The policy idea of broad-based student debt cancellation went mainstream during the 2020 Democratic presidential primary. But the economic collapse brought on by the pandemic has given the idea new urgency, says Mark Huelsman, associate director of policy and research at Demos, a left-leaning think tank that supports debt forgiveness.
Huelsman favors forgiving a larger amount of borrowers loan obligations. While it’s true that borrowers with the lowest balance are struggling the most, there are also plenty of high-balance borrowers who have unmanageable debt.
“The actual dollar amount, it’s hard to put that at a figure that’s enough to help everyone who is struggling,” he says. “And because of that, I’d err on the side of doing more.”