Erasing student debt makes economic sense. So why is it so hard to do?

But the scope of the economic crisis created by the pandemic, and the fact that borrowers who graduated before 2007, like Heaps, have weathered two massive financial downturns in their professional careers, is bolstering the argument that major fixes are needed. Although student-loan forgiveness did not make it into the American Rescue Plan passed by Congress, the bill does include a provision to make college-loan forgiveness tax-free until Dec. 31, 2025, eliminating an important barrier that would make it easier to implement broader forgiveness in the future.

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