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The conversation around forgiving student debt seems to focus all too much on people creating their own vision of reality rather than looking at the actual stats on student debt. The truth is that people burdened by student debt aren't exactly liberal arts grads from Oberlin 1/
The people most hurt by the burden of student debt are more likely to look like poor or middle class people who went to vocational programs and either failed to graduate or were unable to get a job. 2/
While the average amount of student loan debt in the U.S. is around $20,000, the people most likely to default on their loans are the ones who’ve borrowed less than $5,000.
https://www.arnoldventures.org/stories/saddled-with-debt-and-an-unfinished-degree/
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https://www.arnoldventures.org/stories/saddled-with-debt-and-an-unfinished-degree/
3/
Fewer than half the students who enrolled in 2008 had obtained a degree or certificate by 2016. That means people could be loaded with student debt but have no degree to help them land the jobs necessary to pay it off.
https://www.arnoldventures.org/stories/saddled-with-debt-and-an-unfinished-degree/ 4/
https://www.arnoldventures.org/stories/saddled-with-debt-and-an-unfinished-degree/ 4/
And, unlike nearly every other kind of debt, it is incredibly difficult to discharge student debt via legal bankruptcy (a concept built into the US constitution) fin/
Postscript: Anyways, the feds have lots of opportunities to demand transparency and accountability in higher education to help people from ending up with debts they can't afford but that would require congressional action
