Biden delivered remarks from the Oval Office outlining his decision not to seek reelection, his first on-camera remarks since making that announcement on Sunday. In addition to explaining why he is ending his candidacy, he listed off his priorities for his remaining time as president.
“And I’m going to call for Supreme Court reform, because this is critical to our democracy,” Biden said.
Multiple outlets have reported that Biden is considering proposals to establish term limits for Supreme Court justices and an enforceable ethics code for those on the high court.
What’s the average amount of student loan forgiveness that students have received? Do you think it is more or less than a months rent?
Unfortunately blanket student loan forgiveness keeps getting blocked by republicans in congress or judges they’ve appointed. They’ve only been able to provide relief to those who need it most. I know I haven’t gotten any. But that’s why average isn’t a great metric to use here-- I don’t need it, others do. Not to mention, average in terms of what-- absolute monetary value? Proportion of money received compared to total loan balance? Compared to original loan balance before interest?
Because I’m bored though, I’ll humor you.
Total direct loan forgiveness (not counting repayment pauses during covid or other relief measures): $167 billion
Total US outstanding student loan debt: $1.77 trillion
Total US outstanding student loan borrowers: 42.8 million
Average student loan debt per outstanding borrower: ~$40k (same source as above)
Total percentage of debt cancelled: 167m/1770m = 9.4%
Average debt relief per person: $3,900 (!)
So yes, it’s paid for multiple months worth of rent, and relieved about 10% of everyone’s debt on average! Better than I expected.