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?

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.

Sincerely,

Chuck Schumer