This week I led a letter formally asking the White House to publicly release a memo outlining the Administration's authority to cancel $50,000 worth of student debt per borrower.
We already know that canceling $50,000 worth of student loans would eliminate the debts of 36 million Americans. But beyond that, it would provide the jolt our economy needs—and that’s good for everyone, whether you have student loan debt or not.
I know what it’s like to walk across that graduation stage and have six figures worth of student loan debt. And over a decade after I took on that debt, I struggled to decide if I should use extra money to pay off my debt or put the money towards my own kids' college savings plan. Now, my oldest son is starting to look at colleges—and the price tag is daunting.
There is a real cost associated with not canceling student debt. Families and our economy as a whole are being held back by the high price of higher education and the often inevitable loans that come along with it. Nearly 90% of *fully-employed* Americans who have student loan debt say they’re not financially secure enough to resume student loan payments.
Join me in encouraging the Biden Administration to cancel student loan debt. And if you’re one of the millions of Americans who would benefit from this, I’d love to hear from you. Click here to tell me your story.
Congresswoman Katie Porter is fighting for affordable child care, lower cost prescription drugs, climate action, and a strong, stable, globally competitive economy that works for everyone. She’s standing up to corporate special interests and doesn’t take any money from corporate PACs or lobbyists, so we rely on grassroots supporters like you pitching in when they can. Make a contribution today. |
—Katie Porter
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