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

Jacob Goss, Daniel Mangrum and Joelle Scally

No 20220927, Liberty Street Economics from Federal Reserve Bank of New York

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.

Keywords: student loans; household finance; inequality; fiscal policy (search for similar items in EconPapers)
JEL-codes: H3 (search for similar items in EconPapers)
Date: 2022-09-27
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