Donald Trumps running mate J.D.
The argument has always been ridiculous on its face.
Why would students take on high-interest loans if they didnt need to?
Sen. Elizabeth Warren listening at an American Federation of Teachers roundtable discussion on the student debt crisis.Matthew J. Lee/The Boston Globe/Getty Images
And if student debt cancellation truly benefited the wealthy, wouldnt Republicans support it?
A new report from Sens.Elizabeth Warren(D-Mass.)
More than 40 million Americans have $1.6 trillion in federal student loan debt.
Holding this debt can result in financial hardship and lower rates of home ownership.
For years, student loans could not be discharged through bankruptcy, unlike most consumer debts.
As president, Trump appointed three of the six conservative justices on the Supreme Court.
The report from Warren and Merkley analyzes the impact of Bidens new plan and who would benefit.
The new plan would target four groups.
The first is the 20 million borrowers who now owe more than what they originally borrowed.
The second is borrowers who have been repaying their loans for more than 20 years.
people who went to for-profit colleges accused of falsely advertising potential earnings.
Women are more likely to have higher debt than men and have lower earnings.
The new rule could help address this disparity.
One group who would benefit is public school teachers, 77 percent of whom are women.
