In the United States 45 million borrowers owe a grotesque $1.7 trillion in student debt. That’s more than the Gross National Product of every country on earth except the U.S. and China. So Biden’s policy of cancelling $10,000 of student loans, and $20,000 for Pell Grant (low income) recipients, is a start. Close to 45% of borrowers may have their remaining debt cancelled. But the majority will still owe a bundle.
Student debt is a lifelong burden for many, especially students of color, who have to borrow more because of less family resources. After 20 years, Black borrowers on average still owe 95% of their original loans, while most white debtors have been able to pay theirs off. And some 2.5 million seniors are still paying student loans out of their Social Security checks.
Finish the job. Cancel all student debt and make higher education public and free. Pay for it by slashing military spending and taxing big corporations, which profit from workers’ education.