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STATEMENT: Advocates Representing Two Million Americans Urge President Biden to Cancel Student Debt

Statement: Advocates Representing 2 Million Americans Urge Biden to Cancel Student Debt

We urge President Biden to cancel at least $50,000 in federal student debt by executive action. We know the President is committed to student loan reform. However, the unprecedented health and economic crisis caused by the COVID-19 pandemic requires immediate action. Millions of Americans continue to face the impacts of the pandemic; job losses, evictions, and small business closures are sweeping across the country. The urgency to provide student debt relief couldn’t be greater and the surest way to get immediate cancellation is through executive action.

“Only a few weeks ago, the Biden Administration said it would review using executive action to cancel student loan debt. We are confident that the President does have the legal authority to cancel student debt, that permanent debt relief is an economic stimulus for everyone, and that it addresses systemic racism that leaves Black borrowers crushed by debt," said executive director Natalia Abrams.

“President Biden can ease the suffering of millions of student loan borrowers and he can do so with the stroke of a pen. The President repeatedly promised to cancel student debt immediately and we join our two million supporters in holding him accountable to this promise.”

Senate Majority Leader Chuck Schumer, Senator Elizabeth Warren; Representatives Pressley, Chairwoman Waters and over 50 other lawmakers cosponsored a resolution urging President Biden to cancel at least $50,000 in federal student loan debt. Over 325 civil rights, consumer rights, veteran, and student groups sent a letter to President Biden lending their support and urging him to cancel student debt by executive action.

We support this effort and we encourage the administration to use its power under existing law to improve the lives of millions of Americans.

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