Quartz
With an economy in slow recovery, and the burden of education loans higher than ever, US president Joe Biden is facing increasing pressure from Democrats to wipe out $50,000 in student debt per borrower, and to do so via executive action. On the campaign trail, Biden pledged to clear $10,000 of federal student loan debt per borrower—a small dent in the more than $1.5 trillion of student loans issued or guaranteed by the US government. Forgiving $10,000 in debt would completely wipe out the student loan burden for one-third of America’s 43 million federal borrowers, data from the US Department of Education suggests.