Waters Co-Leads Rep. Pressley Resolution Calling for the Cancellation of $50,000 of Federal Student Loan Debt Per Person
Washington, DC, February 4, 2021
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, joined Congresswoman Ayanna Pressley (D-MA) as a co-lead of a resolution to cancel $50,000 of federal student loan debt per person. The resolution calls on the President to use executive authority to cancel student loan debt and ensure there is no tax liability for federal student loan borrowers resulting from administrative debt cancellation. Congresswoman Waters was an original cosponsor of this legislation when it was introduced in the 116th Congress.
“The time to cancel student debt is now,” said Congresswoman Waters. “For over a year, people all across this country have been struggling to find work, put food on the table, and keep a roof over their head due to the coronavirus pandemic that has crippled our economy and ravaged our communities. Canceling $50,000 of student debt is the right and just thing to do, and it is well within the Biden Administration’s authority. This action would help to alleviate the burden so many borrowers face after pursuing an education, change their lives, and jumpstart our economy. I thank Representatives Pressley, Omar, and Adams for their work to ensure a more equitable future, and thank Representatives Bowman, Jones, and Torres for joining us in this call to provide relief to those struggling under a mountain of student debt in the 117th Congress.”
Senate Democratic Leader Chuck Schumer (D-NY) and Senator Elizabeth Warren (D-MA) reintroduced this bicameral resolution in the United States Senate.