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Bill > AR101
NJ AR101
NJ AR101Urges President Biden to cancel up to $50,000 per eligible borrower in federal student loan debts.
summary
Introduced
02/05/2024
02/05/2024
In Committee
02/05/2024
02/05/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This resolution respectfully urges President Biden to support the 43 million people in the United States, which hold approximately $1.6 trillion of federal student loan debt by cancelling up to $50,000 per eligible borrower in student loan debt. This action would provide much needed assistance to the millions of Americans struggling under the burden of crushing student loan debt. Cancelling student debt would help close the racial wealth gap, provide aid to the disproportionately burdened women, minority, and low-income households, and help families and borrowers as a whole avoid default. The student debt crisis prevents a swift economic recovery from COVID-19 and further, restricts opportunity and prosperity for millions of Americans and their families. Cancelling the debt would provide consumer-driven stimulus and provide relief for those who are struggling during the pandemic and the associated recession. Student debt cancellation may result in greater home-buying rates and housing stability, expanded access to affordable financial products, higher college completion rates, higher incomes, increased geographic mobility, job creation, higher GDP, and greater small business formation.
AI Summary
This resolution urges President Biden to use his executive authority to cancel up to $50,000 in federal student loan debt per eligible borrower, addressing a significant national financial challenge. The resolution highlights that nearly 43 million Americans currently hold approximately $1.6 trillion in federal student loan debt, with over nine million borrowers in default. By seeking debt cancellation, the resolution aims to alleviate economic hardships caused by the COVID-19 pandemic, address systemic inequalities, and provide economic stimulus. The proposed debt relief would specifically help disadvantaged communities, including women, minorities, and low-income households, by reducing financial barriers that prevent individuals from purchasing homes, starting families, pursuing careers, and fully participating in the economy. The resolution notes that President Biden can potentially use existing administrative authority under section 432(a) of the Higher Education Act of 1965 to implement broad student loan debt cancellation, which could potentially lead to increased home-buying rates, higher college completion rates, and overall economic recovery by providing consumer-driven economic stimulus and helping to close racial and gender wealth gaps.
Committee Categories
Education
Sponsors (2)
Last Action
Introduced, Referred to Assembly Higher Education Committee (on 02/05/2024)
Official Document
bill text
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/AR101 |
| BillText | https://pub.njleg.gov/Bills/2024/AR/101_I1.HTM |
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