NJ AR101

Urges President Biden to use executive action under section 432(a) of the Higher Education Act of 1965 to cancel up to $50,000 per eligible borrower in federal student loan debt

Cites approximately 43 million Americans holding $1.6 trillion in federal student loan debt, with more than 9 million borrowers currently in default

Argues student loan debt disproportionately burdens women, minorities, and low-income households while preventing home purchases, family formation, and full economic participation

Asserts debt cancellation would stimulate the economy through increased consumer spending, higher home-buying rates, improved college completion rates, and help close racial and gender wealth gaps

Directs copies of the resolution to be sent to the President, congressional leadership, and all New Jersey members of Congress