This spring, there were 14.2 million undergraduates in the U.S., about 9% fewer than in spring 2019.

U.S. borrowers hold a collective $1.8 trillion in both public and private student loans.

At issue is if the president has the authority to cancel up to $20,000 in federal student debt for some 43 million borrowers.

People who borrowed less than $12,000 for undergrad schooling could have debt forgiven after making regular payments for a decade.

About 36 million people in the U.S. have some college education, but no degree, yet they still owe money on student loans.

The government would cover unpaid interest for borrowers who are on income-based repayment plans and continue to make monthly payments.

Student debt cancellation would be an essential move toward affordable higher education, says Felicia Wong, president and CEO of the Roosevelt Institute.

Proposals to reform the federal student loan system shed light on the relationship between student debt and economic inequality. UCLA’s Hannah Appel joins us to discuss.

Borrowers will not be asked to make payments until after Aug. 31, and interest rates are expected to remain at 0% during that period.

The Biden administration says there are more than 40 million people with outstanding student loan debt.