Big News: This week, President Biden canceled over $5 billion in student debt for students ripped off by the for-profit college called Corinthian.

This proved (again) what Elizabeth Warren has said all along: The President has the power to cancel student debt.

Rumors are swirling in DC that the President could make a decision on canceling student debt for millions of other Americans within days. The most likely amount cited is $10,000 -- not the $50,000 that Warren and many experts have been pushing for.

Check this out research from Princeton and the University of California (and pass it to others):

• $10,000 zeroes out balances for 32% of borrowers (13 million Americans)
• $20,000 zeroes out debt for 50% of borrowers (20 million Americans)
• $30,000 zeroes out debt for 61% of borrowers (24 million Americans)
• $40,000 zeroes out debt for 71% of borrowers (28 million Americans)
• $50,000 zeroes out debt for 76% of borrowers (30 million Americans)

That's a lot of happy voters in 2022. And millions of people free to start small business, start families, buy a first home without spiralling in student debt.

Sign the petition telling the White House you support canceling $50,000 of student debt now. (If you have student debt, tell us the impact it has on your life and what canceling it would mean to your finances.)

A recent study shared by Elizabeth Warren shows that "The more President Biden cancels, the more we narrow the racial wealth gap among borrowers and the bigger the boost to Americans' economic futures."

NAACP President Derrick Johnson notes that: "The student debt crisis is a racial justice issue, an economic issue, and a moral issue...We need to tackle the racial wealth gap head on, and President Biden can do that with the stroke of a pen and cancelling $50,000 or more. We call on President Biden to deliver on his promise and cancel student debt now."

Going into one of the toughest midterm elections in years, $10,000 is good, but bigger is better. Why leave so much of the economic and political benefit on the table? Right now -- while the internal debate is still underway -- is the time for the White House to see overwhelming public demand and grassroots engagement.

Sign the petition telling the White House you support canceling $50,000 of student debt now. (If you have student debt, tell us the impact it has on your life and what canceling it would mean to your finances.)

Thanks for being a bold progressive.

-- The PCCC Team (@BoldProgressive)

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