What makes President Biden’s student-debt plan particularly galling is that those set to benefit most are among the top income earners.
Penn Wharton’s recent analyses found around 70% of the forgiven debt will have been held by those in the top 60% of the income distribution.
Adding salt to the wound is the fact that those living in Washington, DC, likely have the most to gain: The capital is home to the highest average amount of student debt per borrower.