
Bank of America also recognized some risks to its thesis including, scrutiny by oversight organizations like the Consumer Financial Protection Bureau and a growing number of students choosing to consolidate or refinance with firms that offer interest rates lower than Sallie Mae&#8217;s.
Related Link: <a href="https://www.benzinga.com/news/24/09/40971831/putin-ally-who-unveiled-tesla-cybertruck-with-machine-gun-last-month-now-says-elon-musk-remotely-dis?itm_source=parsely-api">Putin Ally Who Unveiled Tesla Cybertruck With Machine Gun Last Month Now Says Elon Musk &#8216;Remotely Disabled&#8217; The Militarized EV</a>
SLM Price Action: At the time of writing, Sallie Mae shares are trading 1.90% higher at $21.94, according to data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.
Image: Photo via Shutterstock

Movers

What's Going On With Sallie Mae Stock Wednesday?

B of A Securities analyst Nathaniel Richam-Odoi initiates coverage on SLM (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLM#NASDAQ">SLM</a>) with a Buy rating and announces Price Target of $27.

Initiation

B of A Securities Initiates Coverage On SLM with Buy Rating, Announces Price Target of $27

In the latest quarter, 7 analysts provided ratings for SLM (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLM#NASDAQ">SLM</a>), showcasing a mix of bullish and bearish perspectives.
The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets assessed by analysts reveal further insights, featuring an average target of $27.14, a high estimate of $29.00, and a low estimate of $25.00. Marking an increase of 7.96%, the current average surpasses the previous average price target of $25.14. 
<img src="https://www.benzinga.com/files/images/story/2024/1727200842_0.png" alt="price target chart" />
<h2>Diving into Analyst Ratings: An In-Depth Exploration</h2>
The standing of SLM among financial experts becomes clear with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>David Chiaverini</td>
<td>Wedbush</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$26.00</td>
<td>$29.00</td>
</tr>
<tr>
<td>Michael Kaye</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Overweight</td>
<td>$27.00</td>
<td>$24.00</td>
</tr>
<tr>
<td>Jon Arfstrom</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$27.00</td>
<td>$25.00</td>
</tr>
<tr>
<td>Mark Devries</td>
<td>Deutsche Bank</td>
<td>Raises</td>
<td>Buy</td>
<td>$29.00</td>
<td>$25.00</td>
</tr>
<tr>
<td>Richard Shane</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$25.00</td>
<td>$23.00</td>
</tr>
<tr>
<td>Sanjay Sakhrani</td>
<td>Keefe, Bruyette &amp; Woods</td>
<td>Raises</td>
<td>Outperform</td>
<td>$27.00</td>
<td>$25.00</td>
</tr>
<tr>
<td>David Chiaverini</td>
<td>Wedbush</td>
<td>Raises</td>
<td>Outperform</td>
<td>$29.00</td>
<td>$25.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to SLM. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering insights into predictions, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of SLM compared to the broader market.</li>
<li>Price Targets: Analysts gauge the dynamics of price targets, providing estimates for the future value of SLM's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Assessing these analyst evaluations alongside crucial financial indicators can provide a comprehensive overview of SLM's market position. Stay informed and make well-judged decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/SLM/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on SLM analyst ratings.</a>
<h2>All You Need to Know About SLM</h2>
SLM Corp is the largest student lender in the country. It makes and holds student loans through the guaranteed Federal Family Education Loan Program as well as through private channels. It also engages in debt-management operations, including accounts receivable and collections services, and runs college savings programs.
<h3>Breaking Down SLM's Financial Performance</h3>
Market Capitalization Perspectives: The company's market capitalization falls below industry averages, signaling a relatively smaller size compared to peers. This positioning may be influenced by factors such as perceived growth potential or operational scale.
Revenue Challenges: SLM's revenue growth over 3 months faced difficulties. As of 30 June, 2024, the company experienced a decline of approximately -3.15%. This indicates a decrease in top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Financials sector.
Net Margin: SLM's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 48.13%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): SLM's financial strength is reflected in its exceptional ROE, which exceeds industry averages. With a remarkable ROE of 12.7%, the company showcases efficient use of equity capital and strong financial health.
Return on Assets (ROA): SLM's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 0.87% ROA, the company effectively utilizes its assets for optimal returns.
Debt Management: The company faces challenges in debt management with a debt-to-equity ratio higher than the industry average. With a ratio of 2.66, caution is advised due to increased financial risk.
<h2>The Significance of Analyst Ratings Explained</h2>
Analyst ratings serve as essential indicators of stock performance, provided by experts in banking and financial systems. These specialists diligently analyze company financial statements, participate in conference calls, and engage with insiders to generate quarterly ratings for individual stocks.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights">Click here to stay ahead of the market</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Demystifying SLM: Insights From 7 Analyst Reviews

Wedbush analyst David Chiaverini maintains SLM (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLM#NASDAQ">SLM</a>) with a Outperform and lowers the price target from $29 to $26.

Wedbush Maintains Outperform on SLM, Lowers Price Target to $26

Millions of Americans are poised to take hits to <a href="https://www.benzinga.com/top-stories/24/08/40611128/us-supreme-court-declines-to-revive-biden-administrations-student-debt-relief-plan">their credit ratings</a> as the Biden administration&#8217;s one-year moratorium on reporting late student loan payments to credit agencies will come to an end in just a few weeks.
About 9.7 million, or 29%, of student loan borrowers in the U.S. were late on payments, according a <a href="http://chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.gao.gov/assets/880/870313.pdf">report </a>released in late July by the Government Accountability Office. About 60% of those borrowers were at least three months behind in payments.
 In March 2020, a forbearance on student loans put in place by former President Donald Trump allowed borrowers to stop making loan payments without incurring interest costs and getting reported to the credit agencies.
Read Also: <a href="https://www.benzinga.com/top-stories/24/08/40611128/us-supreme-court-declines-to-revive-biden-administrations-student-debt-relief-plan">US Judge Temporarily Blocks Biden&#8217;s Latest Student Loan Relief Plan: Why It Matters</a>
That forbearance ended on Sept. 30, 2023, so President Joe Biden implemented a 12-month &#8220;on-ramp&#8221; period during which student loan servicers could not report loan delinquencies to credit agencies.
That provision will end on Sept. 30, leaving millions of borrowers who are still late on their loans open to damaging hits to their credit scores, which banks use to approve loans, landlords use to approve rental agreements and so on. 
Transfers from Education to the Treasury indicate a steady fall in student loan repayments over the past year. Last summer, monthly transfers were about $7 billion, but that figure fell last month the figure to $4.1 billion.
The Biden administration has forgiven some $168.5 billion in student debt through various programs, but the courts have blocked its attempts to pass a Save on a Valuable Education (SAVE) student loan relief program.
Most recently, U.S. District Judge J. Randal Hall temporarily blocked the Biden administration&#8217;s latest student debt relief plan on Sept. 5 in a lawsuit brought by Seven Republican-led states.
Price Action:&nbsp;Student loan servicers fell and rose into Monday's mid-afternoon trading.
<ul>
<li>SoFi Technologies, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) gained 1.50% to $7.11</li>
<li>Navient Corporation&nbsp;(NASDSQ: NAVI) declined 1.70% to $15.57</li>
<li>SLM Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLM#NASDAQ">SLM</a>) rose 0.62% to $20.26</li>
</ul>
Meanwhile, exchange-traded funds that hold SoFi shares registered gains.
<ul>
<li>Trenchless Fund ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RVER#NASDAQ">RVER</a>) rose 1.32%</li>
<li>ARK Fintech Innovation ETF&nbsp;&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>) went up 2.47%</li>
<li>VanEck Social Sentiment ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BUZZ#NYSE">BUZZ</a>) gained 1.95%</li>
<li>Global X FinTech ETF&nbsp;&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FINX#NASDAQ">FINX</a>) went up 1.92%</li>
<li>Gabelli Financial Services Opportunities ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GABF#NYSE">GABF</a>) rose 1.95% </li>
</ul>
Now Read: <a href="https://www.benzinga.com/trading-ideas/technicals/24/09/40779935/stock-of-the-day-amazon-delivers-a-trading-lesson-on-reversal-patterns">Stock Of The Day — Amazon Delivers A Trading Lesson On Reversal Patterns</a>
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Student Loan Protection Soon Ends, 9.7M Borrowers Should Be Worried About Their Credit Ratings

U.S. District Judge J. Randal Hall on Thursday temporarily blocked the Biden administration's latest student debt relief plan in a lawsuit brought by <a href="https://www.benzinga.com/personal-finance/24/09/40696394/inflation-jobs-and-taxes-how-trump-and-harris-economic-policies-differ">seven Republican-led states (Missouri, Georgia, Alabama, Arkansas, Florida, North Dakota and Ohio). </a>
The Details: Judge Hall issued a<a href="https://fingfx.thomsonreuters.com/gfx/legaldocs/mopaqgblapa/09052024studentloan.pdf"> temporary restraining order</a> after Republican state attorneys general<a href="https://www.reuters.com/legal/republican-led-us-states-sue-over-new-biden-student-debt-relief-plan-2024-09-03/"> </a>filed a lawsuit to block a rule the Education Department proposed which would allow it to provide full or partial deft relief to certain types of borrowers.
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The judge determined that the suit had established a likelihood of proving the Education Department lacked authority to cancel student loans.&nbsp;
&#8220;This is especially true in light of the recent rulings across the country striking down similar federal student loan forgiveness plans,&#8221; Hall wrote.
Last week, the U.S. Supreme Court rejected a Biden administration plea in a separate case that <a href="https://www.benzinga.com/news/24/08/40633593/whats-going-on-with-sofi-technologies-stock">sought to revive</a> the Savings on a Valuable Education (SAVE) plan to provide relief to borrowers with federal student loan debt.
Why It Matters: The court&#8217;s denial is potentially a positive development for student loan providers including SoFi Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>), Navient Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NAVI#NASDAQ">NAVI</a>) and SLM Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLM#NASDAQ">SLM</a>). Student loan providers would lose revenue in the form of interest payments and loan origination fees if student loan forgiveness or deferment resulted from a debt relief plan. 
SOFI, NAVI, SLM Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, SoFi Technologies shares ended Thursday's session down 2.94% at $7.26, Navient shares closed down 0.25% at $15.99 and SLM shares ended Thursday 0.99% lower at $20.93.
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US Judge Temporarily Blocks Biden's Latest Student Loan Relief Plan: Why It Matters

U.S. Judge Temporarily Blocks New Biden Student Debt Forgiveness Plan At Urging Of Republican-Led States

Macro Notification

Republican-Led States File Lawsuit Against Biden's New Student Debt Forgiveness Plan​

The Supreme Court rejected a <a href="https://www.benzinga.com/government/24/07/39849095/appeals-court-blocks-bidens-save-student-loan-debt-relief-plan">Biden administration plea </a>Wednesday that sought to revive the Savings on a Valuable Education (SAVE) plan to tackle federal student loan debt.
In a brief order, the court denied an emergency request filed by the administration that sought to lift a nationwide injunction imposed by an appeals court. 
There were no noted dissents, CNBC <a href="https://www.nbcnews.com/politics/supreme-court/supreme-court-refuses-revive-bidens-latest-student-loan-debt-relief-pl-rcna167455">reported</a>.
The Education Department issued a regulation finalizing SAVE in July 2023, the month after the Supreme Court ruled that the administration lacked authority to implement President Joe Biden's earlier loan forgiveness program.
The new effort, like the previous one, was challenged by multiple conservative-leaning states.
The new proposal has several provisions, including one that would cap the amount people have to repay for undergraduate loans at 5% of their incomes. Previously the cap was 10%.
Opponents to SAVE say it would require spending up to $475 billion that was not authorized by Congress. They say it should be blocked for the same reason that the Supreme Court blocked Biden's earlier plan.
Read Also: <a href="https://www.benzinga.com/news/24/04/38350197/bill-ackman-slams-tax-exemption-for-high-cost-private-universities-that-put-people-in-debt-and-spew">Bill Ackman Slams Tax Exemption For &#8216;High-Cost&#8217; Private Universities That Put People In Debt And Spew &#8216;Poisonous Ideologies&#8217;</a>
Under the "major questions" doctrine embraced by the court's conservative justices, federal agencies cannot initiate sweeping new policies that have significant economic effects without having authorization from Congress.
The states argue in court papers that the Biden administration's "assertion of unfettered authority to cancel every penny of every loan is staggering."
In an Aug. 9 decision, the St. Louis, Missouri-based 8th U.S. Circuit Court of Appeals issued a more sweeping injunction putting the entire plan, which has about 8 million borrowers on it, on hold.
The denial comes as the Biden administration&#8217;s 12-month &#8220;on-ramp&#8221; period for loan repayments approaches expiration on Sept. 30 following the end of former President Donald Trump&#8217;s pandemic forbearance a year earlier.
The Trump forbearance, which began in March 2020, allowed borrowers to stop making loan payments without incurring interest costs and getting reported to the credit agencies.
Once the Biden &#8220;on-ramp&#8221; period ends, student loan servicers can start reporting payment delinquencies on loans to credit agencies.
Biden&#8217;s &#8220;on-ramp&#8221; period, which began on Sept. 30 of last year, prohibited loan servicers from reporting late payments to credit agencies in an effort to give borrowers the chance to work loan payments back into their budgets after not paying them for 3.5 years, CNBC <a href="https://www.cnbc.com/2024/08/26/student-loan-payment-on-ramp-ends-september-30.html">reported</a>.
Price Action: Student loan servicers gave mixed reactions to Wednesday&#8217;s Supreme Court decision as of Wednesday&#8217;s late-afternoon trading.
<ul>
<li>SoFi Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) fell 3.86% to $7.47</li>
<li>Navient Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NAVI#NASDAQ">NAVI</a>) gained 1.65% to $16.31</li>
<li>SLM Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLM#NASDAQ">SLM</a>) rose 1.77% to $21.52</li>
</ul>
Meanwhile, exchange-traded funds that hold SoFi shares registered losses.
<ul>
<li>Trenchless Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RVER#NYSE">RVER</a>) slipped 0.06%</li>
<li>ARK Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>) declined 2.58%</li>
<li>VanEck Social Sentiment ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BUZZ#NYSE">BUZZ</a>) dropped 2.61%</li>
<li>Global X FinTech ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FINX#NASDAQ">FINX</a>) slid 1.36%</li>
<li>Gabelli Financial Services Opportunities ETF (GABF) went down 0.35%</li>
</ul>
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US Supreme Court Declines To Revive Biden Administration's Student Debt Relief Plan

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Biden to forgive additional $4.5B in student loans

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