With Senate and House resolutions to cancel up to $50,000 in federal student debt for borrowers, following a proposal from Sen. Warren (D-Mass.), and broad public support for cancellation, advocates are still pushing hard for cancellation to resolve the currently $1.75 trillion student debt crisis. But some persistent narratives have attempted to foil the promise of student loan cancellation. One strain of thought alleges cancellation would supposedly be “regressive,” that most student loans are held by rich people, and cancellation would most benefit those who need it least.
A regressive student loan system results in costly racial disparities (brookings.edu)
