Calls for Biden to cancel student debt grow

Source: Danielle Douglas-Gabriel, Washington Post (Paid Registration)

Political pressure is mounting for president-elect Joe Biden to use executive authority to cancel federal student debt as a form of economic stimulus, a proposal that is exposing sharp divisions among economists, consumer activists and policy wonks.

In a letter to Biden, advocates said research shows that when student loans are erased, people’s ability to pay down their other debts increases as do their opportunities to pursue better jobs.  But opponents of cancellation say it would unfairly and disproportionately benefit high-income borrowers, who tend to hold the largest amount of debt from graduate programs.


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