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Student Loan Relief for Millions of Americans
Student-debt cancellation, once viewed as a niche political issue, has now, with loans topping a staggering $1.5 trillion, made it into everyday conversation. Now the debate is, would wiping out $1.5 trillion in student debt would boost the economy?
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At the beginning of 2008 the nation’s outstanding student debt stood at about $580 billion — now it’s more than double that — about $1.5 trillion. This crippling debt plagues our society, and college prices are only getting more exorbitant. Supporters of student-debt cancellation note that borrowers who are more likely to have paid off their student debt, or who didn’t have it in the first place, likely have advantages — such as the intergenerational wealth more common among white households — generally not available to those struggling the most under the weight of student loans.
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