“Wiping out student loan debt for American college graduates would benefit the wealthy much more than it benefits less privileged students, according to a new working paper from the National Bureau of Economic Research. “Blacks and Hispanics would also benefit substantially less than balances suggest,” the authors say.
In the paper, titled “The Distributional Effects of Student Loan Forgiveness,” economists Sylvain Catherine and Constantine Yannelis conclude that universal student loan “forgiveness would benefit the top decile as much as the bottom three deciles combined.””
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“”There are a number of ways in which debt can be discharged, with important distributional implications. For example, forgiveness can be universal, capped or targeted to specific borrowers. These debt cancellation policies can benefit different socioeconomic and ethnic groups. This paper explores their distributional impacts. We find that the benefits of universal debt forgiveness policies largely accrue to high-income borrowers, while forgiveness through expanding income-contingent loan plans instead favors middle-income borrowers.””
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“full or partial loan forgiveness regardless of income and loan size would be “highly regressive, with the vast majority of benefits accruing to high-income individuals,””
“The new rules aim to protect victims of sexual misconduct while also establishing fairer procedures for the accused. The department believes the new rules will “balance the scales of justice on campuses across America,” a Department of Education spokesperson said during today’s press briefing.”
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“Most notably, the government has abolished the single-investigator model, which previously permitted a sole university official to investigate an accusation of misconduct, decide which evidence to consider, and produce a report recommending an outcome. Under the new rules, the final decision maker must be a different person than the investigator, and a finding of responsibility can only be rendered after a hearing in which a representative for the accused is able to pose questions to the accuser—i.e., cross-examination.
Importantly, the new rules narrow the scope of actionable sexual harassment to exclude conduct that ought to be protected under the First Amendment. Obama-era guidance had defined sexual harassment as “any unwelcome conduct of a sexual nature.” The new rules keep this definition but add that the conduct must be offensive to a reasonable person, severe, and pervasive. In practice, this should mean that schools will no longer initiate Title IX investigations that impugn free speech.”
“The new rules will also end the pernicious practice of universities initiating Title IX investigations in cases where the alleged victims are not interested in this course of action.. a formal complaint that results in adjudication can only be initiated by the victim or their parents/legal guardians.”
“It’s good to include more perspectives and to ensure that a liberal arts education is not excessively focused on Europe. But diversity by addition is vastly preferable to diversity by subtraction. When a university eliminates an introductory art class because a tiny number of ideologues object to the whiteness and maleness of it all, it feels like they are declining to teach history because some people don’t like what happened. The West’s outsized influence on the events of the last several centuries may very well be problematic, but that doesn’t mean it isn’t real.”
“The impact of the air filters is strikingly large given what a simple change we’re talking about. The school district didn’t reengineer the school buildings or make dramatic education reforms; they just installed $700 commercially available filters that you could plug into any room in the country. But it’s consistent with a growing literature on the cognitive impact of air pollution, which finds that everyone from chess players to baseball umpires to workers in a pear-packing factory suffer deteriorations in performance when the air is more polluted.
If Gilraine’s result holds up to further scrutiny, he will have identified what’s probably the single most cost-effective education policy intervention — one that should have particularly large benefits for low-income children.
And while it’s too hasty to draw sweeping conclusions on the basis of one study, it would be incredibly cheap to have a few cities experiment with installing air filters in some of their schools to get more data and draw clearer conclusions about exactly how much of a difference this makes.”