Friend --

When you hear about forgiving student debt, you might immediately think only
about young people -- but here’s where you’re wrong.

Right now, more than 43 million Americans carry more than $1.5 trillion in
federal student loan debt, and that includes more than 6.3 million borrowers
between the ages of 50-64, and nearly a million over the age of 65.

And those numbers are growing at an alarming rate: According to the AARP, in
2004 adults aged 50 or older accounted for $47 billion of student debt, but by
2018 that number skyrocketed to nearly $290 billion. Student debt is actually
one of the biggest contributors to the rise in the debt seniors carry overall --
all the while, the federal government is garnishing Social Security benefits
from tens of thousands of seniors to make up for owed student debt payments.

Forgiving student debt is a burden we all share, and we all share differently --
that’s why my plan with Senator Elizabeth Warren calls on President Joe Biden to
immediately forgive up to $50,000 of federal student loans from every borrower. Will you add your name to support our fight to cancel student debt right now? [link removed] ADD YOUR NAME → [link removed]

Cancelling student loan debt is one thing we can do that would put hundreds of
thousands of dollars back in the pockets of millions of Americans, help close
the racial wealth gap, and boost our economy immediately. 

Every week we face numbers that shake us: Rising unemployment numbers, rising
homeless numbers, and the heartbreaking news that too many families don’t have
enough to eat. Relieving that burden that $1.5 trillion in student debt weighs
on families would mean immediate relief in more ways than one.

And this is also about closing the racial wealth gap: Black students are on
average nearly 20% more likely to take out federal student loans. Half of Black
borrowers and a third of Latinx borrowers default on their loans within 20
years. 

From new college graduates to seniors, to Black and Latinx borrowers, student
debt is crushing too many -- and when we’re on the brink of another financial
crisis, we need to take action now to help Americans. If you agree, join me and Senator Warren and show your support for our plan to immediately cancel up to $50,000 in federal student loan debt right now. [link removed]

Sincerely,

Chuck Schumer  

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