Sherrod Brown

01/27/2022 | Press release | Distributed by Public on 01/27/2022 17:04

Brown, Colleagues Urge President Biden to Deliver on Promise to Cancel Student Debt

WASHINGTON, D.C. - U.S. Senator Sherrod Brown (D-OH) joined Senator Elizabeth Warren (D-MA), Senate Majority Leader Charles E. Schumer (D-NY), and United States Representatives Pramila Jayapal (D-WA), Ayanna Pressley (D-MA), Ilhan Omar (D-MN), and Katie Porter (D-CA) and more than 80 Senate and House colleagues in calling on the Biden administration to release the Department of Education's (ED) memo outlining the administration's legal authority to cancel federal student loan debt and immediately cancel up to $50,000 of debt for Federal student loan borrowers.
"Canceling $50,000 of student debt would give 36 million Americans permanent relief and aid the millions more who will eventually resume payments their best chance at thriving in our recovering economy. In light of high COVID-19 case counts and corresponding economic disruptions, restarting student loan payments without this broad cancellation would be disastrous for millions of borrowers and their families," wrote the lawmakers.
While the lawmakers applauded President Biden's decision to extend the federal student loan payment pause as the Omicron variant spreads, they are urging the President to do more to provide permanent relief for millions of borrowers and help families avoid financial hardship as the economy recovers. Once the pause ends, over a quarter of borrowers expect at least one-third of their income will go towards student loans - and $85 billion would be stripped from the national economy over the next year. Canceling $50,000 of student loan debt per borrower would help millions of Americans afford homes and access important paths to the middle class, help narrow the racial and gender wealth gap in Black and Brown communities that have been exacerbated by discriminatory policies and systemic barriers, increase borrowers' ability to retire, and support a strong economic recovery. In April 2021, the White House promised to release their own memo on their ability to cancel student debt through administrative action but they have yet to publicly release the details of the memo.
A full list of the cosigners and a copy of the letter can be found HERE.

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