1/ The Biden administration launched the online application for student loan forgiveness. The plan is expected to provide debt relief to as many as 43 million borrowers. “This is a game changer for millions of Americans,” Biden said. The application can be found at studentaid.gov, and qualifying borrowers have until Dec. 31. to fill out the online form to receive up to $20,000 in federal student debt cancelation. During a test of the Education Department’s student debt relief portal this weekend, more than 8 million Americans signed up to have some of their student loans forgiven. The Education Department holds $1.6 trillion in student loan debt. (CNN / NBC News / Wall Street Journal / Washington Post / CNBC / New York Times)

2/ The U.S. is forecast to “100%” enter a recession in the coming 12 months, according to a new economics model projections. The Federal Reserve has raised interest rates five times so far this year in an effort to bring down persistently high inflation, and is expected to again next month. While the chances of a recession within 12 months have reached 100% under the model, the odds of a recession within 11 months have also increased to 73% – up from 30%. The 10-month probability rose to 25% from 0%. In a separate survey, economists put the probability of a recession over the next 12 months at 63% – up from 49% in July’s survey. It’s the first time the probability has been above 50% since July 2020. The Biden administration, meanwhile, suggested that the U.S. is “better positioned than most other countries” to mitigate inflation, which rose 8.2% year-over-year in September. Bernie Sanders, however, accused the Fed of “hurting” the U.S., saying it’s “wrong” to deal with inflation by “lowering wages and increasing unemployment.” Regardless, Biden has repeatedly said the U.S. will avoid a recession, but any downturn would be “very slight.” [Editor’s note: Hey there, this is a friendly reminder that WTFJHT is free, but supported entirely by your financial contributions. So, if you find yourself relying on WTFJHT, please consider investing in the continued production of this newsletter/blog/podcast. Become a member today.] (Bloomberg / Wall Street Journal / CNN / Politico / ABC News)

3/ The Trump Organization charged the Secret Service more than five times the recommended government rate for hotel stays at Trump properties while protecting the Trump family, according to the House Oversight Committee. The committee...