Numbers by the Federal Student Aid office show that even a forgiveness of $10,000 would free 15 million Americans of their federal student loan debt completely. A forgiveness amount of $20,000 would render more than 24 million former students debt-free, more than half of all debtors with the Department of Education loan office.
The data was published Tuesday by Senator Elizabeth Warren, who requested it from the Education Department. Warren and other progressives in Congress have advocated for the Biden administration to cancel $50,000 in student loans per borrower, which would free 80 percent of debtors from their loans completely. According to The Hill, Biden has said that he would be willing to go for the cancelation of the lowest amount spelled out in the data, $10,000 per person.
The data also showed that around 10 million Americans were currently on default for their federal student loans. The share of those in default was pretty constant at 27 to 31 percent throughout all debt levels.