Biden could forgive $10,000 in student loans. How much education does that get someone?

President Joe Biden has faced constant pressure from progressive Democrats and supporters of student debt relief to get an estimated 41 million borrowers to forgive student loan debt.

In response, Biden announced Thursday that he plans to use his presidential authority to cancel at least some of the debt. But, he pointed out, he intends to grant less than $50,000 in pardons.

The announcement is in line with the president’s 2020 election campaign promise to cancel at least $10,000 of debt for every U.S. borrower. But progressive lawmakers like Senate Majority Leader Chuck Schumer, DN.Y., and Sen. Elizabeth Warren, D-Mass., have urged the president to waive up to $50,000 in debt per borrower through of executive action.

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The average borrower owes $28,950, according to Forbes.

What would $10,000 represent for students pursuing higher education? Here is an overview:

By institution

Prospective students looking for a less expensive education should consider attending a local public institution. According to the National Center for Education Statistics, tuition and average fees cost $9,400 for first-time, full-time undergraduate students at public four-year degree-granting institutions over the past year. academic year 2019-2020. Only public two-year institutions are more competitive with an average of $3,800 in tuition in the same academic year.

Private, not-for-profit institutions that award four-year degrees are the most expensive. In the 2019-2020 school year, the average cost of tuition at these schools reached $36,700. The average cost at a comparable two-year school was $18,600.

Private for-profit schools are in the middle of four-year institutions, costing an average of $19,100 to attend as of 2019-20. Average tuition fell slightly for two-year schools in this category from 2010-11 to 2019-20: $16,200 compared to $15,700, according to NCES.

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When factored in with room and board, the expenses only increase. NCES reports that the average cost of tuition, room and board for all institutions was $27,563, $27,696 for four-year schools and $24,960 for two-year schools in 2019- 2020.

Biden’s proposed $10,000 write-off could cover the cost of a two-year degree, but a student borrowing for four years is expected to average $37,600 upon completion, based on NCES statistics.

In state or out of state

Students attending college outside of their home state will typically pay more tuition than their in-state classmates. But costs have also increased for out-of-state students.

Average tuition for in-state students for the 2021-2022 academic year was $10,740 and $27,560 for out-of-state students, according to Insider. This reflects lower costs for in-state students in four-year public schools in 18 states compared to five years ago after adjusting for inflation, but an increase for that same group of more than 10% in six states: Alaska, Connecticut, Nevada, North Dakota, Oregon and Rhode Island.

Thirty-one states recorded a five-year increase in in-state tuition and fees, ranging from 0.1% to 13.4%, Insider reported.

By major

Tuition at any given institution may vary from student to student depending on other factors. A 2017 report by Pew Charitable Trusts found that 60% of public research universities consider students’ year of study, chosen major, or both to assess such “differential tuition.”

In 2015, 86 of 143 public research universities had such a policy, down from just 9 in the early 1990s. Pew also reported that researchers have found the policy is especially common in the Midwest.

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A 2011 survey by researchers at Cornell University found that business, nursing, and engineering programs are the most common targets of differential tuition.

The cost of a full-time bachelor’s degree in nursing is at least $40,000, according to Nurse Journal, a resource website for nurses and other health care providers. And tuition averaged $9,000 a year for students pursuing a bachelor’s degree in business administration, according to The College Board.

Tuition and fees for the top-ranked engineering schools by US News & World Report ranged from under $10,000 for in-state students to over $50,000 for all students.

Contact Chelsey Cox on Twitter at @therealco.

This article originally appeared on USA TODAY: Student Loan Forgiveness: What Does the $10,000 Tuition and Fee Cover?


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