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Alexis Leondis

Biden's Student Loan Plan Neglects Older Borrowers

Many Americans are carrying college debt into their senior years. Biden's forgiveness plan should give them more relief.

Aging with loans.

Aging with loans.

Photographer: Paul Morigi/Getty Images 

There's a group of student loan borrowers who may need relief more than anyone else: retirees and others who are smothered by student debt in their senior years. Sadly, President Joe Biden's student debt forgiveness plan doesn’t do enough for them.

Like the whole topic of loan forgiveness, it's difficult to craft a solution that's fair to other borrowers who make their payments. But there are ways to provide targeted relief for older Americans whose financial lives are overwhelmed by student debt with little chance of ever being able to repay.