Cancelling America’s student debt would lift enormous burdens for the over 44 million Americans with student loans. But it would also boost the economy for EVERYONE, whether they have loans or not.
With over $1.5 trillion in outstanding student debt, 8 million borrowers in default, and another borrower entering default every 28 seconds, we are truly in the midst of a student debt crisis. And even those without loans are impacted: research from the Federal Reserve has shown that excess student debt among young adults is hurting the housing market.
Cancelling student debt wouldn’t just help those paying an average of $200-300 a month in loans. Research has shown it would be an economic boom for all. A study by the Levy Institute showed that student debt cancellation would boost GDP by as much as $108 billion per year, and add up to 1.5 million jobs per year;
Combining free public higher education with debt cancellation would free the country’s student loan borrowers from a burden that shadows lives and restricts opportunities, and it makes good economic sense, too.