Recent data obtained by the National Consumer Law Center showed only 32 individuals have actually received loan forgiveness since the launch of the first income-driven repayment plan in 1995. The policy and advocacy organization estimates that approximately 2 million borrowers have been in repayment for at least 20 years under the various income-driven repayment plans.
Akers also argues that widespread cancellation would offer “a lot of benefits to people who are already doing quite well in this economy.”
Brookings analysis of Federal Reserve data showed households with master’s, professional or doctoral degrees owe 56% of the nation’s student debt. Their median household earnings are approximately $72,000, $111,000 and $101,000, respectively, according to 2019 U.S. Read More
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