If there is $50,000 of student loan cancellation, 36 million people wouldn’t owe any federal student loan debt. That’s the message that Sen. Elizabeth Warren (D-MA) wants you to know. At a townhall meeting Thursday, Warren said Biden must cancel student loans “immediately” and provide permanent total relief.”
“Canceling $50,000 of student-loan debt would give 36 million Americans permanent total relief,” Warren said during the town hall, which Senate Majority Leader Chuck Schumer (D-NY) and Rep. Ayanna Pressley (D-MA) also attended. “That would be the end of their debt burden. And it would aid millions more by significantly reducing the principal on their debt.”
According to the latest student loan debt statistics, approximately 11 millions student loan borrowers are in student loan default, student loan delinquency or student loan forbearance. Based on the total amount of federal student loan forgiveness, this many student loan borrowers would get complete student loan cancellation:
