2021 could be the year 75% of students are completely forgiven their student loan debt, depending on who wins the presidential election.

New York Senator Chuck Schumer has introduced a resolution showing how the next president could forgive $50,000 in loans for each student nationwide. Schumer says that’s made possible by the Higher Education Act.

It’s a piece of legislation from 1965 granting the secretary of education the legal authority to broadly cancel student loan debt.

He says the federal department of education has already used this act to implement some relief for student borrowers.

But by using this bill in the new session of congress this January, the president could help boost the economy after COVID-19.

The senator also says 2.4 million New Yorkers are currently saddled with more than $80 billion worth of student loan debt.