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Why Even Progressives Hate The Idea Of ‘Wholesale’ Student Debt Relief

(Roberto Schmidt/AFP via Getty Images)

Adam Barnes General Assignment Reporter
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President-elect Joe Biden is facing pressure to reduce or relieve the $1.6 trillion total student loan debt held by millions of borrowers. Advocates of loan forgiveness point to the debt relief as a welcome stimulus during a time of pandemic-induced economic turmoil — but opponents, progressives among them, argue that it could disproportionately benefit the rich.