Collectively owning $1.7 trillion in debt, student loan borrowers struggle to pay their bills, and many have to live with their parents into their 30s as the compounding interest on college debt amasses. 

Remaining student loans debt of less than $50,000 should be forgiven by the federal government.

Student loan debt decreases the take-home pay for recent graduates and inhibits their ability to participate in economic activity due to their obligation to pay their debt. 

Many student borrowers default within five years, unable to repay the debt, including 33% of undergraduates who attended for-profit institutions. As a result, the government ends up reducing wage and Social Security benefits of defaulters to get its money back. 

Forgiving student loans would reduce the racial wealth gap because on average Black college graduates owe nearly $25,000 more than white college graduates four years after graduation, so forgiveness also helps to address an economic and racial justice issue. 

When student graduates enter the job market, they already have to adjust to a competitive and stressful landscape, so they should not have to feel the additional burden of their student loans. By forgiving student loans less than $50,000, it decreases the amount of students defaulting and will help to reduce the racial wealth gap. Senators Chuck Schumer and Elizabeth Warren already have plans, but these plans need to be put in action, so reach out to your representative or senators asking them to address this $1.7 trillion issue.