What’s next with student debt and loan forgiveness?
In late August, President Joe Biden announced a plan to forgive student loans for millions of people. Borrowers earning less than $125,000 may have $10,000 of loans forgiven, and those who received federal Pell grants in college may have $20,000 of loans forgiven.
The US Department of Education estimates the plan will eliminate student debt for about 20 million people. But some critics say the plan does nothing to help low-income people who have never attended college, is unfair to people who have paid off their loans and does nothing to improve the affordability of education. Others say more loans should have been cancelled.
MPR News host Angela Davis talks about the aftermath of student loans and the future of college affordability.
Nicholas Hillman is a professor in the School of Education at the University of Wisconsin-Madison. His research examines how finance, politics, and geography shape educational opportunities in the United States.
Marshal Steinbaum is an assistant professor of economics at the University of Utah. He is also a senior researcher in higher education finance at the Jain Family Institute, a nonpartisan research institute.
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