The debate over the cancellation of student debt has been going on for so long in America that reiterating the arguments pro and con no longer seems necessary. To begin with, the total amount of outstanding student loans for higher education has exploded over the last two decades. The sum owed by more than 45 million borrowers stands at about $1.8 trillion today, up from about $300 billion in 2000. Even students at public universities are graduating with sizable debt obligations, averaging more than $26,300. “The whole premise of the main higher education industry is that a college degree pays off,” says Marshall Steinbaum, an expert in higher education finance at the Jain Family Institute.

Source: Los Angeles Times May 18, 2022 16:25 UTC