Friend --

I want to be totally clear about something:

We need to cancel student debt. Forgiving student debt is not about further enriching the wealthiest Americans. It’s not about helping primarily white and young Americans. It is about getting 43 million Americans out from under $1.5 trillion in crushing federal student loan debt -- and that includes Black borrowers, Latinx borrowers, and adults aged 50 or older.

This is a racial justice issue, and it’s an economic justice issue -- that’s why I’ve joined with Senator Elizabeth Warren and several progressive House members including Congresswoman Ilhan Omar to call on President Joe Biden to immediately forgive up to $50,000 of federal student debt from every borrower. Will you stand with us and add your name to support the fight to cancel student debt?

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. 

Relieving the burden that $1.5 trillion in student debt weighs on families would mean immediate relief in more ways than one.

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.

Additionally, Black students are on average nearly 20% more likely to take out federal student loans -- and half of Black borrowers and a third of Latinx borrowers default on their loans within 20 years. 

When President Biden says now is that time to go big on financial relief for Americans, I wholeheartedly agree -- we’re on the brink of another financial crisis, and this is a concrete step to support tens of millions of Americans who need help now. If you agree, add your name right now to support the fight to immediately cancel $50,000 in student debt for every borrower.

Sincerely,

Chuck Schumer