Almost 45 million Americans have student loan debt, and nearly 7.2 million are in default on those loans, as they face stagnant wages and rising costs of living. Outstanding student loans now total nearly $1.5 trillion in the U.S., more than triple the debt young people held thirty years ago. For those families, not only would the Black-White and Black-Latinx wealth gap close “considerably,” but Black families with student loan debt would see their wealth grow by about $15,700 and Latinx families would see their wealth grow by over $27,000. Experts estimate this legislation’s ability to lessen the racial wealth gap for families with student loans would be “formidable”. The Student Loan Debt Relief Act would end the student debt crisis, help millions of struggling families obtain financial stability, and would also take meaningful steps to begin to close the racial wealth gap. Clyburn (D-S.C.), today introduced bicameral legislation to eliminate up to $50,000 in student loan debt for 42 million Americans-providing debt relief to 95% of student borrowers, including cancelling student debt entirely for 75% of borrowers. Senate Committee on Health, Education, Labor, and Pensions, and House Majority Whip James E. - United States Senator Elizabeth Warren (D-Mass.), member of the U.S.
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