Should we cancel student debt?

Listen 49:46
A protester holds up a sign that says ''Cancel Student Debt''

Illkya Acosta, 26, protested outside then President-elect Biden’s Philadelphia headquarters demanding debt cancellation on Jan. 4. (Kimberly Paynter/WHYY)

President Biden recently cancelled $1 billion in student loans for borrowers who were defrauded at for-profit schools and has proposed erasing $10,000 in student debt loans. Student debt has sharply increased in recent years and together borrowers owe $1.7 trillion, a burden that leads to economic insecurity, defaults, and prevents people from buying homes, starting businesses, saving, or putting away for retirement. In Philadelphia, 25% of adults have student debt and for Black households, the number is even higher. This hour, we look at the student debt crisis, how it contributes to the racial wealth gap, and discuss policy solutions. Our guests are Philadelphia Councilmember At-Large KENDRA BROOKS, University of Pennsylvania researcher JALIL MUSTAFFA BISHOP, and SETH FROTMAN, executive director of the Student Borrower Protection Center.

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