A bold move could free millions of Americans of federal student loan debt. “This is an issue that climbs all the way up, not just 20-year-olds and 30-year-olds, but there are 40-year-olds and 50-year-olds. A lot of the parents have the debt. They would get relief,” Senate Majority Leader and Democrat Chuck Schumer said. The idea is being kicked around on Capitol Hill, but right now how to go about it is the question. “Canceling student loan debt is the single most effective executive action President Biden can take to lift the economic prospects of tens of millions of young Americans,” Massachusetts Sen. Elizabeth Warren said. Democrats say President Biden has the power of the pen through executive action to make it happen. The White House says they prefer Congress write it and pass it. The president supports the idea of forgiving $10,000 per borrower. Another plan backed by a host of Democrats in both chambers are pushing for $50,000 per borrower. “This pandemic has made it all, but impossible to ignore the fact that we can and we must take bold action to address the inequities and disparities in our country and provide much-needed relief to our communities,” Massachusetts Sen. Ayanna Pressley said. Some economists say the boost may not be as big as hoped. Canceling $50,000 in debt per borrower would cost around $800 billion and only give a slight bump to economic activity in GDP. Estimates say that number would make 36 million Americans debt-free. “We got to get this done,” Schumer said. This plan, right now, only applies to federally backed student loans. A plan for private loans would still need to be developed. Like former President Trump, President Biden has already extended the pause in payments and interest on federal student loans until Oct. 1.