More than 43 million borrowers hold more than $1.6 trillion in federal student loan debt.
Megan Douglas graduated from the University of Michigan in 2003 with $20,000 in student loan debt. The 40-year-old mother of three took out $20,000 more to help get a master's degree but after years of interest when her payments resume, she will face a debt total that has nearly doubled.
American University student Magnolia Mead puts up posters near the White House promoting student loan debt forgiveness, With the average cost of a four-year college degree climbing to over $115,000, Democrats like Sen. Elizabeth Warren argue Mr. Biden can cancel student loan debt without congressional action.
Republicans agree rising costs are a problem but have introduced legislation blocking the president from forgiving student loans.
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