Should the Biden administration cancel student debt? Read this before you decide

Advocates of student-debt cancellation and free college aren’t necessarily arguing that the student-loan system be eliminated entirely going forward — for example, very few are pushing for free graduate education — instead, they envision a system where borrowing is an option, “rather than something that is thrust upon people who would do better without debt,” said Mark Huelsman, associate director of policy and research at Demos. 

“Everyone who has advocated for student-loan relief is also acutely aware that we need to address the fundamental inequities in the way we finance college,” Huelsman said. 

In addition, it’s possible to address other challenges plaguing the student-loan system — for example, the obstacles public servants and those scammed by their schools face accessing loan forgiveness that’s already on the books or the harsh consequences of student-loan default — while still providing some relief to borrowers now, Huelsman said. 

“Most people who are in favor of big sweeping action are also in favor of the incremental reforms that would make the loan program more humane,” he said.  

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