A New Plan for Student Loans

<p>President Biden’s announcement this week that he would cancel chunks of student loan debt stands to have a major impact for many of the 45 million Americans who owe $1.6 trillion for having gone to college.</p><p>Who will benefit from the plan, what will the cost be to the taxpayer and the economy, and, ultimately, could the White House have done more?</p><p>Guest: <a href="https://www.nytimes.com/by/stacy-cowley?smid=pc-thedaily">Stacy Cowley</a>, a finance reporter for The New York Times.</p><p>Background reading: </p><ul><li>The<a href="https://www.nytimes.com/2022/08/24/us/politics/student-loan-forgiveness-biden.html"> plan for student loan forgiveness</a> comes after months of deliberations in the White House over fairness and concerns that it could exacerbate inflation before the midterm elections.</li><li>The move has kicked off heated fiscal debate and raised the possibility of<a href="https://www.nytimes.com/2022/08/25/business/dealbook/student-loan-relief-biden-inflation-debate.html"> opening a deep political rift</a>.</li><li><a href="https://www.nytimes.com/2022/08/24/business/biden-student-loan-forgiveness.html">Here’s what you need to know</a> about Mr. Biden’s proposal.</li></ul><p>For more information on today’s episode, visit <a href="http://nytimes.com/thedaily?smid=pc-thedaily">nytimes.com/thedaily</a>. Transcripts of each episode will be made available by the next workday. </p>