And those americans will now have more money to spend on other things, helping the already booming economy do even better.
How Canceling Student Debt Can Boost Growth, Equity, and Innovation
On average, student loan borrowers aged 18–39 spend more than 20 percent of their monthly income on student loan payments, or $579 out of a monthly income of $2,689. These high monthly payments lead to devastating financial precarity. Notably, 65 percent of student loan borrowers report having less than $1,000 in their bank account, struggling to afford short-term expenses, and being unable to save long-term.