Bernie Sanders Brings The Student Loan Fight To This Public Company

Zinger Key Points
  • President Joe Biden is expected to announce the cancelling of some federal student loan debt, a move that has been rumored for months.
  • U.S. Sen. Bernie Sanders supports student loan forgiveness and is lashing out at a company that profits from loan debt.
Bernie Sanders Brings The Student Loan Fight To This Public Company

A portion of student loan debt for millions of Americans is expected to be forgiven via executive action from President Joe Biden Wednesday. A U.S. senator is speaking out in support of Biden’s announcement and taking on a public company that is a large player in the student loan industry.

What Happened: Biden is expected to announce the cancelling of some federal student loan debt, a move that has been rumored for months.

The decision could split the country, with many Americans already paying a portion or all of their student loan debt.

Potential political and legal challenges to Biden’s announcement could follow, according to the Wall Street Journal.

Biden’s announcement could also see an extension of a pause on student loan payments through the end of the year, extending the relief that is set to expire on Aug. 31, 2022.

Several companies are big players in the student loan payments space including SoFi Technologies SOFI. The company has now found itself the target of U.S. Sen. Bernie Sanders, a Vermont independent. 

“If SoFi, a student loan refinancing company, could give its CEO a 92% raise last year paying him a grand total of $103 million in compensation and spend $625 million to put its name on the LA Rams football stadium, you know what President Biden can do? Cancel all student debt,” Sanders tweeted.

Related Link: SoFi Q2 Earnings Highlights: Revenue And EPS Beat, Record Revenue And 450K New Members Lead To Raised Full Year Guidance

Why It’s Important: Sanders has been a proponent for eliminating student debt for many years and his comments are no surprise. 

Sanders has been a U.S. senator since 2007 and spent decades of his life in politics, including running for president of the United States as the Democrat nominee in 2016 and 2020 and finishing in second place before conceding to Hillary Clinton and Biden, respectively.

The student loan business makes up a portion of SoFi’s lending products, which also include home loans and personal loans. The impact of the student loan forgiveness by Biden could impact the company’s revenue and earnings for many years to come.

SoFi reported record revenue in the second quarter and raised full-year guidance. The company will be one of many to be analyzed over the impact of Biden’s announcement and the financial impact it could have.

The comments from Sanders could put pressure on the company for expense control, with filings showing CEO Anthony Noto was rewarded in 2021 with a raise in compensation.

Noto was paid a base salary of $850,000 in 2021, an increase of 41.7% from his 2020 salary. The CEO also received $892,500 as a bonus in 2021 and stock awards worth $101.2 million, bringing his total 2021 compensation to $103 million versus $53.5 million in 2020.

SoFi is now the latest company to be targeted by Sanders on Twitter in public, joining a list that include Chipotle Mexican Grill CMG, Amazon.com Inc AMZN and Tesla Inc TSLA CEO Elon Musk.

“You won’t hear about it in corporate media, but this is what a rigged economy is all about. Three people now own more wealth than the bottom half of American society. 45% of all new income is going to the top 1%. CEOs are paid 350x more than their average worker. Absurd,” Sanders tweeted.

SOFI Price Action: SoFi shares are up 7.13% to $6.61 on Wednesday versus a 52-week range of $4.82 to $16.47.

Photo via Shutterstock. 

Posted In: Anthony NotoBernie SandersElon MuskJoe BidenPresident Joe Bidenstudent loanstudent loansNewsPoliticsMoversTrading IdeasGeneral

11 Best Black Friday Deals on Amazon

11 Best Black Friday Deals on Amazon

The best Black Friday deals from Amazon are still coming hard and fast because the holiday is not yet upon us and the mega-retailer prefers to keep consumers on the hook for as long as possible—spending as much money as possible. 

To that end, here are some of the best Black Friday deals from Amazon that you might want to consider today.

Calphalon 10-Piece Pots and Pans Set

Regular Price: $172

Sale Price: $138.88

Calphalon’s 10-Piece Pots and Pans Set is designed with stainless steel, stay-cool handles along with pour spouts. The nonstick surface is PFOA-free and built with hard-anodized aluminum that is both durable and conducts heat extremely well. The set includes 2 fry pans, a sauce pan with cover, saute pan with cover and large stock pot with cover.

Apple AirPods 2nd Generation

Regular Price: $144

Sale Price: $85.49

The 2nd Generation AirPods from Apple connect to all Apple devices and give you an enhanced listening experience. Plus, they come with a case that keeps them safe and allows you to charge them in a secure environment. With over 24 hours of battery life, access to Siri and easy setup, you can start listening to your favorite tunes or podcasts today.

Adidas Ultraboost 21 Running Shoes

Regular Price: $129.98

Sale Price: $89.98

The Adidas Women’s Ultraboost 21 running shoe is perfect for anyone who likes a short run, maybe a 5K, half marathon or more. Coming in several colors and styles, you can slip these shoes on, enjoy the cushioned outsole, sink into the supple insole and secure laces.

Ninja AF101 Air Fryer

Regular Price: $129.99

Sale Price: $97.83

The Ninja AF101 Air Fryer allows you to crisp, roast, reheat and even dehydrate food products faster and cheaper than ever before. It has a 4-quart capacity and offers a wide temperature range along with several time settings so that you can customize each dish to your needs. Plus, all the parts are dishwasher safe.

Beats Solo3 Wireless On-Ear Headphones

Regular Price: $199.95

Sale Price: $99

Beats by Dr. Dre are among the best headphones on the market, and the Solo3 Wireless On-Ear Headphones include the Apple W1 chip, Class 1 Bluetooth and 40 hours of battery time. These headphones even have a built-in microphone and offer an adjustable fit so that you can be comfortable whether you’re listening to an Android or iOS device.

Hoover Power Scrub Deluxe Carpet Cleaner

Regular Price: $198.98

Sale Price: $175.98

The Hoover Power Scrub Deluxe Carpet Cleaner allows you to keep your home spotless and clean up after your pets. The cleaner comes with the Hoover Paws and Claws Deep shampoo and a storage mat to keep the floor dry once it’s put away.

LG CordZero Auto Empty Cordless Stick Vacuum

Regular Price: $999.00

Sale Price: $851.71

The LG CordZero Auto Empty Cordless Stick Vacuum and Wet Mop All in One Tower is designed to work in homes with several pets or children and clean up all the messes that life brings. The battery lasts up to 2 hours, and there’s an extra removable battery that gives you even more cleaning time and power.

Breville Fresh and Furious Blender

Regular Price: $278.60

Sale Price: $199.95

Breville, a top name in blenders and juicers, offers the Fresh and Furious Blender, featuring 50-ounce capacity, Vac Q technology, pre-programmed cycles, LCD display and lid with pull ring. With the Fresh and Furious Blender, you can make everything from a smoothie to a soup and everything in between.

Hot Tools Professional 2000 Turbo Ionic Hair Dryer

Regular Price: $89.99

Sale Price: $55.63

The Hot Tools Professional 2000 Turbo Ionic Hair Dryer is designed for professional use, but it works perfectly in the home. With 1875 watts of power, 6 heat and speed settings and a lightweight design, you can easily style your hair and utilize the diffuser, cut back on the frizz and stretch the 8 ft cord for maximum functionality.

Columbia Heavenly Long Hooded Jacket

Regular Price: $160

Sale Price: $97.38

The Heavenly Long Hooded Jacket from Columbia is designed to be light for everyday use, but it’s heavy enough to protect you from the cold. The plush fleece lining, security pocket, water resistant fabric, 2-way zipper, and zippered hand pockets make the jacket both protective and functional.

ConAir InfinitiPro Hair Dryer

Regular Price: $49.99

Sale Price: $29.99

ConAir is one of the biggest names in hair and beauty, and the InfinitPro is an 1875 watt hair dryer designed for professionals with ceramic technology. The dryer comes with a diffuser and concentrator, and it allows you to blow out your hair just the way they would at the salon.

Deals the Experts Are Hoping For

Experts believe that Amazon’s Black Friday sale could linger for quite some time. It all started with the Prime Early Access sale on October 11 and 12. Previously, Amazon has offered the “Epic Deals” sale that ran through late October. 

This is to say that any sale could come up at any time. 

Even so, those monitoring Amazon are looking forward to a few potential deals, including:

  • Apple Watch
  • AirPods (any generation)
  • MacBook Pro
  • Large, underpriced TVs
  • Amazon Echo
  • More small home appliances (Dyson or Shark vacuums, Instant Pots, etc.) 

While these predictions are based on last year’s Amazon Black Friday Sale, it’s important to remember that most Black Friday sales are fairly consistent and push the products that are most likely to sell.

 

Featured image sourced from Shutterstock

Posted In: Partner ContentGeneral