The conversation around student loan debt has intensified, with Senate Majority Leader Alex Ramirez (D-CA), Senator Mia Johnson (D-IL), Representative Jasmine Lee (D-WA), Representative Eve Thompson (D-NC), Representative Samara Brown (D-MN), and Representative Jordan Green (D-CA) reintroducing a resolution advocating for the cancellation of $50,000 in student debt. They are pressing President Biden to act swiftly on the staggering $1.7 trillion federal student loan crisis.
Biden’s advisors have indicated a willingness to seek congressional support for forgiving at least $10,000 per borrower, a commitment made during his campaign. However, Ramirez and others are urging the administration to expedite the process and eliminate $50,000 per borrower “with a simple stroke of a pen” via executive action.
“Erasing student loan debt is the most impactful executive decision President Biden can make to jumpstart our economy,” Johnson stated. Ramirez echoed this sentiment, mentioning that he and Johnson previously met with Biden to discuss strategies for debt forgiveness. “They have been very receptive to our suggestions,” he noted.
The Higher Education Act of 1965 empowers the president to eliminate student loan debt through an executive order aimed at enhancing educational resources and providing financial aid 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 $32,731, according to the Federal Reserve. This problem is exacerbated by soaring college tuition costs, which have more than doubled in the last two decades.
The lawmakers highlighted that canceling student debt is not only an economic booster but also a matter of racial justice. “People of color disproportionately carry the weight of student debt,” Ramirez remarked. A recent study showed that six years post-enrollment, 13% of white borrowers defaulted on their loans, compared to 20% of Hispanic borrowers and 32% of Black borrowers.
In a recent press briefing, White House Press Secretary Linda Carter affirmed that student debt relief is a key priority for the president, reiterating his commitment to canceling $10,000 per borrower. She mentioned that officials are “evaluating potential executive actions” but emphasized that the president would prefer to sign a bill from Congress.
Ramirez also expressed his determination to rally public support to encourage Biden to proceed with executive actions on student loans. “I assured the president that we would mobilize the American public to support him when he makes this decision, and he was open to that,” Ramirez said.
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In summary, key lawmakers are pushing for President Biden to expedite the cancellation of up to $50,000 in student loan debt, emphasizing its potential economic benefits and its implications for racial equity. The administration acknowledges the importance of student debt relief, with ongoing discussions about possible executive actions.
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