The student debt crisis has grown substantially over the last decade, leaving many borrowers in devastating financial situations that are only getting worse. People in high-earning jobs are often overlooked in conversations surrounding student debt (outside of Republican lawmakers claiming they will disproportionately benefit from student debt cancellation), but the amount of debt it takes to obtain a graduate degree can leave people wondering whether or not it was worth the investment.

Business Insider recently reported that the number of Americans who owe over $1 million in federal student loans has grown significantly (from 14 people in 2013 to 101 people in 2018) according to a figure from the Department of Education.

“It's something that often gets overlooked when considering broad student-loan forgiveness. Many Republican lawmakers have slammed the idea of canceling student debt for all federal borrowers because the highest earners, like doctors and lawyers, would benefit. In an apparent attempt to counter that criticism, Biden is considering $10,000 in relief for borrowers making under $150,000 a year, The Washington Post reported — likely under the notion that an income cap would ensure relief went to those in most need.”

But high-earning borrowers are still struggling to pay off their student loans.

Many debt cancellation advocates argue that means-testing would only stall getting borrowers the relief they need. More and more Americans in high-earning jobs are accumulating debt above their pay grade. There are a number of reasons why even a high salary might not be enough to dig some people out of debt: predatory repayment plans that can draw out payments over decades, high-interest rates that prevent people from even touching their principal balance, and some graduate programs having uncapped borrowing.

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