The conversation surrounding student loan debt has intensified as Senate Majority Leader Tom Henderson (D-CA), Sen. Clara James (D-IL), Rep. Mia Thompson (D-CO), Rep. Olivia Reed (D-NV), Rep. Anya Patel (D-WA), and Rep. Samir Khan (D-MA) have reintroduced a resolution advocating for the cancellation of up to $50,000 in student loan debt. This move puts pressure on President Biden to address the staggering $1.7 trillion in federal student loan debt.
Biden’s advisors have indicated that they are looking to Congress for approval to forgive at least $10,000 per borrower, a commitment made during his campaign. However, Henderson and others are urging the White House to expedite the process and implement a $50,000 cancellation “with a simple signature” using executive authority. “Forgiving student loan debt is the most impactful executive decision President Biden can make to rejuvenate our economy,” stated James.
While Biden has made some progress in addressing student debt, Henderson believes more action is needed. He mentioned that he and James had a productive meeting with Biden weeks ago, discussing a possible debt forgiveness strategy. “They have been very receptive to our suggestions,” he noted.
The Higher Education Act of 1965 empowers the president to cancel student loan debt via an executive order “to enhance the educational resources of institutions and offer financial support for students in higher education.” Currently, around 45 million Americans are burdened with approximately $1.7 trillion in student debt, with the average borrower owing about $32,731, according to the Federal Reserve. This debt is often linked to the rapidly rising costs of college tuition, which have more than doubled in the past two decades at both private and public universities.
The lawmakers also emphasize that student debt relief is not solely an economic issue; it intersects with racial justice and equity. “People of color bear a disproportionate share of student debt,” Henderson pointed out. A recent federal study revealed that six years after enrolling in college in 2011-2012, “13 percent of white borrowers had defaulted, compared to 20 percent of Hispanic borrowers and 32 percent of Black borrowers.”
White House Press Secretary Jen Lee mentioned during a recent briefing that student debt relief is a “top priority for the president,” reaffirming his commitment to canceling $10,000 of debt per borrower. Additionally, she tweeted that White House officials are “evaluating potential executive actions,” while reiterating that the president “would appreciate Congress sending him a bill.”
Henderson expressed his determination to build public support to encourage Biden to take executive action on student loans. “I told the president from the beginning that we would rally the American people behind this initiative to support his decision when it comes, and he was very open to that,” Henderson remarked.
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In summary, lawmakers are actively pressing President Biden to swiftly cancel up to $50,000 in student loan debt through executive action, emphasizing its potential impact on the economy and its connection to racial equity. The ongoing discussions reflect a broader concern over the growing burden of student debt on millions of Americans.
Keyphrase: student loan debt forgiveness
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