Many critics of Bernie Sanders’ plan to forgive all 1.6 trillion dollars of student debt, or Elizabeth Warren’s plan to forgive all student debt up to $ 50,000, do not necessarily understand the full effects of the plan.
They argue that the plan would disproportionately help wealthy people as they are the ones more likely to go to college.
It is true that wealthier people are more likely to go to college but poor and middle-class young people who take on student debt are far more burdened by their debt and canceling it would have monumental effects on their ability to participate in the economy, freeing them up to buy homes, start families, and move up the economic ladder.
All Americans, even those without student debt, would benefit from debt cancellation but low-income young people who are most burdened by their debt would stand to gain the most under both the Sanders and Warren plans.
