I am writing to express my complete and wholehearted support for you to use your authority as President to immediately cancel a minimum of $50,000 in federal student loan debt for borrowers. Over 43 million Americans are struggling to pay their student loans, including 7 million over the age of 50, and you can cancel this debt.
The cost of college is out of reach for so many working and middle class Americans. College should not be a privilege for the wealthy. It should be affordable and accessible to all. But instead, millions of Americans have had to take on debt to further their education, and students of color are especially impacted by education debt.
Debt cancellation would be one step towards closing the racial wealth gap. It would alleviate the burden of student loan debt on the working and middle class and would provide immediate relief to struggling families during this pandemic. It would result in more money being put back into our slowing economy.
President Biden, please use your authority as outlined in S.Res.711 and H.Res.1269 to cancel federal student loan debt.
