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Forgiving Student Loan Is Regressive

By Adam Looney, Nonresident Senior Fellow - Economic Studies, Executive Director, Marriner S. Eccles Institute, University of Utah

Medical school graduates typically owe six-figure student loans but that doesn’t mean they are poorer than high-school graduates who did not go to college. Wealth, properly measured, should include the value of educational investments students borrowed to make. Measured appropriately, student debt is concentrated among high-wealth households and loan forgiveness is regressive whether measured by income, educational attainment, or wealth. Across-the-board forgiveness is therefore a costly and ineffective way to reduce economic gaps by race or socioeconomic status. Only targeted policies can address the inequities caused by federal student lending programs.

Read the full article at Brookings.