Anticipated student loan forgiveness plan: costly and regressive

[This piece has been published in Restoring America to highlight how President Joe Biden’s planned student loan debt forgiveness would unfairly benefit high-earners while punishing those who already paid back their debt].

The press is indicating that President Joe Biden will make an announcement tomorrow on his long-awaited decision to cancel student loan debt for millions of Americans. Rumors suggest that the president will be canceling $10,000 of student debt per borrower, excluding borrowers with annual income over $125,000. At the same time, it is expected that he will extend the pause on student loan repayment that has been in place since the onset of the COVID-19 pandemic.