Congressman Payne Urges the Biden Administration to Cancel Student Debt 

Payne Praises the President’s Indication He is Considering Student Loan Forgiveness, Calls it Crucial Step in Addressing Wealth Inequality

NEWARK, NJ – Congressman Donald M. Payne, Jr. (D-Newark) is calling on the Biden administration to cancel student loan debt after news reports surfaced that the President is considering enacting the proposal. Congressman Payne believes that canceling debt would be a historic move to address wealth inequality and reduce barriers to economic mobility, especially for Black and Hispanic borrowers who are often saddled with enormous debt.

“Forgiving student loan debt is the right policy approach to relieve millions of young people from a devastating financial burden that makes it nearly impossible for many of them to buy a home, start a family and advance in their lives and careers,” said Congressman Payne. “Studies show that Black and Hispanic college graduates have an average of $25,000 more debt than white borrowers, and Black women have the highest levels of student debt of any group. I urge the Biden Administration to take Executive Action to cancel student debt in what would be a historic move for racial justice.”

After a meeting with the Congressional Hispanic Caucus last month, reports indicated that President Biden may be more seriously considering a move to cancel student debt, in keeping with his campaign promise to eliminate up to $10,000 for student borrowers. Congressman Payne is urging him to follow through in this promise, along with members of many progressive and Democratic organizations in New Jersey.

“The burden of student loan debt presents a huge challenge for young people all across the country,” said Fatima Heyward, President of the New Jersey Young Democrats. “By forgiving student debt, President Biden would be making a life changing difference for millions of people who have had to make sacrifices in their careers and families due to the crushing burden of the debt that they took on in order to pursue an education. I’m very thankful to Congressman Payne for supporting this bold, progressive policy initiative and I join him in urging President Biden to cancel student debt and open countless economic opportunities for so many people.”

Congressman Payne has recently been endorsed by House Speaker Nancy Pelosi, Planned Parenthood Action Fund, New Jersey Education Association, the Communications Workers of America NJ, Laborers’ International North America Eastern Region, the New Jersey Firefighters Mutual Benevolent Association and AFSCME NJ. He also recently announced the support of U.S. Senators Bob Menendez and Cory Booker as well as Governor Phil Murphy, Newark Mayor Ras Baraka and Jersey City Mayor Steven Fulop.

About Congressman Payne: 

A lifelong Newark resident, Congressman Donald Payne, Jr., is a champion for working families, Democratic values, and fighting to provide more opportunities for people in black and brown communities. He’s a devoted husband and father and a former union member with a blue collar background who has an immense respect for the dignity of work and the value of organized labor. A five-term Congressman, he was first elected in 2012 to succeed his late father, the legendary Rep. Donald Payne, Sr., who was the first Black Congressman in state history. Congressman Payne is Chairman of the Subcommittee on Railroads, Pipelines and Hazardous Materials in the powerful House Committee on Transportation and Infrastructure, which has jurisdiction over major infrastructure initiatives including the Gateway Project that are critical to New Jersey’s economy. Congressman Payne co-wrote the House version of President Joe Biden’s bipartisan infrastructure act and has supported critical progressive legislation like the Build Back Better plan, the George Floyd Justice in Policing Act, the Equality Act, the John Lewis Voting Rights Act and much more.

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