Only a few weeks ago Biden made it pretty clear that he wouldn’t be moving forward in canceling $50,000 in Student Loan debt despite the desperate need of the nation to do so. Over 43 Million borrowers suffer from managing their student loan debt. This burden is further seen by minority borrowers due to the tremendous wealth gap in this country. There are many who support Biden using an executive order including Elizabeth Warren, Bob Menendez, and Chuck Schumer to cancel this debt. The stats are pretty clear on how much more $50,000 in cancelation will impact American borrowers.
80% of all borrowers with Student Loan debt will have their debt erased if Biden makes the decision to cancel up to $50,000 in debt per borrower. This not only has a positive impact on those with debt but the nation will see a positive impact as well. Borrowers who were unable to buy homes or start businesses will be able to put much-needed funds back into the economy rather than struggling to pay off high balances of student loans. Instead of hoping for legislation to cancel the debt an executive order is needed. According to Schumer, it’s “much harder to do it legislatively, [as] we have not seen our Republican colleagues jump at this opportunity. Getting this done is the most important thing, and the President can do it with a flick of a pen. That’s the quickest, easiest, and best way to do it. If he doesn’t do it, we’ll pursue other options.” (Swaninathan, 2021, Yahoo Finance).
If you are one of the millions of borrowers with student loan debt whether you have only $10,000 or $100,000 in debt it’s important to understand what decisions the government is making on how to best alleviate the debt. Write a letter to your congressperson. Contact your State Representative and let your voice be heard so you can no longer suffer from trying to pay back your student loan debt.
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