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You are here News Economy Forgiving $50K in school loans would free 36 million student borrowers from debt: data

Forgiving $50K in school loans would free 36 million student borrowers from debt: data

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Elizabeth WarrenMore.than 36 million people would be freed from debt if the Biden administration cancels $50,000 in student debt per borrower, according to data put out Tuesday from the Education Department.

Sen. Elizabeth Warren (D-Mass.), a vocal proponent of the cancellation proposal being pushed by progressives, released the data after requesting answers from the Education Department earlier this month.

The 36 million borrowers who would have their debt completely forgiven account for 45 million federal student loan borrowers overall.

The data also shows that 9.8 million federal student loan borrowers who were in default or more than three months behind on their debt at the end of 2019 would have their debt forgiven. That’s almost all of the 10.3 million federal student loan borrowers who were in that position.

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