The False Promise of Student Loan Forgiveness
With student loan forbearance ending this year, there have been calls from activists and Senators Chuck Schumer and Elizabeth Warren to forgive up to $50,000 of student debt, perhaps with an executive order soon after Biden takes office. But according to the chart below it would be an extremely regressive wealth transfer. It shows average debt levels and income by education levels for Americans under 35 from the Fed's 2019 Survey of Consumer Finances.
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