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What would happen if everyone just stopped paying their student debt?

Quoted: Nick Hillman, a professor at the University of Wisconsin-Madison’s School of Education, said he thinks Biden’s forgiveness program would be a net positive.

“Our student loan repayment system has been shut off for three years and it’s already a pretty rusty machine in the first place,” Hillman said.

Once we resume those payments, it’ll leave many people worse off, he explained.

“So cancellation would help in that transition period,” he added.