Here’s who would benefit most from student loan forgiveness

Here’s who would benefit most from student loan forgiveness

Outstanding student loan debt in the U.S. has climbed to $1.7 trillion, a balance that is not evenly distributed among college graduates.Certain groups are far more burdened than others.President Joe Biden is now considering whether or not to reduce or eliminate those burdens by forgiving student debt.Here's who would benefit the most should the president move ahead.

Women

Women would be among the biggest winners of student loan forgiveness.That's because around two-thirds of the country's outstanding balance is carried by women.White women student loan borrowers owe an average of $31,300, compared with $29,900 for White male borrowers.Meanwhile, Black women borrowers owe an average of $37,600, versus $35,700 for Black male borrowers.

People of color

Older borrowers

A growing number of Americans are bringing student loans into their golden years. And the payments pose a problem for many of them.About 33% of student loan borrowers over the age of 65 are in default, and half of those older than 75 have fallen behind, according to a report by the Government Accountability Office.

Those hit by Covid-19

Advocates say that forgiving student debt is a crucial part of any meaningful response to the coronavirus pandemic, pointing out that borrowers were already struggling prior to the crisis.Indeed, even before more than a