EVEN BEFORE TAKING OFFICE, PRESIDENT-elect Joe Biden is already facing a political storm among his ideologically diverse base of supporters over the volatile issue of student-debt forgiveness.
Roughly 45 million Americans currently hold $1.6 trillion in student debt, with the average student-loan recipient owing between $20,000 and $25,000, according to the Federal Reserve. Among those actively making payments on their debt, the average monthly installment is between $200 and $300. And with 5.3 million more people unemployed than in February, right before the U.S. fell into a pandemic-induced recession, progressives say that student-debt forgiveness could be a boon for the economy.
“Student-debt cancellation feels like one of the most accessible Executive actions to stimulate the economy at the moment,” says Suzanne Kahn, director of the Education, Jobs and Worker Power…