Republican and Democrat lawmakers raised concerns about blanket student loan forgiveness, and suggested alternatives.student loan payments
It’s a raw deal for taxpayers. The Department of Education estimates that, each month, they are losing over $200 billion in repayments and another $5 billion in accrued interest. Since the beginning of the pandemic, the pause has cost taxpayers more than $130 billion in interest payments.WASHINGTON, DC - MARCH 14: On the second anniversary of the student loan payment pause, We, The 45M, use signs and projections outside of the U.S.
The more generous student loan forgiveness becomes, the more it benefits upper income earners. The Federal Reserve Bank of New York recently estimated that 30 percent of loan forgiveness would go to borrowers from high-income neighborhoods. The University of Chicago finds that loan forgiveness would benefit the top 10 percent of income earners as much as the bottom 30 percent of income earners combined., it’s expensive.
And then there are the broader economic impacts. Regarding inflation, both the moratorium and broader forgiveness are gasoline on the fire. Absolving people of a debt reduces the incentive to work and reduces participation in the labor market. That retards economic output and drives up prices. Furthermore, repaying student loans would help reduce the money supply, taking the oxygen away from the inflationary fire and helping to keep down prices.
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