Some experts think forgiving billions in college debt would unfairly benefit higher-earning Americans and stoke inflation. studentloans alabamanewsnetwork
Cancelling some student loan debt could pay political dividends ahead of November's midterm elections, particularly among younger voters. But wiping the total $1.4 trillion that Americans currently own in student loans could backfire, according to some experts.
MacGuineas also noted that forgiving college debt would disproportionately benefit higher educated people, noting that"The poorest people in the country don't actually have student debt."The benefits to borrowers are clear. Folks with school debt who might have had to put purchasing a home or car, or starting a family on hold to cover their monthly loan payments are relieved of that expense.
In the long term, wiping out student debt now also could lead to reckless borrowing by sending a signal that future student loans may be forgiven.
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