2021-06-22 16:28:36
#Democratic lawmakers have put pressure on President Joe Biden to cancel $50,000 in student debt per borrower. Biden has reportedly asked the Education and Justice Departments to review his ability to do so by means of an executive action. Business Insider reports that a large number of Americans may support an even bigger debt jubilee. A survey from GoBankingRates found that of 3,600 Americans surveyed, 52% supported blanket student-loan forgiveness. The results align with a study by The Harris Poll that found 55% of Americans supported forgiveness of all student debt. According to an estimate from the American Association of Retired Persons, 8.4 million borrowers ages 50 and older hold 22% of the total federal debt load. That 22% equals $336.1 billion, with as much as 10% interest charged annually adding to the already staggering amount of debt. Last month, Business Insider reported that many older Americans fear they will die with their student debt. So far, Biden has not said whether he will act on the push for blanket #studentloanforgiveness.
