(THE COLLEGE FIX) -- The 60 percent of millennials and Gen Z members who voted for President Joe Biden over Donald Trump in 2020 are also most likely to benefit from student loan amnesty.
President Biden has said he is open to canceling $10,000 in student loans through executive action, a move that would primarily benefit young people, a Federal Reserve Bank of New York team concluded.
Its recently released report concluded “forgiveness of $10,000 per borrower would forgive a total of $321 billion of federal student loans” and “eliminate the entire balance for 11.8 million borrowers (31.1 percent).” It would also “cancel 30.5 percent of loans delinquent or in default prior to the pandemic forbearance.”
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