Senator Elizabeth Warren, Senate Majority Leader Chuck Schumer, and several of their Democratic colleagues are pressing President Joe Biden to forgive up to $50,000 for every American burdened by federal student debt. 

"If we canceled $50,000 of student loan debt right now, if Joe Biden would do that, two things would happen immediately: about 84 percent of all the people who have student loan debt would be completely debt-free and we would be able to close the Black/white wealth gap for borrowers by about 25 points and for Latinos, by 27 points," Warren told Cheddar. The wealth gap figures come from a 2019 analysis provided to the senator. 

She also noted that those experts found that on average, after 20 years, white borrowers end up owing about 5 percent of what they originally borrowed while Black borrowers tend to owe 95 percent of their loan after two decades. "There's not a single other thing" Biden could do right now that would have such a massive impact improving racial equity in the U.S, she said.