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Chuck Schumer of New York reintroduced a resolution calling on the White House to forgive $50,000 in student debt for all borrowers by executive action.
They stated "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."
If the $50,000 were canceled for all borrowers, it would shrink the country's outstanding student loan debt balance to $700 billion from $1.7 trillion. The plan then would forgive all of the debt for 80% of federal student loan borrowers or 36 million people.
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