Article

5 Things To Know About Debt Cancellation

Student debt cancellation would help people of all ages, reduce the racial wealth gap, and help borrowers weather turmoil in the student loan system.

President Joe Biden will likely make an announcement on whether to cancel student debt “by the end of August.” In preparation, the U.S. Department of Education has already outlined plans for implementing this decision, which could amount to at least $10,000 in cancellation for eligible borrowers and families. The Center for American Progress has previously called on the Biden administration to cancel at least $10,000 and urged the president to “use all available data and resources across the federal government to make debt cancellation as automatic as possible.” If the president does cancel student debt, it will be a bold step for the higher education system—and one that could benefit a surprising cross section of people in this country.

The above excerpt was originally published in the Center for American Progress. Click here to view the full article.

The positions of American Progress, and our policy experts, are independent, and the findings and conclusions presented are those of American Progress alone. A full list of supporters is available here. American Progress would like to acknowledge the many generous supporters who make our work possible.

Authors

Ella Azoulay

Policy and Outreach Specialist

Jared Bass

Senior Director

Bradley D. Custer

Senior Policy Analyst

You Might Also Like