BREAKING: Congressional Dems just introduced a resolution calling on Pres. Biden to cancel up to $50,000 in student debt. Thread on why this must happen. /1/

Biden pledged to tackle racial wealth gap. Student debt is particularly burdensome on Black/Latinx communities. Black borrowers hold double the amount of debt as white borrowers four years after graduation *and* default on their loans at double the rate as white borrowers. /2/

Canceling student loan debt would allow a whole generation to start investing in their futures. A 2016 poll showed that 69% of students graduating with a bachelor’s held student debt; the average amount of debt was nearly $30,000(!). /3/

Now, with so many out of work due to COVID, who cannot meet expenses, canceling student debt would be a critical lifeline. Plus, individuals could start making major investments in their futures, e.g., buying a house or car, getting married, or having children. /4/

To those who argue this only benefits the young, that isn’t true. According to AARP, “the percentage of families headed by someone 50 or older with student loan debt more than tripled between 1989 and 2016.” /5/

In sum: the President can cancel student debt. It would begin to close the racial wealth gap, stimulate the economy, and allow millions to invest in their future. Thanks in particular to @SenSchumer, @SenWarren, and @RepPressley. Let’s get this done! /end/