Student debt is a major financial burden for millions of Americans, and it is holding back our economy. The average student loan borrower owes more than $30,000 in debt, and this debt can take decades to repay. This debt can make it difficult for borrowers to save for a down payment on a house, start a business, or even just afford basic necessities.

There are a number of reasons why student debt should be forgiven. First, it would provide much-needed relief to borrowers who are struggling to make their payments. This would free up money that borrowers could use to invest in their families, their communities, and their own futures. Second, forgiving student debt would boost the economy. When borrowers have more money to spend, they are more likely to buy goods and services, which creates jobs and stimulates economic growth. Third, forgiving student debt would help to close the racial wealth gap. Black and Latinx borrowers are more likely to have student loan debt than white borrowers, and forgiving this debt would help to level the playing field.

There are a few arguments that are sometimes made against forgiving student debt. One argument is that it would be unfair to those who have already paid off their student loans. However, it is important to remember that the cost of college has skyrocketed in recent years, and many borrowers who took out loans in the past would not be able to afford college today. Additionally, forgiving student debt would benefit the economy as a whole, which would benefit everyone, including those who have already paid off their loans.

Another argument against forgiving student debt is that it would be too expensive. However, the cost of forgiving student debt would be offset by the economic benefits that would result from it. For example, a study by the Brookings Institution found that forgiving $10,000 in student loan debt per borrower would boost the economy by $100 billion over the next decade.

In conclusion, there are a number of reasons why student debt should be forgiven. It would provide much-needed relief to borrowers, it would boost the economy, and it would help to close the racial wealth gap. The cost of forgiving student debt would be offset by the economic benefits that would result from it. It is time for Congress to act and forgive student debt.

In addition to the economic benefits of forgiving student debt, there are also a number of social and psychological benefits. The stress of student loan debt can lead to anxiety, depression, and even physical health problems. Canceling debt would give borrowers peace of mind and allow them to focus on their families, careers, and other important aspects of their lives.

Forgiving student debt would also help to level the playing field for people of color. Black and Latinx borrowers are more likely to have student loan debt than white borrowers, and they are also more likely to live in poverty. Canceling debt would help to close this gap and give people of color a fairer chance to succeed.

Student loan debt is a major problem in the United States, and it is time for Congress to act. ILA believes, Forgiving student debt would have a positive impact on the economy, society, and the lives of millions of Americans. It is the right thing to do.