First off, Americans owe more than $1.7 trillion in student loan debt. That is more than credit card debt. That is more than auto.

Education has just never been more expensive. Student loan debt is now growing six times faster than the nation’s economy. That is double the rate of inflation.

So what’s the fuss? People are pretty divided when it comes to the idea of student loan forgiveness.

Some support student debt forgiveness, saying canceling student loans would stimulate the economy.No more student loan payments mean those former borrowers have extra cash to invest or spend

Around 80% of adults either don’t have loans, didn’t go to college, or already paid off their debts. And those people are not exactly thrilled to pay for everyone else.

Comes down to a perceived issue of fairness Some want to forgive everyone. Others think the whole point of those loans was to earn more money.

The federal government is by far the largest lender, and the White House announced plans to wipe the slate clean for more than 7 million borrowers who defaulted on their student loans. 

Congress is urging for at least $50,000 per borrower to be forgiven. But the president is not in the mood, he said it would only be for up to $10,000 per borrower. 

Multiple estimates show that if the government cancels up to $10,000 per borrower, that’s going to cost more than $450 billion. Now, if it goes up to 50,000 each, that’s over 1 trillion.

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