President-elect
Joe Biden is facing growing pressure to erase student loan debt on his first day in office as part of a broader coronavirus relief effort – but doing so may be an ineffective way to boost the nation's pandemic-stricken
economy, according to a new analysis.
Outstanding student loan debt has doubled over the past decade, nearing a staggering $1.7 trillion. About one in six American adults owes money on federal student loan debt, which is the largest amount of non-mortgage debt in the U.S. It has been cited as a major hindrance in people’s “economic life” by Federal Reserve Chairman Jerome Powell.