John,
President Biden just announced that he will cancel $10,000 - $20,000 of student loan debt for folks making less than $125K a year. He also extended the pause on student loan payments through the end of the year.
Canceling student loan debt will give financial relief to 45 million Americans, jumpstart our economy, and create a million jobs. It’s an economic, gender, and racial justice issue. President Biden’s executive action is a major step in the right direction, but it’s not enough.
Student loan debt disproportionately impacts Black and brown folks. Women hold nearly 2/3 of the trillions in student debt. 1 out of every 5 people that carry crushing loan debt are over 50 years old. If we’re serious about alleviating the economic weight of student debt on so many Americans, the answer is canceling every dollar of student loan debt.
The President’s decision will give $20,000 of relief to Pell grant recipients and $10,000 to others — for folks who meet the income thresholds. It will also cap loan payments at 5% of monthly income. It’s a big deal, and we’re grateful the President is using his power after the Congressional Progressive Caucus advocated for student debt cancellation.
But we must remember this decision will not end the burden of student loan debt for millions of people.
We know canceling student loan debt will help the economy. We know it will provide hope to people across this country. We know it is the right thing to do. And it's something that is universally popular, not just with Democrats, but with independents and Republicans.
We can, and must, get this done.
In solidarity,
Team Jayapal
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