Committee for a Responsible Federal Budget
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Watch: Committee Policy Analyst Alexander Holt Testifies on Student Debt's Burden on Borrowers and the Economy

Apr 13, 2021 | Other Spending

On April 13, Committee for a Responsible Federal Budget policy analyst Alexander Holt testified before the Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy.

His testimony highlighted how blanket forgiveness of student debt would represent a regressive giveaway to high earners and a poor form of economic stimulus. Furthermore, despite the student loan program representing a good value for most students, reforms must be made with the goal of helping struggling borrowers in mind. Given the nation’s unsustainable fiscal outlook, the best way to tackle the student debt crisis is through targeted relief programs rather than blanket debt forgiveness. Finally, the cost of any reforms to higher education financing should be offset by increased revenue, decreased spending elsewhere in the federal budget, or a combination.

You can view the testimony here.

The full written testimony is available here.

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