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Call for Broad Federal Student Loan Debt Cancellation up to $50,000

The U.S. Senate calls on the President to take executive action to broadly cancel federal student loan debt, up to $50,000 per borrower. This aims to help millions of families, especially those most in need, in the face of economic crisis and inequality, and to stimulate the economy. The action also seeks to reduce financial burdens and support groups most affected by debt, such as Black and Brown communities and women.
Key points
Calls on the President to cancel up to $50,000 in federal student loan debt per borrower using existing legal authorities.
Encourages the President to ensure no tax liability for borrowers resulting from debt cancellation.
Emphasizes that debt cancellation should help close racial wealth gaps and avoid disproportionately benefiting the wealthiest borrowers.
Urges the President to continue pausing student loan payments and interest accumulation for the duration of the COVID-19 pandemic.
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Expired
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Additional Information
Print number: 117_SRES_46
Sponsor: Sen. Schumer, Charles E. [D-NY]
Process start date: 2021-02-08
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

A resolution calling on the President of the United States to take executive action to broadly cancel Federal student loan debt.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_SRES_46.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-02-08.

What are the main provisions?

Key points include:

  • Calls on the President to cancel up to $50,000 in federal student loan debt per borrower using existing legal authorities.
  • Encourages the President to ensure no tax liability for borrowers resulting from debt cancellation.
  • Emphasizes that debt cancellation should help close racial wealth gaps and avoid disproportionately benefiting the wealthiest borrowers.
  • Urges the President to continue pausing student loan payments and interest accumulation for the duration of the COVID-19 pandemic.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Schumer, Charles E. [D-NY].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Education Economy Benefits