President Joe Biden is inching closer to providing relief for millions of Americans burdened by student loan debt. With mounting pressure from Democratic lawmakers and advocacy groups, Biden is considering the possibility of broad student debt cancellation.

Currently, Americans collectively owe more than $1.7 trillion in student loan debt, a burden that has only been exacerbated by the economic turmoil caused by the COVID-19 pandemic. Many borrowers are struggling to make ends meet, with some facing the prospect of defaulting on their loans.

In response to this growing crisis, Biden has already taken steps to provide relief to student loan borrowers. Shortly after taking office, he extended the pause on federal student loan payments and interest until at least September 2021. This move provided much-needed breathing room for borrowers, allowing them to focus on other financial priorities during the pandemic.

However, many advocates argue that more needs to be done to address the student debt crisis. They are calling on Biden to use his executive authority to cancel a significant portion of student loan debt, providing relief to millions of Americans and boosting the economy in the process.

Biden has expressed support for canceling up to $10,000 in student loan debt per borrower, but some lawmakers are pushing for even broader relief. Senate Majority Leader Chuck Schumer and Senator Elizabeth Warren have called on Biden to cancel up to $50,000 in student loan debt per borrower, arguing that this would provide much-needed relief to those who are struggling the most.

While Biden has not committed to a specific amount of student debt cancellation, he has indicated that he is open to exploring the possibility. In a recent interview, he stated that he is looking into whether he has the authority to cancel student debt through executive action, indicating that he is considering all options to provide relief to borrowers.

Biden’s willingness to consider broad student debt cancellation is a positive sign for millions of Americans who are struggling with the burden of student loan debt. If he follows through on his promises, it could provide much-needed relief to borrowers and help stimulate the economy during these challenging times. As the debate over student debt cancellation continues, all eyes will be on Biden to see how he ultimately chooses to address this pressing issue.