President-elect Joe Biden made it clear during his presidential campaign that reducing the $1.6 trillion in U.S. student debt was a top priority if he became president. With his January inauguration imminent, murmurs of whether student debt forgiveness has all but reached a fever pitch.

But according to these two economists, that may not be the best way to help borrowers around the country.

New research from The Wharton School’s Sylvain Catherine and University of Chicago Booth School of Business’s Constantine Yannelis makes the case that student debt forgiveness would favor wealthy people.

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