Array
President Biden’s student loan forgiveness plan is expected to pay off billions of dollars in loans for graduate school degrees that help borrowers earn lifetime salaries up to $3.1 million higher than those who do not attend college.
Loan debt accrued by graduate school borrowers qualifies for the relief plan Mr. Biden announced on Aug. 24, and most people who borrowed for a post-graduate education are eligible for the same $10,000 in relief as undergraduate borrowers.
Those with graduate degrees tend to earn on average far more money over their lifetime, especially when compared to people who never attended college, said Neal McCluskey, director of the libertarian Cato Institute’s Center for Educational Freedom.
Those with a master’s degree earn $1.6 million more, and a doctoral degree raises a lifetime salary to $2.4 million more than those with only a high school diploma, according to Mr. McCluskey’s calculations based on data from the Georgetown University Center on Education and the Workforce.
Professional post-graduate degrees, such as those held by doctors and lawyers, increase the lifetime earning advantage to $3.1 million over the non-college educated.
“It is important to note that this is the average, so there are lots of people who do worse than this,” Mr. McCluskey told The Washington Times. “The question is, does that justify mass cancellation? And it doesn’t. Because on average, these people do very well.”
SEE ALSO: Jewish university asks high court to freeze order approving gay student group on campus
The debt forgiveness program has spurred a backlash, particularly among those who never attended college or have already paid for college.
Critics were quick to point out that significant amounts of taxpayer funding will end up paying off post-graduate education and not just bachelor’s degrees which Mr.
