Canceling $1.4 trillion in student debt could have major benefits for the economy

It’s not uncommon to see student loan borrowers muse about what would happen if their student debt was suddenly wiped out. Whether it’s an unlikely pipe dream or due to legal issues with their college, it’s a life-changing fantasy.

Now, we have a sense of how widespread student debt cancellation would affect even those who don’t hold loans. And it appears, things might actually get better for all of us.

Wiping away the $1.4 trillion in outstanding loan debt for the 44 million Americans who carry it could boost GDP by between $86 billion and $108 billion per year, on average for the 10 years following the debt cancellation, according to a report published by the Levy Economics Institute of Bard College.

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