📚Student-loan limbo

…and the jumbo rate cut could boost confidence Paul Morigi/Getty Images Waiting for relief   Presented by Hey Snackers, Cardi B+: Teens on TikTok and Instagram are taking math lessons from [AI-generated celebs]( including “Cardi B,” “Ariana Grande,” and “Eminem.” That’s definitely not the Real Slim Shady. Stocks soared to record highs Thursday after the Fed’s jumbo rate cut, before [cooling slightly]( to end the week. Fed policymakers project another half point of rate cuts this year, and investors are crossing their fingers for a soft economic landing. 🧠Back to quizness: Take our [Snacks Seven]( quiz to test your knowledge of the past week’s biggest biz and markets news (a lot happened). Try the first q: - Which Big Tech co ordered its corporate employees to return to the office five days a week? ([Check your answer](.)   FAFSAD [Biden’s student loan-forgiveness plan gets blocked (again), putting relief in limbo as the election nears]( The last straw… President Biden’s student loan forgiveness program [hit]( another red light. A judge ruled last week that the Biden admin’s plan to forgive student loans for up to 25M Americans would remain blocked for two more weeks. The first halt came earlier this month after seven GOP-led states sued against the revamped aid package, arguing it was still illegal. - Unsend: This summer the Biden admin hyped up millions of student-loan borrowers in an email blast saying how some — or all — of their debt could get canceled. The updated plan was scheduled to roll in October. - Adding to stress: The yearlong student-loan on-ramp — which prevented missed payments from being reported to credit agencies — [ends]( September 30. Payback probs… The Biden admin has been pushing its debt-relief Plan B since the Supreme Court struck down its broader forgiveness program last year. In August, POTUS unveiled the SAVE repayment plan, cutting monthly payments for low-income borrowers. But that was also blocked by lawsuits this month, putting at least 8M borrowers in forbearance (temporary payment suspensions) and leaving millions more in limbo. - VP Kamala Harris had vowed to expand loan forgiveness during the Biden admin, but hasn’t given deets on what she’d do if elected POTUS. - Former President Trump has opposed canceling student debt, but has supported income-based repayment plans. THE TAKEAWAY A passing grade isn’t always enough… Biden’s forgiven $168B worth of student loans for nearly 5M Americans, but that’s well short of the 20M borrowers he'd originally pledged to provide full relief for. The latest roadblock could end the White House's goal of providing more aid before the election. While Biden’s on his way out of office, student loans remain a critical issue. Nearly half of voters in a recent survey said canceling debt was important in this year’s elections. About a fifth said student-loan debt would have a major influence on their vote. [Read this online](   Presented by Mode Mobile Mode Mobile saw 32,481% revenue growth in 3 years with this smartphone innovation 📲 Apple just unveiled the iPhone 16, with prices climbing up to $1,599… but investors interested in smartphone innovation might see a different opportunity on the horizon. [Enter Mode Mobile](: the company aiming to transform smartphones from a costly gadget into an income-generating asset. 🏅 Mode saw 32,481% revenue growth from 2019 to 2022, ranking #1 in software on Deloitte’s 2023 500 fastest-growing companies list. ["EarnPhone," a budget smartphone, has helped 45M+ consumers earn and save $325M+]( for listening to music, playing games, and even charging their devices. 🫴 28K+ investors have already acquired shares in Mode. [Snacks subscribers can get up to 100% bonus stock1 on an investment in Mode at the current price of $0.25/share](. Invest by 9/27 to receive an exclusive early access bonus: Mode Investor Club’s “Peter Thiel $5B+ Tax Free IRA Strategy” masterclass.2 Presented by Mode Mobile Mode Mobile saw 32,481% revenue growth in 3 years with this smartphone innovation 📲 Apple just unveiled the iPhone 16, with prices climbing up to $1,599… but investors interested in smartphone innovation might see a different opportunity on the horizon. [Enter Mode Mobile](: the company aiming to transform smartphones from a costly gadget into an income-generating asset. 🏅 Mode saw 32,481% revenue growth from 2019 to 2022, ranking #1 in software on Deloitte’s 2023 500 fastest-growing companies list. ["EarnPhone," a budget smartphone, has helped 45M+ consumers earn and save $325M+]( for listening to music, playing games, and even charging their devices. 🫴 28K+ investors have already acquired shares in Mode. [Snacks subscribers can get up to 100% bonus stock1 on an investment in Mode at the current price of $0.25/share](. Invest by 9/27 to receive an exclusive early access bonus: Mode Investor Club’s “Peter Thiel $5B+ Tax Free IRA Strategy” masterclass.2   EVENTS Coming up this week $1.50 hot dog and soda… with a 3.5-pound pie for dessert. Costco’s set to unload earnings Thursday. The discount dominator upped its membership fees last month and announced a [crackdown]( on moochers: its 128M members will have to scan their cards at the entrance (no more free-sample freeloaders). Costco made $4.6B from memberships last year, and the move could help it cover extra costs like its new $19.50 starting wage. The wholesale club beat estimates in Q3 as bargain-seeking shoppers snapped up bulk buys and $5 rotisserie chickens. Confidence is key… and American consumers’ confidence is weak. While consumer sentiment perked up last month, it was still relatively meh after years of high rates and sticky inflation. But after the Fed’s [jumbo cut]( kicked off easing last week, we could be on the brink of a [vibe shift](. Gas prices have been falling for months and last week stocks surged to fresh records. Gas and stocks play an important role in how Americans feel about the economy and their finances, so we could see some optimism tomorrow in September’s consumer-confidence index.   ZOOM OUT Stories we’re watching No business in show business… Streaming’s gold rush is over, and Hollywood workers are being [left in the dust](. Film and TV industry unemployment hit 12.5% last month, triple the national rate. The number of original scripted shows in the US fell 14% last year, the steepest drop on record, and it’s expected to get worse. What’s happening: megamergers in entertainment have shrunk the # of studios that are open to buy content. Plus, streamers are moving mountains to splurge on live-sports deals, which some workers say is shrinking scripted budgets. Bets on votes… The prediction-market game’s getting crowded. Wintermute, a crypto-trading firm, is [set to launch]( a crypto-based prediction market this week that’ll take bets on Trump vs. Harris. It could challenge Polymarket, which has seen nearly $1B wagered on the presidential race. Meantime, courts are deciding whether election betting should be legal in the US. On Thursday, an appeals court heard arguments on whether US-based Kalshi — which already lets users bet on events like who’ll score an Oscar nom — could list bets on US elections.   ON SHERWOOD [The happiness puzzle: if Finland is so happy, why isn’t anyone there feeling it?]( [Read more](.   FROM SHERWOOD [Listen to “Tomorrow's” second episode: “Strawberry Letter 2.3”]( This week on “Tomorrow,” Amazon has an order of its own, the Department of Justice takes on Google, and Josh and Rani dissect their For You Pages only to find them lacking. [Listen here.](   What else we're Snackin' - China’s “silver economy” is [sparkling]( as businesses cater to older shoppers after years of declining birth rates. - The FTC [sued]( the pharmacy-benefit managers of CVS, Cigna, and UnitedHealth, arguing they’ve inflated insulin costs for decades. - AI makes up the largest share of the active investment [portfolio]( of In-Q-Tel, the CIA’s nonprofit investment arm.   Snack Fact of the Day [Last year saw a record 22M US passport applications](   This Week - Monday: National Clean Energy Week - Tuesday: Home-price index. Consumer-confidence index. Caroline Ellison’s sentencing. Earnings expected from AutoZone, Thor Industries, and KB Home - Wednesday: New-home sales. Earnings expected from Cintas, Micron Technology, and Concentrix - Thursday: Weekly jobless claims. Pending home sales. Earnings expected from CarMax, Jabil, Accenture, Costco, BlackBerry, Scholastic, and Vail Resorts - Friday: Consumer sentiment. Personal Consumption Expenditures Price Index Authors of this Snacks own shares of CVS Advertiser’s disclosures: 1 A minimum investment of $1,950 is required to receive bonus shares. 100% bonus shares are offered on investments of $9,950+. 2 Please read the offering circular and related risks at [invest.modemobile.com](. This is a paid advertisement for Mode Mobile’s Regulation A+ Offering. Past performance is no guarantee of future results. Start-up investments are speculative and involve a high degree of risk. Those investors who cannot afford to lose their entire investment should not invest in start-ups. Companies seeking startup investment tend to be in earlier stages of development and their business model, products and services may not yet be fully developed, operational or tested in the public marketplace. There is no guarantee that the stated valuation and other terms are accurate or in agreement with the market or industry valuations. Further, investors may receive illiquid and/or restricted stock that may be subject to holding period requirements and/or liquidity concerns. DealMaker Securities LLC, a registered broker-dealer, and member of FINRA | SIPC, located at 105 Maxess Road, Suite 124, Melville, NY 11747, is the Intermediary for this offering and is not an affiliate of or connected with the Issuer. Please check our background on FINRA's BrokerCheck.   [Instagram]( [Twitter]( [Sherwood Logo]( Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... [See more]( [Sherwood Terms and Conditions]( [Our Editorial Standards]( [Contact Us](mailto:hello@snacks.robinhood.com) [Advertise With Us](mailto:advertising@sherwoodmedia.com) [Unsubscribe]( [Privacy Policy](