President Biden this week revived the possibility of wiping out millions of Americans' student loan debt with the stroke of a pen, a policy that could cost the federal government $321 billion.
published by the Federal Reserve Bank of New York last week. That would benefit about 11.8 million borrowers, or roughly 31.1%, and cancel 30.5% of loans delinquent or in default prior to pandemic forbearance. President Biden speaks during an event about the Affordable Care Act at the White House on April 5, 2022.
The nation's debt level is already at a historic high of $30 trillion following unprecedented levels of spending during the COVID-19 pandemic. Biden supported erasing $10,000 in student debt for most borrowers during his presidential campaign, but has raised questions about his legal authority to do so via executive order. Last year, the president requested a memo from the Education Department to determine whether he had the power to unilaterally cancel student loan debt.
Under a universal loan forgiveness program, the average individual among the top-earning borrowers would receive $5,944 in forgiveness, while those with the lowest incomes would receive $1,070 in forgiveness, according to the study.
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