New Jersey Senate Resolution 42 urges President Biden to cancel up to $50,000 in federal student loan debt per eligible borrower.

New Jersey Senate Resolution 42 urges President Biden to cancel up to $50,000 in federal student loan debt per eligible borrower. The resolution cites the economic hardships caused by the COVID-19 pandemic, stagnant wages, and rising living costs as reasons for debt cancellation. It argues that such action would provide financial relief, stimulate the economy, and help close racial and gender wealth gaps. The resolution also notes that nearly 43 million people in the U.S. hold approximately $1.6 trillion in federal student loan debt, with over nine million borrowers currently in default.

New Jersey Senate Resolution 42 urges President Biden to cancel up to $50,000 in federal student loan debt per eligible borrower.

New Jersey Senate Resolution 42 urges President Biden to cancel up to $50,000 in federal student loan debt per eligible borrower. The resolution cites the economic hardships caused by the COVID-19 pandemic, stagnant wages, and rising living costs as reasons for debt cancellation. It argues that such action would provide financial relief, stimulate the economy, and help close racial and gender wealth gaps. The resolution also notes that nearly 43 million people in the U.S. hold approximately $1.6 trillion in federal student loan debt, with over nine million borrowers currently in default.