Should student loan debt be canceled?

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Should student loan debt be canceled?
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The 360 | Should student loan debt be canceled?

Speed readWhat's happening: The rising cost of education and the increasing necessity of a college degree in many professions have led to an explosion in student loan debt in the U.S. Americans now owe $1.56 trillion — a figure some experts have called a "crisis" for the economy.

Story continuesWhy there's debate: Despite its trillion-dollar scale, Warren's proposal would directly help only 42 million people, or roughly 14 percent of Americans. Individuals who chose not to go to college, those who have already paid off their loans and anyone with a household income over $250,000 would be left out.

What's next: Polling suggests that a significant majority of Americans believe reducing student debt is important. But support for loan forgiveness is more split along demographic lines like age and race, with young people and people of color largely in favor. "Indeed, student debt abolition and free college would be a win-win for the entire country. Not only would debtors get relief, academic research shows it would be a significant stimulus that might 'supercharge' the economy and help address the racial wealth gap. Money currently used to pay back loans with interest would be redirected to other goods and services.

"I don’t know if I’d personally place a debt-forgiveness plan like she has proposed at the very center of a left-wing agenda . But there are certainly much more appalling things than a transfer from the ultra-wealthy to the middle class." — Jordan Weissmann, Slate

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