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Happy Thursday, Daily Money readers. Jayme Deerwester back with you, enduring some of that lovely whiplash-inducing, late-April Kentucky weather. Suffice it to say I’m not putting away my coats and sweaters just yet.
🎓 Poll: Students want debt relief – not necessarily cancellation 🎓
Young people want student loan debt relief but they may not want it eradicated altogether, researchers found in a recent Harvard University poll.
A total of 2,024 18-to-29-year-olds were surveyed; of them, 85% said they favor some form of government action on student loan debt, but only 38% favor total debt cancellation.
Borrowers who are Latinx – of Latin American origin or descent – or Black are “disproportionately overrepresented when it comes to student debt borrowing or student debt in general,” says Jorge Burmicky, an assistant professor of educational leadership and policy studies at Howard University.
“People are hurt by student loans very differently, and some are more likely to pay it back than others, depending on your field, depending on your background,” he says.
📰 More headlines you can’t miss 📰
ECONOMY SHRANK IN FIRST QUARTER: After a banner 2021, GDP fell 1.4% in the first quarter of 2022. It’s the first drop since 2020.
SUMMER INFLATION: Supply-chain strain boosts prices, may limit choices.
‘WHERE THE FUTURE BEGINS’: Fort Worth, Texas, becomes first in the U.S. to mine bitcoin.
RUSSIA CUTS OFF NATURAL GAS TO EUROPE: Will U.S. diesel fuel prices spike?
‘UBER FOR ELDERCARE’: These services help give caregivers a break.
Why Elon Musk wants to take Twitter private
Elon Musk has argued that in order for Twitter to be successful and serve the “social imperative” of free speech, it must be “transformed as a private company.”
The biggest, and most obvious, benefit of making the company private is allowing more flexibility to make big changes when a company is not under the scrutiny of thousands of shareholders and public filings required by the Securities and Exchange Commission, financial experts say.
Going private is a move Musk wanted to make with Tesla in 2018. Wild stock swings and the quarterly earnings cycle both distracted workers and put pressure on the company to make decisions that were right for the moment, but not in the long-term, he wrote.
Musk still would be held accountable by his financiers, but going private may allow him to add value to the company, says Matthew Faulkner, an assistant professor of finance at San Jose State University.
“Acting in the best interests of the shareholders is the goal of the board and management,” Faulkner explains. “And that’s a very important thing to think about with the decision that they made here.”
🎧 Mood music 🎧
In the past few years, I’ve seen several social media posts from friends in their late 30s and early 40s celebrating the fact that they finally paid off their student loans and got educational lender Sallie Mae off their backs. So today’s track, Dee-1’s “Sallie Mae Back,” goes out to them and everyone else who’s finally free.
“For those that doubted me yeah this is payback. And I been on my grizzy since way back. And no sir, I don’t drive a Maybach. But guess what I did? I finished paying Sallie Mae back Mae back.”
LISTEN WHILE YOU WORK: You can hear just about every song quoted in the newsletter on the Daily Money Mood Music playlist on Spotify.