The Biden administration has recently passed the Federal Students Loan Debt Relief which is a program that provides eligible borrowers with full or partial discharge of loans up to $20,000 to Federal Pell Grant recipients and up to $10,000 to non-Pell Grant recipients.

a. How will this regulation affect the market for college education in the US both on the supply and demand side?

b. How will that regulation affect the future number of medical doctors in the US if those loans are also provided to medical schools students?

c. Give two pros (advantages) and cons (disadvantages) if the administration decides to forgive all students loans.