Student debt, an issue in many countries, is particularly a problem in the United States because of the high price of higher education. People who have student loan debts may hold off on buying cars or houses or setting up businesses. Debt can also affect credit scores, which could even keep borrowers from being able to rent apartments.

Many borrowers can't pay the money back right away. The country's bankruptcy laws don't help with student debt either; in most cases borrowers are still required to pay back the money.

Because most federal student loans are held by the Education Department, Joe Biden extended a pandemic moratorium on repayments through the end of September in one of his first official acts as president. He has also proposed $10,000 (€8,200) in debt forgiveness for every American with federal student loans. Democratic policymakers want more, much more.

"College should be a ladder up. For too many people, debt is the anchor that weighs them down and they rarely overcome it," Senate Majority Leader Chuck Schumer said at a press conference in February to announce his proposal to cancel up to $50,000 per buyer, which would wipe away a total of 80% of the nation's student loan debt covering 36 million people.