President-elect Joe Biden has joined a chorus of Democratic voices calling for Congress to cancel some student loan debt, bringing a long-held dream of many on the Left closer to reality.

In the primaries, Democratic Sen. Elizabeth Warren advocated for the cancellation of $50,000 for all borrowers with a household income of less than $100,000 per year, hailing it as the “single biggest stimulus we could add to the economy.” Sen. Bernie Sanders has propounded canceling all student loans, regardless of income. Biden’s comparatively modest proposal, canceling $10,000 per borrower, would cost taxpayers a staggering $250 to $300 billion.