Millions of Americans go to college after the idea’s been reinforced as a necessity their whole life, and as a result, they end up amassing a large sum of debt. For some, this feels like a hopeless cycle of going to school in order to get a job, receiving debt as a result, and then getting a job in order to pay off that debt. Today, the total student loan debt in America is $1.61 trillion, according to nerdwallet.com. Although student loan forgiveness is already in effect and helping some students, the odds of receiving some sort of loan forgiveness is generally low.

Student loans have changed over the years; A student trying to go to a university today is spending a 20% increase compared to the amount of a student in 2010, according to U.S. News. With this growing expense required in order to be educated, more and more students are looking for other options instead of being left stuck with tens of thousands of dollars of debt.

President Biden, in response, has become increasingly open to the idea of enacting widespread loan forgiveness, as expressed by Democratic senator, Chuck Schumer from New York. It is reported that the senator is in active discussions with the president about the start of a widespread student loan forgiveness plan. Although no definitive initiative has been taken by the administration, it seems like the idea is possible now more than ever.

The ideas expressed by those that oppose the idea of widespread student loan forgiveness revolve around the idea that it would hurt the economy through higher inflation rates, and that cancellation would be unfair to the students who have already paid off their loans. But the cancellation of the loans would not only relieve the stress and financial strain that debt gives former and current students, but it is also expected that it would reduce unemployment.