A new report shows the impact of forgiving student debt could have.
According to Student Loan Hero, 34% of borrowers could have all of their direct federal student loans erased.
Another 20% would have their balances cut by at least half if President Joe Biden goes through with a proposed student debt forgiveness plan.
Student loan counselors say this could have a big impact on local economies.
President Biden said he prefers not to take executive action and wants to work with Congress to cancel student loan debt.