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Revisiting Federal Student Loan Forgiveness: An Update Based on the White House Plan

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Abstract

On August 24, 2022, the White House released a plan to cancel federal student loans for most borrowers. In April, we wrote about the costs and who most benefits from a few hypothetical loan forgiveness proposals using our Consumer Credit Panel, based on Equifax credit report data. In this post, we update our framework to consider the White House plan now that parameters are known, with estimates for the total amount of forgiven loans and the distribution of who holds federal student loans before and after the proposed debt jubilee.

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  • Jacob Goss & Daniel Mangrum & Joelle Scally, 2022. "Revisiting Federal Student Loan Forgiveness: An Update Based on the White House Plan," Liberty Street Economics 20220927, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:94843
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    File URL: https://libertystreeteconomics.newyorkfed.org/2022/09/revisiting-federal-student-loan-forgiveness-an-update-based-on-the-white-house-plan/
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    Keywords

    student loans; household finance; inequality; fiscal policy;
    All these keywords.

    JEL classification:

    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents

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