Government

Biden forgives $39 billion in student loans

The Biden Administration announced on Friday that it would cancel $39 billion of student loan debt for 804,000 borrowers.

What’s happening? The relief comes from administrative fixes to the existing income-driven repayment plans.

• The administration said that in the past, payments that should have moved borrowers closer to being debt free were not accounted for due to cracks in the broken system.

• Under the existing income-driven repayment plan, borrowers can get their remaining student loan balance erased after they have been making payments for 20 or 25 years.

• To help borrowers to that threshold, the Biden administration counted partial and late payments, as well as periods when a borrower paused their payments in certain deferments or forbearances.

Why it matters: The announcement comes just weeks after the Supreme Court nixed President Biden’s student loan forgiveness plan that would have provided debt relief to 37 million people.

Looking ahead: Borrowers eligible for debt forgiveness will be notified by the Education Department in the coming days.

Business & Economy

U.S. stock markets closed mixed on Friday (S&P -0.10%, Nasdaq -0.18%, Dow +0.33%).

Eli Lilly will buy obesity drug maker Versanis for $1.93 billion to boost its weight loss treatment portfolio. 

Cryptocurrency exchange Binance has laid off over 1,000 workers over the last few weeks, while a string of executives quit after U.S. regulators sued the company in June.

World

India launched its Chandrayaan-3 rocket on Friday, hoping to become only the fourth country to execute a controlled moon landing.

1,000 people on a cruise ship accidentally witnessed 78 whales being slaughtered during a whale hunt in the Faroe Islands.

Russian lawmakers voted to ban transgender medical procedures. The bill will also forbid people from changing their genders on state documents.

US News, Politics, & Government

Police arrested a suspect in connection with the unsolved murders of 10 women whose bodies were found on Long Island’s Gilgo Beach more than a decade ago.

The House passed the annual defense bill on Friday, which included measures against abortions and transgender care. The bill must pass the Democratic-controlled Senate next but will likely be revised heavily before it’s approved.

President Biden authorized the military call up of 3,000 reserve troops to support operations in Europe, signaling that U.S. military presence is under strain in the region. However, an actual deployment order hasn’t been made yet.

Sports & Entertainment

The University of Tennessee football program avoids a bowl ban but will be fined $8 million for over 200 violations including illegal recruiting practices and direct payments to prospects and current players.

Novak Djokovic beat Jannik Sinner at Wimbledon on Friday to advance to the final against Carlos Alcaraz on Sunday.

Elvis Presley’s daughter, Lisa Marie Presley, died of complications from a weight loss surgery she had several years ago, according to an autopsy.

Science, Health, & Tech

The United Nations says “ending AIDS is a choice” and could be possible by 2030 with worldwide political and financial buy-in.

Harvard scientists believe they have found a way to reverse aging by using six chemical compounds that reprogram cells to a younger state. 

NASA’s Perseverance Mars rover has found evidence of diverse organic matter, pointing to the possibility of prolonged habitability.

Try not to laugh at the finalists from the 2023 Comedy Pet Photography Awards.

A lonely 11-year-old goes viral online and now has tons of new friends all over the world.

Ranking the world’s 50 best luxury hotels.

Charted: The max speed limits around the world.