Even if it were true that the majority of loan holders are upper class or already-wealthy people (it's not, even just per the below quote from the article you cited), "massive wealth transfer" isn't a term that would apply to this situation at all.

But anyway here's the quote from your article:
"Around 70% of relief from a theoretical $50,000 in student debt forgiveness would go to those in middle-income and low-income neighborhoods, according to a recent study by The Federal Reserve Bank of New York."


>Unless they put pretty low income caps on forgiveness
>eligibility, this is a bad idea. It would be a massive wealth
>transfer to the already well-off.
>
>I think it would backfire politically too. Most student loan
>debt is from graduate degree seekers. They aren't the ones
>Dems need to be courting.
>
>
>https://www.cnbc.com/2022/04/27/administration-signals-student-loan-forgiveness-decision-may-come-soon.html