(THE COLLEGE FIX) -- Democrats are urging President-Elect Joe Biden to cancel federal student debt by executive order, a proposal that ignores the escalating cost of higher education and disproportionately benefits the wealthy, experts said in recent interviews with The College Fix.
As of June, there were 42.3 million federal student loan borrowers who owe $1.54 trillion in outstanding federal student loan debt.
Sens. Chuck Schumer (D-N.Y.) and Elizabeth Warren (D-Mass.) have called on Biden to forgive up to $50,000 for every student loan borrower. This policy would cost an estimated $1 trillion.
Advertisement - story continues below