No one should face decades living with the crushing burden of student debt simply because they sought an education. Especially not in the richest country on earth.

The government must fix the problem it created, since “the explosion of student debt in America was orchestrated by deliberate government policies.” Fortunately, the President has the power to forgive student debt through the Department of Education under “compromise and settlement” authority.

The federal government holds a staggering $1.6 trillion in student debt. And it’s incredibly difficult for the average borrower to pay off their debt. We face a “crisis of non-repayment,” which is only getting worse. For borrowers who started college in the mid 1990s, “over one quarter…defaulted on their loans within 20 years—about half of all Black borrowers and a third of all Latino borrowers.”

Canceling student debt would help close the racial wealth gap, since 4 years after graduation black students have “an average obligation of more than $50,000, compared to less than $30,000 for the average White student.”

Debt forgiveness would also help the economy, since student loan debt prevents people from buying a home or starting a business. And the social costs of student debt include delayed family formation, and adverse mental health outcomes.