4.9.2024

Student Debt Relief Plan

The Biden administration announced a new student debt relief proposal yesterday that has the potential to impact nearly 30 million borrowers. Over 43 million Americans owe a collective $1.6T in federal student loans.

The proposal, if approved, would cancel up to $20K in interest for roughly 25 million Americans who have exceeded the amount they initially borrowed. Single borrowers earning $120K or less and married couples earning $240K or less, who are enrolled in an income-driven repayment plan, could apply to have their accrued interest since entering repayment forgiven. The initiative also targets those with high-interest debts, individuals holding loans for at least 20 to 25 years, attendees of programs with high debt-to-earnings ratios, and those who qualify for existing relief programs who haven't applied.

The announcement follows the Supreme Court's rejection of the administration's $400B attempt to cancel student debt last summer. This latest plan adopts a more targeted approach and relies on the 1965 Higher Education Act, which allows the secretary of education to "compromise, waive, or release" federal student loans. Implementation is projected for the fall; however, legal challenges are expected.

Huskies Win Again 

No. 1 Connecticut captured the men's college basketball championship last night, defeating No. 1 Purdue 75-60. The Huskies became the first team to win back-to-back titles since Florida in 2006-07, with the victory marking Coach Dan Hurley's second title with the program. Connecticut improved to a perfect 6-0 overall in title game appearances—all won in the past 25 years—and moved into a third-place tie with North Carolina for most championships. 

The Huskies were led by Tristen Newton, who notched 20 points and seven assists en route to being named Most Outstanding Player. No. 1 seeds have won the title in six of the past seven seasons. Relive the tournament's best moments here.

In related news, Kentucky coach John Calipari is reportedly departing the school for Arkansas, where he is finalizing a five-year, $8M-per-year deal (along with a $5M NIL budget; see 101). Calipari led the Wildcats to four Final Fours and one title in 15 seasons. 

Separately, the women's championship game between Iowa and South Carolina Sunday drew 18.7 million viewers, becoming the most-watched basketball game (men's, women's, professional, and college) since 2019. 

Brain Implants Trial

Brain implant startup Synchron announced yesterday it is recruiting dozens of patients for its first large-scale clinical trial. Backed by Jeff Bezos and Bill Gates, the New York-based company is further along than Elon Musk’s Neuralink in the process of full Food and Drug Administration approval.

About 1.7% of the US population, an estimated 5.4 million people, live with some form of paralysis. Like Neuralink, Synchron seeks to help paralysis patients with texting, typing, and operating smart home devices. It received an exemption from the FDA in 2021 to begin human tests—two years ahead of Neuralink—and has implanted its device in six US patients and four Australian patients. Last month, Musk released a video showing its device being used in its first patient.

The two devices are input differently into the body: Neuralink is implanted directly into the cerebral cortex region of the brain; Synchron is inserted through the jugular vein and sits at the large vein next to the brain’s motor cortex. To communicate with external devices, it connects to an antenna placed under the chest's skin. See a TED Talk from Synchron's founder here.

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