Editorial: Even with income limit of $125K, Biden’s student-loan forgiveness is unfair to most Americans – By Post Editorial Board (New York Post) / May 7, 2022
President Joe Biden is considering doing mass student-loan forgiveness, but “limited” to people who make less than $125,000 a year. That’s a clear sign he recognizes the horrible optics of debt-cancellation, which will largely benefit wealthier Americans. Yet the limit is a joke: Forgiveness would still help just the small minority of those who’ve gone to college and likely earn more because of that.
For starters, that $125K income cap is 10 times the national poverty line, and many just-out-of-college workers with student loans will easily fall under it (the average entry-level salary for college grads is less than $60,000, per the National Association of Colleges and Employers).
And many of these grads will do very well indeed — as doctors, lawyers or CEOs — later in life, but yet still wouldn’t have to repay their forgiven debt. Indeed, white-collar workers with advanced degrees account for nearly half the $1.6 trillion in outstanding federal student debt.
CONTINUE > https://nypost.com/2022/05/07/bidens-student-loan-forgiveness-is-unfair-to-most-americans/
