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The case for cancelling student debt isn't political — it's practical.
Business Insider spoke to experts and parsed through several reports and studies to determine student-loan debt cancellation's economic impact.
A thread.
https://www.businessinsider.com/economic-benefits-of-student-debt-forgiveness-2020-12
Business Insider spoke to experts and parsed through several reports and studies to determine student-loan debt cancellation's economic impact.
A thread.
https://www.businessinsider.com/economic-benefits-of-student-debt-forgiveness-2020-12
President-elect Joe Biden supports cancelling $10,000 of federal student-loan debt per borrower as part of coronavirus relief.
Biden also plans $10,000 of student loan forgiveness a year for people working in public service jobs for up to five years. https://www.businessinsider.com/biden-presidency-student-loan-debt-forgiveness-plan-2020-11
Biden also plans $10,000 of student loan forgiveness a year for people working in public service jobs for up to five years. https://www.businessinsider.com/biden-presidency-student-loan-debt-forgiveness-plan-2020-11
. @AOC attacked Trump and Republicans lawmakers late Friday over rising college costs and a stagnant minimum wage.
The congresswoman tweeted that conservatives "sound like folks who speak of the days when Hershey bars were 5¢ at the general store." https://www.businessinsider.com/aoc-attacks-trump-republicans-over-college-costs-students-financial-struggles-2020-12
The congresswoman tweeted that conservatives "sound like folks who speak of the days when Hershey bars were 5¢ at the general store." https://www.businessinsider.com/aoc-attacks-trump-republicans-over-college-costs-students-financial-struggles-2020-12
Student loan debt makes up the second-biggest share of household debt, according to @BrookingsInst.
About 45 million Americans hold student loan debt with a total national outstanding amount of nearly $1.7 trillion.
https://bit.ly/3gbpAyS
About 45 million Americans hold student loan debt with a total national outstanding amount of nearly $1.7 trillion.
https://bit.ly/3gbpAyS
Eliminating just $10,000 of debt would help 15.3 million borrowers completely wipe out their outstanding federal student debt. https://bit.ly/3gbpAyS
Student-debt cancellation could boost the economy.Member of the Congressional Oversight Commission @BharatRamamurti’s recent thread argues the benefits of cancelling student loan debt based on previous studies and government data. https://twitter.com/BharatRamamurti/status/1328386696296222720
One of the studies @BharatRamamurti shared is a 2018 paper from @LevyEcon using 2016 data that looks at the effects of student loan debt forgiveness:
https://bit.ly/3gbpAyS
https://bit.ly/3gbpAyS
Forgiveness could benefit younger Americans who have been putting off milestones.A SoFi survey of 1,000 Americans ages 22 to 35 found 61% of millennials said they've delayed buying a house because of student-loan debt. https://www.businessinsider.com/millennials-delaying-homeownership-student-loan-debt-2019-9
Affluent households won't be the only ones who benefit.Lowell Ricketts, a senior research associate at @stlouisfed, agreed that affluent graduates would disproportionately benefit from student loan forgiveness.
But that's not to say low-balance borrowers wouldn't benefit:
Laura Beamer, lead researcher at @jainfamilyinst told Business Insider that debt cancellation for low-income borrowers as a share of their income is much higher than for wealthier individuals:
https://bit.ly/3gbpAyS
https://bit.ly/3gbpAyS
Other benefits to forgiveness cited include narrowing the racial wealth gap. Read the full story, and more reporting from @hillary_tweets and Madison Hoff, on Business Insider.
https://www.businessinsider.com/economic-benefits-of-student-debt-forgiveness-2020-12
