More than 40 million Americans carry student loan debt today, totaling roughly $1.75 trillion.
Members of a Senate Committee on Thursday heard from financial experts about the economic impact of the debt and potential solutions.
“Instead of achieving the American dream, borrowers are trapped in economic debt and economic instability,” said Sen. Sherrod Brown , chair of the Senate Committee on Banking, Housing and Urban Affairs. “The Biden administration has the power to change the financial lives and future of millions of borrowers by forgiving meaningful portions of student loan debt.
Last month, the U.S. Department of Education announced fixes to the income-based repayment plan which will bring relief to some borrowers. “Federal Student Aid estimates that these changes will result in immediate debt cancellation for at least 40,000 borrowers under the Public Service Loan Forgiveness Program,” the U.S. Department of Education said in a statement. “Several thousand borrowers with older loans will also receive forgiveness through IDR. More than 3.6 million borrowers will also receive at least three years of additional credit toward IDR forgiveness.
But progressives in Congress and outside Washington say that’s not enough and called for more widespread student loan forgiveness.
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