Biden said Thursday that he wasn’t considering canceling as much as $50,000 worth of debt per borrower — which would be a significant sum, well beyond what he campaigned on doing — although he said little else about the shape his student debt plan will take.
A general student debt forgiveness effort, however, could generate winners and losers that don’t necessarily align with the Democratic rationale for scrapping student debt.Higher-income people with more education are the most likely to benefit from student loan forgiveness. Although only a quarter of those with student loans attended graduate school, they hold roughly half the student loan debt, according to the Brookings Institution.
In-state public university tuition jumped the highest, on average rising 211% in the past two decades. Larry Summers, former treasury secretary and Obama-era economist, described student debt relief as “highly regressive” late last year because wealthier people are more likely to have borrowed more money than those with a lower income.
JoeBiden Cancel my mortgage, I paid my student loan.
JoeBiden 25thAmendment