More than 36 million Americans would have their federal student loans completely erased if the Biden administration were to accede to progressive demands to cancel up to $50,000 per borrower, according to new data from the Education Department.
The federal data was released on Tuesday by Sen. Elizabeth Warren (D-Mass.), who requested the information from the agency earlier this month.
Impact: If the federal government were to cancel that amount, 36 million of the 45 million federal student loan borrowers — roughly 80 percent — would have their debt completely eliminated, according to the data. That includes 9.8 million of the 10.3 million federal student loan borrowers who were either in default or more than three months delinquent on their debt at the end of 2019.
Key context: Warren and other Democrats, including Senate Majority Leader Chuck Schumer, have been pressing President Joe Biden to use executive authority to cancel student loan debt. The Biden administration has said it’s reviewing the issue.