Here's Why Forgiving Student Loan Debt Is Great for Graduates — and the Economy

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For the majority of Americans who attend college, student loan debt is an inevitable reality. According to Education Data, student debt in the United States grows at a rate that’s six times faster than that of the country’s economy. As of 2021, students have borrowed a staggering $1.73 trillion, with the average student owing roughly $36,520 in student loan debt — if not more.

In fact, attaining a bachelor’s degree leaves most students with an average of $30,030 worth of crushing debt. 2020 and 2021 have been rife with economic turmoil, revitalizing important discussions about debt forgiveness. With this in mind, we’re exploring just how relieving former students of loan debt would change their lives — and help reshape the country’s financial landscape, too. With millions of students heading back to school this fall, we hope that at least some of these changes will take effect.