There are 43 million Americans who have student debt, and they hold a total of $1.6 trillion in student loans. The average student loan debt of a recent bachelor’s degree graduate who borrowed is $30,000. Existing disparities between racial and socioeconomic groups of student loan borrowers have only been further laid bare, then exacerbated by the coronavirus recession. Black and Latinx families, low-income individuals, and first-generation, and undocumented borrowers in particular are disproportionately harmed by student debt.
Given the emergency, we need solutions that are simple to implement and get help to recipients right away. Broad student debt cancellation achieves this.
Mr. President, you have the power to provide relief to millions with the stroke of a pen. I urge you to cancel $50K in student debt for all borrowers via executive action as Senators Warren and Schumer have proposed.
