In late August, President Joe Biden announced a plan to forgive student loans for millions of people. Borrowers who earn less than $125,000 can have $10,000 in loans forgiven, and those who received federal Pell Grants in college can have $20,000 in loans forgiven.
The U.S. Department of Education estimates that the plan will wipe out student debt for about 20 million people. But some critics say that the plan does nothing to help low-income people who never attended college, is unfair to people who paid off their loans and does nothing to address college affordability. Others say that even more loans should have been forgiven.
MPR News host Angela Davis talks about what’s next for student loans and the future of college affordability.
Nicholas Hillman is a professor in the School of Education at the University of Wisconsin-Madison. His research examines how finance, policy, and geography shape educational opportunities in the United States.
Marshall Steinbaum is an assistant professor of economics at the University of Utah. He is also a senior fellow in higher education finance at Jain Family Institute, a nonpartisan research institute.
Use the audio player above to listen to the full conversation.
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