The problem of student loan debt has reached crisis proportions. As a college degree has grown increasingly necessary for economic mobility, so has the $1.7 trillion in student loan debt that Americans have taken on to access that opportunity. President Biden has put some debt cancellation on the table, but progressive Democrats are pushing him for more. So what is the fairest way to correct course?

Astra Taylor — an author, a documentarian and a co-founder of the Debt Collective — dukes it out with Sandy Baum, an economist and a nonresident senior fellow at the Center on Education Data and Policy at the Urban Institute. While the activist and the economist agree that addressing the crisis requires dramatic measures, they disagree on how to get there.

Is canceling everyone’s debt progressive policy, as Taylor contends? Or does it end up being a regressive measure, as Baum insists? Jane hears them both out. And she offers a royal history tour after Oprah Winfrey’s interview with Meghan Markle and Prince Harry.

Referenced in this episode:

Astra Taylor in The Nation: “The Case for Wide-Scale Debt Relief”

Sandy Baum in Education Next: “Mass Debt Forgiveness Is Not a Progressive Idea”

Astra Taylor’s documentary for The Intercept: “You Are Not a Loan”

Sandy Baum for the Urban Institute: “Strengthening the Federal Role in the Federal-State Partnership for Funding Higher Education”

Jane’s recommendation: Lucy Worsley’s three-episode mini-series “Secrets of the Six Wives”

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You can find transcripts (posted midday) and more episodes of "The Argument" at nytimes.com/the-argument, and you can find Jane on Twitter @janecoaston.

“The Argument” is produced by Phoebe Lett, Elisa Gutierrez and Vishakha Darbha and edited by Alison Bruzek and Paula Szuchman; fact-checking by Kate Sinclair; music and sound design by Isaac Jones.