Biden has now cancelled $3 billion of student loans:
. While they recognize Biden cancelled student loans in specific circumstances, they want student loan forgiveness for all or nearly all $1.7 trillion of student loan debt. Some supporters would be happy with $10,000 of student loan cancellation, while other supporters demand $50,000 of student loan cancellation. While $3 billion is a large headline number, some supporters note that it’s approximately 0.1% of the $1.7 trillion of student loan debt outstanding.
For example, some opponents of wide-scale student loan cancellation support targeted student loan forgiveness. Why? They understand that student loan borrowers who are permanently disabled or who were victims of fraud should have their student loans forgiven. At the same time, there are opponents of student loan cancellation who don’t want the federal government paying for student loans.
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