Canceling Student Debt Would Backfire on Biden

President-elect Joe Biden is under pressure to do something that sounds bold and progressive when he takes office: Cancel the student debt of millions of Americans. If he really wants to help the most financially challenged, however, there are much better ways to do it.

No doubt, student debt is a problem. The rising cost of college has far outpaced incomes and federal grants, leaving little option but to borrow. The resulting obligations — an estimated $1.55 trillion as of September, up from $250 billion in 2003 — weigh on the entire economy, leading people to delay steps such as starting families and buying houses. The burden has fallen particularly heavily on Black people, who are often targeted by for-profit schools marketing diplomas of questionable value.