Tesla stock split set to take effect, SoFi stock jumps on prospect of student loan relief

Reuters

UPDATE 1-Biden to cancel student loans for millions of U.S. borrowers Wednesday

U.S. President Joe Biden will announce Wednesday that the government will forgive $10,000 in student loans for many of the country’s debt-saddled college-goers, sources say, a move that could boost support for Democrats in midterm elections, but may increase inflation as well. Democrats have pushed for Biden to forgive as much as $50,000 per borrower, arguing that the debt makes it impossible for younger Americans to save for home down payments or other big consumer purchases. U.S. consumers carry a massive $1.75 trillion in student loan debt, most of it held by the federal government, the result of private and state-backed university tuition fees that are substantially higher than in most other rich countries.

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