Opinion: Biden’s plan to target student-debt cancellation could backfire, hurting the most vulnerable. Here’s why.
It was reported that the Biden administration is considering competing plans for how much student debt to cancel and who will get it. Among the plans are versions that exclude anyone who made over $125,000 or $150,000 as individuals (or $250,000 or $300,000 as a couple) in 2021. In theory, nearly everyone should qualify since only roughly 3% of student debtors make more than these limits… In an effort to exclude 3% of student debtors, the Biden administration is going to make 45 million navigate a complex obstacle course. Most of them may, but many won’t. Those excluded will be precisely the most vulnerable, the poorest, those with the least access to the internet…
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by Thomas Gokey, MarketWatch.