Big student loan debt is not a ‘Harvard, Yale and Penn’ problem

On the campaign trail, President Joe Biden promised to cancel at least $10,000 of federal student loans for all borrowers in response to the Covid-19 crisis. Over 60 lawmakers and 17 state attorneys general have called on him to go further and cancel up to $50,000 administratively. When Biden was asked if he would cancel $50,000 of student debt for struggling borrowers at a CNN Town Hall last Tuesday, his answer unfortunately reflected some commonly held misconceptions about student loan borrowers.