Forty two million Americans, one in every eight, are struggling under the crushing weight of student debt, which has an average annual growth rate of 6.6%. Forgiving this debt would be an incredible relief, but how it should be done and if it will impact the economy is often debated.

In the long run, it is evident that it will be beneficial for the nation and the economy.  Instead of the unrelenting burden of debt, people will reinvest that money. They will start new businesses, buy houses, and purchase other ancillary items, all leading to a richer economy. One survey found that 53% of millennials could not afford or were disqualified from a mortgage application due to student loan debt. It will give people room to breathe, and empower them to make better financial decisions for themselves and their families.

There are assumptions that the cancellation of student loans will majorly affect high-income households, but the lower-income households are going to benefit primarily and more strongly than any other faction. College students living at or below the poverty line was a staggering 30% in 2018.

According to statistics, 87% of Black students doing a 4-year graduate degree take out loans compared to only 60% of white students. This disproportionate division shows that Black students are more affected. Financial struggles should never impede the path to education.

The desire to improve one’s self through higher education should not be punished by crushing debt, when education is often seen as a way to improve one's chances at higher income. Forgiving student loan debt will go a long way towards economic recovery and allowing these highly education individuals to flourish in society.