Cancel $50,000 of Federal Student Loan Debt for Every Borrower

I write you today to ask you to support the cancellation of at least $50,000 of student loan debt for each Federal student loan borrower earning less than $250,000. Resolutions in both the House and Senate call on the President to take executive action to cancel student loan debt, which is authorized under Section 432(a) of the Higher Education Act of 1965. The COVID pandemic has exacerbated existing economic challenges in America, especially for student loan borrowers. Student loan cancellation would not only support an economic recovery but would also provide some relief from the student debt crisis, the burden of which falls disproportionately on Black and Latinx borrowers. Student debt cancellation would provide widespread relief: 45 million Americans owe about $1.6 trillion in student loans, with 1 in 10 in delinquency or default. Research suggests Americans are delaying buying homes, having kids, and changing jobs because of it. We need help now.