Biden’s $1.2 billion student loan cancellation proposal faces constitutional limits as East Coast states bear highest average debts among millennials, per new report by GOBankingRates

The American Institute for Economic Research’s William Luther Aier recently joined LiveNOW to discuss President Biden’s latest proposal to cancel $1.2 billion in student loan debt, which aims to provide relief for over 30 million borrowers nationwide. While Biden initially planned on forgiving up to $10,000 per borrower with an annual income of less than $125,000 and additional amounts for those who received federal Pell grants, the Supreme Court rejected this proposal last year as they believed that the president exceeded his constitutional limits. Regardless, a recent survey by Axios suggests that students from both political spectrums agree on one point – they believe the government should be doing more to assist them in paying off their debts. Of the 4,168 students who participated in this study, 89% of Democratic participants and 81% of Republican ones shared similar sentiments regarding relief options provided by the administration.

A new report from GOBankingRates sheds light on the cost of student loan debt across different states in America using data collected earlier this month by Education Data Initiative’s Student Debt by Generation 2023. The study found that millennials with debts are most common along the East Coast, particularly New York (number three), Massachusetts and Illinois, which were among the top ten regions where student debt is highest in America. Maryland takes home the prize for having the highest average amount of outstanding debt per person at $37,337, while Washington D.C.’s millennials owe an astronomical figure – over $53,000 on average. In contrast, Wyoming has the lowest average student loan debt among its population with a total outstanding debt for all millennial borrowers amounting to about $470 million. This data was gathered earlier this month by GOBankingRates using Education Data Initiative’s Student Debt by Generation 2023 report, which collected information on each state’s total number of millennials with student debt and the corresponding outstanding loan balances for that generation.