Senate Democrats want Biden administration to write off up to $ 50,000 in student loan debt

ST. LOUIS, Mo- The two U.S. senators from Illinois voted in favor of a resolution Thursday calling on the Biden administration to use executive power to write off up to $ 50,000 in student loan debt for borrowers federal.

“Canceling up to $ 50,000 in debt would bring immediate financial relief during this unprecedented economic crisis and provide relief to countless American households,” Senator Dick Durbin said in a statement, adding that the move would also help minority families who struggled. to bridge the racial wealth gap.

“We told American students that if they were looking for higher education, they would have better opportunities. But now more than 43 million of them, including seniors and students of color, are struggling to keep up with student debt payments in addition to housing costs and other bills during this health crisis. and unprecedented economic, ”added Senator Tammy Duckworth.

The resolution is also supported by the United States representative from Missouri, Cori Bush, but does not appear to have the support of the Republicans.

Bloomberg reports that Biden supports a smaller plan that would write off up to $ 10,000 in student loan debt. Critics say that erasing student debt will not by itself resolve the factors that led to what some have described as a student debt crisis.

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