U.S. Rep. Lawson Calls on President Biden to Cancel $50,000 in Federal Student Loan Debt
WASHINGTON, DC – U.S. Rep. Al Lawson (FL-05), a member of the House Committee on Financial Services, has co-sponsored a resolution to cancel up to $50,000 of federal student loan debt for individuals earning up to $100,000 a year.
The resolution calls on President Joe Biden 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.
“Student debt is holding millions of Americans back, and the COVID-19 pandemic is making it harder for those with student loans to make ends meet right now,” Rep. Lawson said. “Providing student debt relief will help Floridians weather this crisis, increase economic activity and provide our nation’s students with the relief and opportunity they deserve.”
Today, more than 43 million people in the United States are buried under $1.6 trillion in federal student loan debt. Studies show that canceling student debt would help narrow the racial wealth gap, provide immediate relief to millions of Americans during the pandemic and recession, and provide a consumer-driven stimulus to the economy.
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