$50K student loan forgiveness would cancel debt of 84% of borrowers, Biden told

Armed with new data on what they’re calling America’s “student loan time bomb,” members of Congress and advocacy groups are turning up the heat on President Joe Biden to cancel as much as $50,000 in federal student loan debt for every borrower.


That would completely relieve the burden for 36 million people — 84% of all borrowers — now weighed down by college debt, according to fresh U.S. Department of Education numbers supplied to a Senate panel.



Biden has taken steps to forgive student loans for a relatively small number of borrowers, but Democrats in Congress are urging him to do more — and do it now. So are over 400 groups, in a letter to the president dated this week.