Roomies If you’re like me, you or somebody you know has student loan debt, which seems never-ending. However, we may be one step closer to having student loan debt canceled. Today, Democrats announced legislation is calling on President Joe Biden to cancel some of the student loan debt using his executive power, according to CNBC. This plan would cancel all of the debt for 80% of federal student loan borrowers and women, and people of color would be among the biggest winners!
Senate Majority Leader Chuck Schumer, Senator Elizabeth Warren, and House Representatives Ayanna Pressley, Alma Adams, Mondaire Jones, and Ilhan Omar announced the press conference measure. They are asking President Biden to wipe out up to $50,000 in federal student loan debt for all borrowers and ensure there is zero tax liability for borrowers after any administrative debt cancellation. In addition, suspend student loan payments and interest for the duration of the pandemic. However, they said the Secretary of Education has administrative authority to cancel the debt.
Senate Majority Leader Chuck said in a statement, “During a time of historic and overlapping crises, which are disproportionately impacting communities of color, we must do everything in our power to deliver real relief to the American people, lift up our struggling economy and close the racial wealth gap.”
He continued,” Democrats are committed to big, bold action, and this resolution to cancel up to $50,000 in federal student loan debt is one of the strongest steps the President can take to achieve these goals.” Now, if you recall, the resolution was first made in the Senate last year.
President Biden is under pressure to take action. He has currently expressed hesitation about canceling student debt through executive action but didn’t include any debt forgiveness in his outline for the $1.9 trillion COVID-19 stimulus package. Tens of millions of borrowers are also looking to President Biden to cancel the debt after his campaign vowed to forgive some of the debt.
Roommates, we will keep our fingers crossed, and you updated on this matter because it’s serious!
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