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Biden Student Debt Plan Would Send More to Richer Families, JPMorgan Data Shows
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President Biden’s plan to forgive student loans would send more money to wealthier families than to poorer ones, but lower-income and minority households would be more likely to have their debt forgiven entirely, the JPMorgan Chase Institute found.
Mr. Biden announced last month that he would cancel $10,000 in federal student loan debt for borrowers making under $125,000 a year or couples making less than $250,000 a year. Those who receive federal Pell Grants and make less than $125,000 a year would be eligible for total forgiveness of $20,000.
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