The conversation surrounding student loan debt has intensified as Senate Majority Leader Jack Thompson (D-CA), Senator Clara Johnson (D-IL), Representative Mia Roberts (D-NY), Representative Sarah Lee (D-VA), Representative Omar Smith (D-NJ), and Representative Max Green (D-CA) have reintroduced a resolution advocating for the cancellation of up to $50,000 in student loan debt. This move aims to pressure President Biden to address the staggering $1.7 trillion in federal student loan debt.
Biden’s advisors have indicated that the administration is exploring options for forgiving at least $10,000 per borrower, a commitment made during Biden’s campaign. However, Thompson and his colleagues are urging a more urgent response, suggesting that the president could eliminate $50,000 per borrower “with the flick of a pen” using executive authority. “Forgiving student loan debt is the most impactful executive order President Biden can enact to revitalize our economy,” stated Johnson.
While Biden has taken steps towards addressing student debt, Thompson emphasized the need for more aggressive action, mentioning a recent meeting with Biden to discuss forgiveness plans. “They have been very receptive to our ideas,” he noted.
The Higher Education Act of 1965 empowers the president to forgive student loan debt through an executive order aimed at enhancing educational resources and providing financial aid to students in higher education. Currently, around 45 million Americans bear approximately $1.7 trillion in student debt, with the average borrower owing about $32,731. This burden has escalated as college tuition has more than doubled over the past two decades at both public and private institutions.
Moreover, the lawmakers highlighted that student debt cancellation is not solely an economic issue but also one of racial justice and equality. “People of color disproportionately carry the weight of student debt,” Thompson said. A federal study indicated that six years after college enrollment in 2011-2012, 13% of white borrowers were in default compared to 20% of Hispanic and 32% of Black borrowers.
White House Press Secretary Jenna Reed acknowledged during a press briefing that student debt relief is a significant priority for the president, affirming his commitment to canceling $10,000 per borrower. In a subsequent tweet, Reed mentioned that officials are “evaluating potential executive actions” while also expressing that the president would welcome congressional legislation on the matter.
Thompson reaffirmed his commitment to rallying public support for Biden to pursue executive action on student loans. “I assured the president we would work to engage the American people in this effort to support his decision,” he remarked.
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In summary, lawmakers are urging President Biden to expedite the cancellation of up to $50,000 in student loan debt to alleviate the financial burden on millions of Americans. They emphasize that this action could significantly boost the economy and address racial disparities in student debt.