Why Biden’s student loan forgiveness doesn’t go far enough

United States President Joe Biden. Photo: The White House/Flickr - The recent decision by the Biden administration to forgive student debt may help students now but won't fix the student loan crisis in the long term, according to a world-leading expert on student loans. Professor Bruce Chapman from The Australian National University (ANU) said the only way to make the system fairer and sustainable is to put in place loans where students don't repay debt until they earn a high enough income. In the United Kingdom (UK) and Australia, income-based repayments for student loans are automatic and universal, keeping individual debt levels low and affordable for the taxpayer. "The current United States college student loan system is very poor - it hurts people in all kinds of ways," Professor Chapman said. "The pandemic has shown us just how unfair the student loan system can be. The ups and downs of labour markets have a huge effect on someone's ability to repay their student debt.