A new study shows that Bay Area adults owed $26.6 billion in student debt in 2018, affecting around 12 percent of the region’s adults. The study also found a dramatic disparity in how student debt affects low-income people and communities of color. Its findings were highlighted by the Federal Reserve Bank of San Francisco during a Tuesday summit examining the student loan crisis. Also this week, Democratic presidential candidate Sen. Elizabeth Warren introduced a policy proposal to eliminate 95 percent of borrower’s student loan debt through a wealth tax. We’ll discuss the effects of student loan debt on the Bay Area, and consider how it should be addressed.
Study Reveals Student Debt Totals, Default Rates Rise Sharply in Bay Area
(Photo: William Potter)
Natalia Abrams, executive director, Student Debt Crisis
Jacob DuMez, manager of policy and partnerships, San Francisco Office of Financial Empowerment
Seth Frotman, executive director, Student Borrower Protection Center