March 2, 2021
With an economy in slow recovery, and the burden of education loans higher than ever, US president Joe Biden is facing increasing pressure from Democrats to wipe out $50,000 in student debt per borrower, and to do so via executive action. But Biden suggests more modest measures, saying the government shouldn’t forgive debt for students from “Harvard and Yale and Penn.”
On the campaign trail, Biden pledged to clear $10,000 of federal student loan debt per borrower a small dent in the more than $1.5 trillion of student loans issued or guaranteed by the US government.
Forgiving $10,000 in debt would completely wipe out the student loan burden for one-third of America’s 43 million federal borrowers, data from the US Department of Education suggests.
Canada’s mortgage rates edging higher for first time since start of COVID-19 pandemic Fergal Smith and Noor Zainab Hussain Reuters Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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Todd Korol/Reuters
Canadian mortgage rates are beginning to inch higher for the first time since before the COVID-19 crisis, reflecting the spike in long-term bond yields, but with home loans still languishing around historically low levels the modest hike is unlikely to slow the red-hot housing market.