As Democrats go all-out to woo affluent, college-educated suburbanites, President Biden is being pushed to extend the freeze on student-loan payments. But those with the highest college debt tend to be the nation's highest earners.
As Democrats go all-out to woo affluent, college-educated suburbanites, President Biden is being pushed to extend the freeze on student-loan payments. But those with the highest college debt tend to be the nation's highest earners. NY Post photo composite More On: student loans
If you want an indication of how completely the Democrats have been transformed from the workingmen’s party to the party of affluent professionals, consider how intensely progressives are pressuring President Biden to extend — for the sixth time — the freeze on college-loan repayments.
This is class war — and the folks with 21st-century versions of monocles and top hats are winning.
The people who have college loans to pay back are, on average, pretty well-off. That’s no surprise: Only one in three working-age Americans are college graduates, and college graduates earn more money than people who have only high-school diplomas. So do people who go to college but don’t get a degree. College-loan forgiveness is first and foremost a government handout to people who have higher-than-average incomes.
If you know anything about higher education, you will not be surprised to learn that the people with the most college debt are the people with the highest incomes. Those big loans usually don’t come from financing a liberal-arts degree at an Ivy League college: The elite schools have big money of their own, which is why, for example, the vast majority of Princeton graduates finish with no student debt at all, while the small share who do take out loans typically finish with less with debt less than $10,000.
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