Congressman Payne Wants Student Debt Eliminated By Biden Administration

Congressman Payne Urges the Biden Administration to Cancel Student Debt 

Payne Praises the President’s Indication He is Considering Student Loan Forgiveness, Calls it Crucial Step in Addressing Wealth Inequality

NEWARK, NJ – Congressman Donald M. Payne, Jr. (D-Newark) is calling on the Biden administration to cancel student loan debt after news reports surfaced that the President is considering enacting the proposal. Congressman Payne believes that canceling debt would be a historic move to address wealth inequality and reduce barriers to economic mobility, especially for Black and Hispanic borrowers who are often saddled with enormous debt.

“Forgiving student loan debt is the right policy approach to relieve millions of young people from a devastating financial burden that makes it nearly impossible for many of them to buy a home, start a family and advance in their lives and careers,” said Congressman Payne. “Studies show that Black and Hispanic college graduates have an average of $25,000 more debt than white borrowers, and Black women have the highest levels of student debt of any group. I urge the Biden Administration to take Executive Action to cancel student debt in what would be a historic move for racial justice.”

After a meeting with the Congressional Hispanic Caucus last month, reports indicated that President Biden may be more seriously considering a move to cancel student debt, in keeping with his campaign promise to eliminate up to $10,000 for student borrowers. Congressman Payne is urging him to follow through in this promise, along with members of many progressive and Democratic organizations in New Jersey.

“The burden of student loan debt presents a huge challenge for young people all across the country,” said Fatima Heyward, President of the New Jersey Young Democrats. “By forgiving student debt, President Biden would be making a life changing difference for millions of people who have had to make sacrifices in their careers and families due to the crushing burden of the debt that they took on in order to pursue an education. I’m very thankful to Congressman Payne for supporting this bold, progressive policy initiative and I join him in urging President Biden to cancel student debt and open countless economic opportunities for so many people.”