State-funded financial aid in Massachusetts has decreased by 47% since 2001 — a stark contrast to the 15% increase nationwide — placing Massachusetts 37th in the nation when it comes to state-funded financial aid, according to a recent report by the Hildreth Institute.

Some Democrats, including Massachusetts Sen. Elizabeth Warren, have called on Biden to cancel $50,000 of federal student loan debt for borrowers. Biden is considering debt cancellation, according to Senate Minority Leader Chuck Schumer.