Many Student Borrowers Played By The Rules, But Their Debts Only Grew

Contributing sentiments towards policy:

52% : Steinbaum has likened the combined $1.6 trillion in student loan debt to water filling a bathtub.
49% : "Student loans aren't going to be paid back anyway, so all of this talk about cancellation is out of touch with reality," said Marshall Steinbaum, a student loan expert and associate professor at The University of Utah.
48% : At the end of 2019, for instance -- before then-President Donald Trump paused student loan payments -- only 37.1% of borrowers had a decreasing balance, while 48% had a flat or increasing balance, according to the New York Fed data.
48% : Sen. Elizabeth Warren (D-Mass.), an advocate for debt cancellation, described the situation in a similar way.
48% : And yet, the balance on student loan debt outstanding has gone up by nearly $100 billion a year."
20% : Opponents of President Joe Biden's plan to cancel up to $20,000 of student debt for millions of borrowers say it's unfair to people diligently paying off their college loans.

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