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Bill > SR47
NJ SR47
NJ SR47Urges President Biden to cancel up to $50,000 per eligible borrower in federal student loan debts.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 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 respectfully urges President Biden to use his executive authority to cancel up to $50,000 in federal student loan debt for eligible borrowers, addressing the significant burden of approximately $1.6 trillion in student debt held by 43 million Americans. The resolution highlights that this action would provide much-needed financial relief, particularly to disadvantaged communities, women, minorities, and low-income households who are disproportionately affected by student loan debt, and could stimulate the economy by increasing consumer spending, homeownership, and educational attainment, while also helping to close the racial and gender wealth gaps and prevent defaults.
Committee Categories
Education
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Higher Education Committee (on 01/13/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2026/SR47 |
| BillText | https://pub.njleg.gov/Bills/2026/SR/47_I1.HTM |
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