Reasons Why Student Debt Cancellation Proves Crucial Amid COVID-19 Pandemic

Lawmakers have been pushing President Biden to forgive $50,000 in student debt per borrower. Many may respond to that fact by stating student borrowers have not been as detrimentally impacted by the ongoing pandemic as other demographic groups. However, numerous facts assert that those who hold student debt have actually been hit hardest by the pandemic’s impacts:

  • Less than half of Americans who start college end up finishing. This means that many with student debt do not even end up benefitting from the opportunities graduating provides. This group has been hit especially hard by the pandemic. 
  • More than half of people over the age of 30 have reported they have lost their job or suffered pay cuts due to the pandemic. This is also the group who has the most student debt. 

View more facts and statistics about how borrowers have been impacted by the pandemic here.