The US economy has been 'more than fine' without your student debt
The Supreme CourtSome advocates argued that if the pause can continue to be extended, there's no reason why student debt cannot be canceled altogether, especially because Biden used the HEROES Act of 2003, which gives the Education Secretary the ability to waive or modify student-loan balances in connection with a national emergency, for both the extensions and cancellation.in Americans' pockets, per the Education Department, could be quite the boon for the economy.
"It's been game changing and transformative for so many people," Pressley said.
Eaton's study concluded that canceling $50,000 in student debt per borrower would grant over $4,000 to households in the lowest-income groups — money that could stimulate the economy if not used for monthly payments. Biden's plan did not go that far, but the $125,000 income cap on the relief ensured the benefits would go to the lowest earners.
"If people are trying to get back into the labor force, but you can't get a home loan or a car loan, or can't buy a car, it makes it harder for folks to go find jobs that they are willing to take," Eaton said, referring to the
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