NJ SR47

New Jersey Senate Resolution urges President Biden to use executive action under the Higher Education Act of 1965 to cancel up to $50,000 per eligible borrower in federal student loan debt

Approximately 43 million Americans hold roughly $1.6 trillion in federal student loan debt, with over 9 million borrowers currently in default

Student loan debt disproportionately burdens women, minorities, and low-income households, contributing to racial and gender wealth gaps

Resolution argues debt cancellation would stimulate the economy through increased consumer spending, higher home-buying rates, greater college completion, and small business formation

Copies of the resolution would be transmitted to the President, congressional leadership, and all New Jersey members of Congress