New Jersey's U.S. senators are pushing President Joe Biden to use his executive authority to forgive federal student loans up to $50,000 per borrower.

Student loan forgiveness has become one of the leading policy positions for many progressive Democrats.

The resolution, supported by U.S. Sens. Bob Menendez and Cory Booker as well as by U.S. Reps. Albio Sires and Bonnie Watson Coleman, argues that this would help provide financial relief for those impacted by the pandemic, stimulate the economy, increase Black and Latino household wealth and help narrow the racial wealth gap. It would also take away any tax liability that could result from the cancellation.

Biden is also encouraged to continue the pause on student loan payments and interest accumulation for the duration of the pandemic. On his first day in office, Biden extended the pause ordered by Congress as part of the first coronavirus relief bill to Sept. 30. It was set to expire on Jan. 30.

Biden has said he supports up to $10,000 in student loan forgiveness per borrower. After the subject came up during a briefing on Thursday, White House press secretary Jen Psaki said on Twitter that Biden is reviewing options and would welcome a bill sent to him by Congress.

Menendez said that even before the pandemic, 43 million young people were "overwhelmed by enormous and crushing student loan debt," which totals $1.6 billion.

"Canceling up to $50,000 in student loan debt is the right thing to do for our families and the smart thing to do for our economy," Menendez said in a written statement.

"I encourage the President to use his authority to cancel up to $50,000 in student loan debt and make the long economic recovery ahead easier for millions of Americans who need it the most," Booker said in the statement.

 

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