What Would Student Debt Cancellation Look Like?

Americans owe more than $1.56 trillion in student loan debt, making higher education the second largest source of consumer debt, behind only mortgages. 

Senators Chuck Schumer of New York and Elizabeth Warren of Massachusetts and other Democrats are calling on President Biden to cancel $50,000 of student loan debt. Several other state’s Attorneys General, including Kwame Raul of Illinois, are also voicing their support for that measure. Biden is proposing $10,000 in debt cancellation. He’s also calling for free tuition at community colleges, and public universities for middle and lower income households. 

What could these plans to cancel student debt look like? How, and who could they help most?

Guests:

Whitney Barkley-Denney, Senior Policy Council and Senior Counsel at the Center for Responsible Lending

Adam Looney, Executive director of the Marriner S. Eccles Institute at the University of Utah, and non-resident senior fellow at the Brookings Institution  

Ami Schneider, Chicago-area Activist with Debt Collective

Prepared for web by Zainab Qureshi

Help shape our coverage on The 21st by joining our texting group and answering weekly questions. To join, text “TALK” to 217-803-0730 or sign up with your phone number below: