A Democratic Economist’s Case Against Biden’s Student-Loan Plan
This week, President Joe Biden announced debt relief for as many as 43 million Americans with government-issued student loans. The government is erasing up to $20,000 in debt for Pell Grant recipients earning less than $125,000 a year, and up to $10,000 for individuals who did not receive Pell Grants. In addition, the White House is planning to cap monthly payments for undergraduate loans at 5 percent of a borrower’s discretionary income and forgive the balance after a decade.