What is the official ID of this bill?
The official print number for this legislation is SRES 46.
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.
Status:
Expired
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