Washington, D.C. -- Congressional Progressive Caucus Chair Pramila Jayapal (WA-07) released the following statement calling on President Biden to cancel $50,000 in student loan debt for burdened borrowers:
“45 million Americans are stuck in the student debt trap – saddled with more than $1.6 trillion in debt that prevents them from pursuing their dreams, starting families, and investing in our communities. People of color are disproportionately burdened by student loan debt, creating a vicious cycle for Black and Brown borrowers and widening the racial wealth gap.
“As part of our People’s Agenda, the Progressive Caucus identified the cancellation of $50,000 in student debt as one of our top priorities for this year. Cancelling student loan debt is not only widely supported by the American people, it’s also an economic justice and racial justice issue. It would be a boon for our economy and provide a lifeline to millions of people who were swamped with insurmountable student loan debt long before this public health and economic crisis made things even worse. This policy is popular, populist, and beneficial to our economy and working class families. This crisis affects all communities – seniors account for the fastest growing demographic of student loan holders and one in five people paying off a student loan is over the age of 50. We are glad to hear that the Biden Administration has directed the Justice Department to review his authority over student debt cancellation. We believe that President Biden's legal advisors will agree that he retains the broad authority utilized by President Obama and President Trump to freeze and forgive federal loan debt. He should take this opportunity to immediately cancel $50,000 in student loan debt for borrowers across America and provide millions with this desperately needed relief.”