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Hundreds of groups sent a letter to President-elect Joe Biden urging him to “cancel” student loan debt from borrowers on his first day in the Oval Office.
About 240 organizations signed the letter, which says Biden could adopt the policy through executive action to help 44 million Americans.
“Canceling student debt would disproportionately help borrowers of color, respond to the coronavirus crisis, and provide much-needed economic relief and stimulus,” the letter read. “We call on you to keep the promise of the Biden-Harris racial economic equity plan by canceling federal student debt through executive action on the first day of your administration.”
Signatories included the American Federation of Teachers, the National Education Association, The Education Trust, the Hispanic Federation, and the NAACP.
BIDEN SAYS IT SHOULD BE ‘IMMEDIATE’ CONGRESSIONAL ACTION AGAINST STUDENT LOAN FORGIVENESS
Senator Elizabeth Warren, D-Mass., Who alongside Senator Bernie Sanders, I-Vt., Has advocated for this policy as part of her presidential platform, tweeted on the topic this week.
A Biden official said there may be “immediate” action on the $ 10,000 student loan debt cancellation, but it would have to be approved by lawmakers.
Warren is believed to be vying for the role of U.S. Treasury Secretary in Biden’s administration, though he said Thursday he would announce his choice shortly before or after the Thanksgiving holiday.
Fifty-five percent of people under the age of 30 who attended college incurred debt for their studies, according to data from the Federal Reserve.
Student loans outstanding amounted to $ 1.55 trillion in the third quarter of 2020.
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