Democrats’ $50,000 student loan forgiveness plan would make 36 million borrowers debt-free

Democrats’ $50,000 student loan forgiveness plan would make 36 million borrowers debt-free

U.S. Senate Majority Leader Chuck Schumer, D-N.Y.Brandon Bell | ReutersThe Senate's top Democrat, Chuck Schumer of New York, along with Sen. Elizabeth Warren, D-Mass., and other Democratic legislators on Thursday, introduced a resolution again calling on the White House to forgive $50,000 in student debt for all borrowers by executive action."During a time of historic and overlapping crises, which are disproportionately impacting communities of color, we must do everything in our power to deliver real relief to the American people, lift up our struggling economy and close the racial wealth gap," Schumer said in a statement."Democrats are committed to big, bold action, and this resolution to cancel up to $50,000 in federal student loan debt is one of the strongest steps the president can take to achieve these goals.The resolution, first made in the Senate last year, was also introduced in the House of Representatives by Rep. Ayanna Pressley, D-Mass.; Rep. Ilhan Omar, D-Minn.; and Rep. Mondaire Jones, D-N.Y.More from Personal Finance:Millions would get pay raise from a $15 minimum wageMany have waited over a month for last round of unemployment aidHow the average stimulus check could change under Biden vs GOP plansAlthough Biden has expressed hesitation about cancelling student debt through executive