Not cancelling more student debts because rich people might also benefit gives a lot of weight to the 'one bad apple' theory.
disproportionately help rich college grads. Canceling $50K would help more low-income people, to a larger degree, than canceling just $10K would. This might seem as obvious as the pope's religious denomination, but as long as the president and other lawmakers claim that student debt cancelation would only funnel more money to those who already have it, it's worth debunking.
For example, previous studies have looked at total student debt among borrowers rather than comparing the share of debt held by different demographic groups compared to their proportion of the U.S. population. The paper uses the example of a statistic that sayseligible for cancelation.