Canceling $50,000 in student loan debt could wipe out burden for 84% of borrowers
CBSN
Canceling $50,000 in student loan debt would wipe out the entire burden for 36 million borrowers. That's according to new data from the Department of Education, released Tuesday by Senator Elizabeth Warren.
By comparison, wiping out $10,000 in student loan debt would provide full relief for 15 million borrowers. Warren had requested the data in a letter to Education Secretary Miguel Cardona earlier this month. The Massachusetts Democrat held her first hearing as chairwoman of the Senate Banking Committee's Subcommittee on Economic Policy, which focused on the student loan crisis in the United States. Of the 36 million borrowers who would have their student loans erased entirely, 9.4 million are in default or delinquent on their loans, the data also revealed.
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