The Biden administration has been considering a plan to cancel at least $10,000 of federal student-loan debt. President Biden promised something of the sort during the 2020 presidential campaign. And with about 45 million current and former students carrying $1.76 trillion in debt, some sort of debt forgiveness is appealing both as policy and as politics.
But what kind of debt forgiveness, and how much for whom?
What makes that a hard question is that there is not one student debt problem; there are dozens. They range from mega-loans for Harvard Business School degrees that yield Wall Street jobs with mega-salaries to much smaller amounts borrowed to pay for vocational training that proved almost worthless, if not an outright scam.
