Here’s who would benefit most from student loan forgiveness
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Women would be among the biggest student loan beneficiaries.
That’s because around two-thirds of the country’s outstanding assets are carried by women.
White female student borrowers owe an average of $ 31,300, compared to $ 29,900 for white male borrowers.
Meanwhile, black female borrowers owe an average of $ 37,600, compared with $ 35,700 for black male borrowers.
People with color
A growing number of Americans are bringing student credit into their golden years. And payments are a problem for many of them.
According to a report from the Government Accountability Office, about 33% of student loan borrowers over the age of 65 are in default, and half of those over 75 are in default.
The government can garnish part of a borrower’s social security check if they are in default.
“To the extent that they are dependent on social security to meet basic needs, it is unethical for the federal government to give with one hand and take back with the other,” said university expert Mark Kantrowitz.
Those hit by Covid-19
It is also many of the borrowers who are hardest hit by student debt, including older Americans and women who have suffered the financial repercussions of the public health crisis.
“Debt relief would have a huge impact on those hardest hit by the coronavirus pandemic,” said Alexis Goldstein, senior policy analyst at Americans for Financial Reform.