Biden's $10,000 student loan forgiveness could wipe out the debts of nearly half of all borrowers. But for others, it won't even make a dent

Contributing sentiments towards policy:

56% : Some 24% of borrowers have used one or more forms of debt besides student loans, including credit card debt or personal loans, to pay for educational expenses, according to the Federal Reserve.
54% : Some 175,000 borrowers have had $10 billion in student loan debt forgiven under the revamped Public Service Loan Forgiveness (PSLF) process, the U.S. Department of Education announced on Tuesday.
51% : And only about 19% of households that have total incomes below $125,000 have student loan debt, according to an analysis by the Urban Institute.
51% :Last week, Biden also wiped out $4 billion in student debt of 208,000 borrowers who attended ITT Technical Institute, an online university that U.S. Secretary of Education Miguel Cardona said has "intentionally misled students about the quality of their programs in order to profit off federal student loan programs."
50% : That means the program likely won't help high-earning professionals like doctors, whose student loan debt averaged $200,000 after graduating medical school in 2021, according to the Association of American Medical Colleges (AAMC).
37% : This isn't the first move by the Biden Administration to make good on campaign promises to cancel student debt.

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