It’s misleading to say Joe Biden’s student debt forgiveness plan is a bailout for the rich. Some borrowers with higher incomes qualify, but most of the relief goes to borrowers with lower incomes.
that $10,000 in relief combined with a $75,000 income cap gave more than 80% of the benefits to people in neighborhoods where incomes were less than $78,000 a year.sent to Biden in January 2021 by 54 scholars who study student debt. The letter says debt cancellation would disproportionately benefit students who have lower-income jobs after college.
He estimated that, based on the latest federal figures available, 94% of undergraduate students who received a Pell Grant in 2015-16 had an annual family adjusted gross income of less than $60,000.American Action Network claimed that Biden's student debt forgiveness plan is a"bailout for rich kids."
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