Democrats’ $50,000 student loan forgiveness plan would make 36 million borrowers debt-free

• The Senate’s top Democrat, Chuck Schumer of New York, along with Sen. Elizabeth Warren, D-Mass., and other Democrats on Thursday put forward a resolution calling on President Joe Biden to forgive $50,000 in student debt for all borrowers.

• The plan would cancel all of the debt for 80% of federal student loan borrowers.

• Women and people of color would be among the biggest winners.

The Senate’s top Democrat, Chuck Schumer of New York, along with Sen. Elizabeth Warren, D-Mass., and other Democratic legislators on Thursday, reintroduced a resolution again calling on the White House to forgive $50,000 in student debt for all borrowers by executive action.

“During a time of historic and overlapping crises, which are disproportionately impacting communities of color, we must do everything in our power to deliver real relief to the American people, lift up our struggling economy and close the racial wealth gap,” Schumer said in a statement.

“Democrats are committed to big, bold action, and this resolution to cancel up to $50,000 in federal student loan debt is one of the strongest steps the president can take to achieve these goals.”

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