White House Staffers Benefit Greatly From Student Loan Forgiveness

President Joe Biden, looking ahead to the November midterms, unilaterally erased $300 billion in student loan debt. Some of those who benefited greatly work right alongside the president in the White House.

Administration staffers owe a whopping $4.7 million in student loans, making it a personal quest for many in the White House. Bloomberg News reported that about one in five, or 30 senior staffers, owe that cumulative debt. That is quite a windfall.

Bloomberg reports that one legislative aid owes between $500,000 and $1 million in student loans.

This information comes from required financial disclosures to be submitted by the staffers.

Millions of Americans are now searching online to see if they qualify for loan forgiveness. Others regretfully are likely doing the same to see if they faithfully but needlessly paid back loans they took out.

Washington D.C. is not just the capital of the United States. It is also the capital of outstanding student loan debt for the country. A 2021 study by small business analysts AdvisorSmith showed that the average debtor in D.C. owes a startling $54,982 in unpaid student loan debt.

That includes many at the Department of Education, which oversees student loan payback. The American Accountability Foundation said that among 41 education staffers at the department, the amount owed could be between $2.8 and $6.5 million collectively.

Another estimate shows that over half a million of their debt may have been wiped clean by President Biden.

The total of student loan debt in the United States is nearly $1.7 trillion, and it is owed by over 45 million Americans. This total surpasses what individuals owe for car loans, credit cards, and other household loans combined.

The White House emphasized that it targeted lower- and middle-income debtors, and 90% of those benefiting earn under $75,000 per year.

Between the White House and the Department of Education, there are many stakeholders within the Biden administration who stood to profit from his loan forgiveness. People who paid their debts or managed to work their way through, however, are not among them.