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Student Debt Grew 2,807% Since Supreme Court Justices Graduated
Posted
March 3, 2023
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March 3, 2023
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1:22Now PlayingThe nine Supreme Court justices who will rule on President Joe Biden’s student loan forgiveness plan went to college when it cost a fraction of what it does today.
On Tuesday, the Supreme Court justices listened to oral arguments about the legality of Biden’s plan, which would forgive up to $20,000 of student debt per borrower and potentially impact more than 40 million Americans. The court’s conservative majority cast doubt on the program, raising concerns about the expansion of presidential power.
Four of the nine justices graduated college in the 1970s. The average student debt at the time of graduation in 1970 was just $1,070, compared to $31,100 in 2021 — an increase of more than 2,800%. Even when adjusted for inflation, the average student loan burden at graduation has risen more than 500% since 1970.
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