The benefit of erasing billions in college loans would mostly go toward Americans higher up the income ladder, the analysis also found. More than two-thirds of the debt forgiveness would help people in the top 60% of the income distribution — or those who earn $82,400 or more per year.

That could raise questions about the policy’s fairness. According to the Federal Reserve Bank of St. Louis, median household income in the U.S. in 2020 was roughly $67,500.

For instance, some experts have raised concerns that forgiving student loans may effectively penalize people who already paid off their debt, often while making considerable financial sacrifices. A program offering mass debt forgiveness for college graduates also may be seen as benefiting more educated Americans, while offering nothing to those who didn’t attend college.