Biden student debt forgiveness plan favors high earners

President-elect Joe Biden’s plan to cancel billions of dollars in student loan debt is facing skepticism from liberals who say it will largely benefit high earners and fail to stimulate economic growth.

In the event that Republicans hold the Senate and block much of his progressive legislative agenda, lessening student debt is one of the biggest goals Biden could pursue unilaterally. Biden said earlier this week there should be “immediate” congressional action on student loan forgiveness. Some Democratic senators, however, have said the president could even use executive authority to cancel student debt.