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Student Loan Forgiveness

Updated Nov 7 2023
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The Pros and Cons of ...

"The United States federal government should forgive federal student loan debt"

Context

Here are the summaries of the current top 4 quotes that were found and support this claim. See the quote list for the quote text and source URL.

$1.6 trillion dollars of debt and different proposed solutions: There is $1.6 trillion dollars of student debt across 43 million people. Different politicians have proposed different levels of forgiveness from full forgiveness to $10k per person. [See Quote 1]
65% of students graduate with loans between $20k to $39k: In 2018, 65% of graduates relied on student loans. The average student debt in states ranged from $20k to $39k [See Quote 2]
Biden’s initial loan forgiveness program was struck down: In 2022 Biden announced a student loan forgiveness plan (see quote for details). In 2023 the Supreme Court ended up ruling that the Biden administration did not have authority to execute the program [See Quote 3]
Other various stats: Student debt has grown sixfold over the last 15yrs. 1 in 4 borrowers are paying both principal and interest. 20yrs after graduation the average black student owes 95% of their debt compared with 6% of white students. Almost 2/3 of debt is held by women [See Quote 4]

The above are AI summaries of real quotes from scholarly sources and the web, and have had a quick human review for summarization accuracy. See the full list of quotes for source information.

Context Quotes

A total of 153 quotes were found, the top 7 are shown below:
------Quote Number [1]------
Title: $1.6 trillion dollars of debt and different proposed solutions
Main Point: There is $1.6 trillion dollars of student debt across 43 million people. Different politicians have proposed different levels of forgiveness from full forgiveness to $10k per person.
Quote: Based on data from the Department of Education , forgiving all federal loans (as Senator Bernie Sanders proposed ) would cost on the order of $1.6 trillion. [1] Forgiving student debt up to $50,000 per borrower (as Senators Elizabeth Warren and Chuck Schumer have proposed ) would cost about $1 trillion. Limiting loan forgiveness to $10,000, as President Biden has proposed, would cost about $373 billion. Under each of these proposals, all 43 million borrowers would stand to benefit to differing degrees.
Source: Putting student loan forgiveness in perspective: How costly is it and who benefits? | Brookings |


------Quote Number [2]------
Title: 65% of students graduate with loans between $20k to $39k
Main Point: In 2018, 65% of graduates relied on student loans. The average student debt in states ranged from $20k to $39k
Quote: According to The Institute for College Access and Success, 65% of 2018 graduates relied on student loans.8 Among Pell Grant recipients (students from low-income households), 84% graduated with debt.9 When disaggregated, the average student debt of graduates by state ranged from a low of $19,750 in Utah to a high of $38,650 in Connecticut.
Source: How States Can Solve the Student Debt Crisis: A Framework for Reducing Student Debt Burdens for Present and Future Borrowers. |


------Quote Number [3]------
Title: Biden’s initial loan forgiveness program was struck down
Main Point: In 2022 Biden announced a student loan forgiveness plan (see quote for details). In 2023 the Supreme Court ended up ruling that the Biden administration did not have authority to execute the program
Quote: In August 2022, the Biden administration announced student loan forgiveness for qualifying borrowers. To qualify, individuals had to have an income of less than $125,000 ($250,000 for married couples). If your income qualified and you are a Pell Grant recipient, you were eligible for debt cancellation up to $20,000. If you are not a Pell Grant recipient and your income qualified, you were eligible for up to $10,000. Federal courts issued orders to block the plan on Nov. 11, 2022. The Department of Education stopped taking new applications while working to overturn the decision, and any applications that were already submitted were put on hold. On June 30, 2023, the Supreme Court ruled that the Biden administration lacked the authority to cancel up to $20,000 federal student debt per borrower.
Source: What Is Student Loan Forgiveness? |


------Quote Number [4]------
Title: Other various stats
Main Point: Student debt has grown sixfold over the last 15yrs. 1 in 4 borrowers are paying both principal and interest. 20yrs after graduation the average black student owes 95% of their debt compared with 6% of white students. Almost 2/3 of debt is held by women
Quote: In the last 15 years, total outstanding student debt has grown six-fold and now hovers at over $1.5 trillion ... According to the Department of Education, only 1 in 4 borrowers are paying down both principal and interest ... According to one study, 20 years after enrollment the typical black student still owes 95% of their debt, compared with 6% for white students, and almost two-thirds of all student debt is held by women.
Source: How States Can Solve the Student Debt Crisis: A Framework for Reducing Student Debt Burdens for Present and Future Borrowers. |


------Quote Number [5]------
Quote: As the amount of student debt owed continues to grow—now surpassing $1.5 trillion, states across the country are implementing practical and innovative solutions aimed at alleviating student debt burdens.
Source: How States Can Solve the Student Debt Crisis: A Framework for Reducing Student Debt Burdens for Present and Future Borrowers. |


------Quote Number [6]------
Quote: In 2018, the lowest state average for student debt of borrowers at graduation sat at $19,750. Twenty-one states had averages over $30,000.6
Source: How States Can Solve the Student Debt Crisis: A Framework for Reducing Student Debt Burdens for Present and Future Borrowers. |


------Quote Number [7]------
Quote: The paper shines a light on a student debt crisis that Democratic presidential hopefuls have called a national emergency. Sen. Elizabeth Warren has proposed forgiving student loan debt for millions of borrowers on a sliding scale based on income, and Sen. Bernie Sanders has pushed for eliminating undergraduate tuition and fees at public colleges and universities.
Source: Forgiving Student Loan Debt Leads to Better Jobs, Stronger Consumers - HBS Working Knowledge |



The number of quotes found is not necessarily an indication of the strength of the argument. It can instead reflect on the availability of the information on the internet that can be picked up by Logipedia's auto-researcher, and the dedication of readers to fill in the gaps. Suggest quotes to help fill in the gaps through our suggestion form or by emailing contact@logipedia.co

👉 ... expand for source data... 👈


Supporting Evidence (Pros) & Opposing Evidence (Cons)

Student loan debt hinders life milestones
The burden of student loan debt is preventing many young adults from achieving major life milestones such as buying a home or starting a family. Forgiving the debt would empower them to pursue these goals.
High cost of forgiving student debt
The cost of forgiving all federal student loan debt would be extremely high and would require significant funding from taxpayers.
Loan forgiveness boosts economy by freeing borrowers
Forgiving student loan debt would stimulate the economy by freeing up money for borrowers to spend on other goods and services.
Potential tuition increase due to forgiveness
Forgiving all federal student loan debt may lead to an increase in tuition fees, as universities and colleges may feel they can raise prices without consequence.
Loan forgiveness removes financial stress and anxiety
Student loan debt forgiveness would alleviate financial stress and improve mental health for borrowers.
Unfairness in student loan forgiveness
Forgiving all federal student loan debt may result in unfairness because it gives a large portion of funding to more capable and generally higher income individuals when those in lower income situations need it more

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