John,
President Biden announced this month that his administration has canceled another $1.2 billion in federal student loan debt, bringing the total debt canceled during his presidency to $138 billion for over 3.9 million people – about 10% of people carrying student debt.
This is an incredible achievement, but we still have a long way to go. Federal student loan debt exceeds $1.6 trillion, making home ownership, family planning, and retirement out of reach for too many Americans. Student debt has grown more than 500 percent over the past 20 years, making it the fastest-growing source of household debt.
Democrats cannot afford to stand by and watch this economic disaster unfold. We need to listen to young people and make education affordable and accessible for all. I’ve put forward a plan designed to do just that: forgiving student debt up to $50,000, stopping interest on student debt from accruing, and expanding debt relief programs. President Biden can use the authority granted by the Higher Education Act to enact this plan without Congressional signoff.
Tell President Biden: Adopt the Khanna Plan and cancel student loan debt up to $50,000. |