President Biden says he's looking into forgiving some federal student loan debt, a move that could create opportunities and challenges for the President politically.
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Biden campaigned on erasing some amount of student debt, but once he was elected, he has shied away from the topic. However, he may have a newfound openness.
Elie Jacobs, a political partner with the Truman National Security Project, told KCBS Radio the looming midterm elections play a major factor. "I think the openness is the reality that poll numbers are in the tank and they need to figure out some way to excite democrats to get out to the polls." he theorized.
The President is in a difficult position, as the progressive wing of the democrat party has pushed hard for debt cancellation, but many other groups, especially baby boomers, are far more skeptical, Jacobs said.
Charlie Eaton, assistant professor of sociology at UC Merced, thinks any equity issues will be worked out in the details. "Most of the relief would go to borrowers who come from low wealth backgrounds because that's who borrows to go to college," he explained. "People from higher income backgrounds tend to come from higher wealth backgrounds."
Upwards of 43 million Americans hold more than $1.6 trillion in federal student loan debt.
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