,,iii #aagth ,,congress #ast ,session ,s4 ,,res4 #df ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,february #h1 #bjba,mr4 ,schumer 7for himself1 ,ms4 ,warren1 ,mr4 ,brown1 ,mr4 ,durbin1 ,ms4 ,duckworth1 ,mr4 ,merkley1 ,mr4 ,markey1 ,mr4 ,van ,hollen1 ,mr4 ,schatz1 ,mr4 ,blumenthal1 ,mr4 ,booker1 ,mr4 ,wyden1 ,mr4 ,lujn1 ,mr4 ,menendez1 ,mr4 ,sanders1 and ,mr4 ,ossoff7 submitted the following resolution2 which was referred to the ,committee on ,health1 ,education1 ,labor1 and ,pensions ,,resolution ,calling on the ,president of the ,united ,states to take executive action to broadly cancel ,federal student loan debt4 ,whereas the ,united ,states is facing historic public health and economic crises caused by the coronavirus 7,,covid-#ai7 pandemic that threatens the financial well-being of nearly every ,american family2 ,whereas even before the ,,covid-#ai pandemic1 the ,united ,states also faced a historic student loan crisis1 which is currently holding back our struggling economy and restricting opportunity and prosperity for millions of ,american families2 ,whereas nearly #dc1jjj1jjj ,americans currently hold more than #a1ejj1jjj1jjj1jjj in ,federal student loan debt2 ,whereas more than #i1jjj1jjj ,federal student loan borrowers are currently in default on those ,federal student loans2 ,whereas the ,,covid-#ai economic recession and historic unemployment have compounded stagnant wages1 labor market discrimination1 and rising costs of living1 making it nearly impossible for many ,americans to ever fully repay their student loans2 ,whereas this historic student debt crisis has left millions of ,americans less prepared to weather the recession triggered by the ,,covid-#ai pandemic as ,black and ,brown communities1 which never fully recovered from the devastating effects of the previous economic recession1 have been hit hardest by the devastating health and economic consequences of the ,,covid-#ai pandemic2 ,whereas student debt disproportionately impacts ,black and ,brown borrowers1 who face the worst effects of the student debt crisis1 with-- 7#a7 ,black households disproportionately holding the most debt1 compared to other households2 7#b7 ,black students1 due to ongoing structural barriers that have resulted in persistent racial inequities in incomes and wealth1 forced to accrue more student debt and more often than their ,white peers2 7#c7 ,black student borrowers struggling more in student loan repayment1 including defaulting at higher rates than their ,white peers2 7#d7 nearly half of ,black graduates owing more on their undergraduate student loans #d years after graduation than they did when they received their degree2 7#e7 the median ,black student borrower owing #ie percent of their debt #bj years after starting college1 while the median ,white student borrower owing #f percent of their debt after such period2 7#f7 ,latino student borrowers1 who borrow at rates similar to their ,white peers despite having lower household incomes and significantly less household wealth1 are more likely than their ,white peers to default on their student loans2 7#g7 within #f years of starting school1 ,latino borrowers are almost twice as likely to default on their student loans1 in comparison to their ,white peers2 and 7#h7 women of color1 particularly ,black women1 on average take on more student loan debt than members of any other group and are more likely to face difficulties repaying student loans2 ,whereas parents1 grandparents1 and older individuals are especially vulnerable to the burden of student loan debt1 as people over the age of #ej are most likely to default on their student loans and over #aad1jjj retired people have had their ,social ,security benefits garnished due to their student loans2 ,whereas almost #a_/c of the outstanding ,federal student loan debt is held by individuals who did not complete their degree or program1 and nearly #dj percent of ,federal student loan borrowers have no degree #f years after enrolling in college2 ,whereas ,black students and other students who have attended ,historically ,black ,colleges and ,universities have had to bear a larger share of student loan debt because of the historic and continued underfunding of these institutions at the ,state and ,federal levels2 ,whereas student loan debt cancellation for the families that need it most can substantially increase ,black and ,latino household wealth and help close racial wealth gaps2 ,whereas women hold more than two-thirds of the ,nation's student loan debt and must borrow an average of #c1jjj more than men to attend higher education2 ,whereas1 if left unaddressed1 the student debt crisis will worsen inequality1 exacerbate the current recession1 widen the racial wealth gap1 and slow economic recovery2 ,whereas broad student loan debt cancellation is the most efficient and effective solution to our student debt crisis1 would help millions of families1 and would remove a significant drag holding back our economy2 ,whereas broad student loan debt cancellation would provide immediate relief to millions of ,american families who are struggling during this pandemic and recession1 and prevent them from having an unsustainable student debt burden waiting for them once this pandemic is over2 ,whereas broad student loan debt cancellation would provide a boost to our struggling economy through a consumer-driven economic stimulus1 greater home-buying rates and housing stability1 expanded access to more affordable financial products including car loans and mortgages1 higher college completion rates1 and greater small business formation2 ,whereas more than #bcj community1 civil rights1 consumer1 and student advocacy organizations have urged student loan debt cancellation for all borrowers in response to the ,,covid-#ai pandemic public health and economic crises2 ,whereas canceling up to #ej1jjj in ,federal student loan debt per borrower is the most equitable way to ensure the benefits of cancellation reach the borrowers most in need of relief because that action would lift a disproportionate number of low-income borrowers and ,black and ,latino borrowers completely out of student debt1 including nearly #ij percent of all borrowers in the lowest income quintile and over #ij percent of ,black and ,latino borrowers in the lowest income quartile2 ,whereas borrowers who would receive full student loan debt cancellation if the ,federal ,government canceled #ej1jjj per borrower in student loan debt have lower income and assets than the borrowers who would receive partial cancellation if the ,federal ,government took that action2 ,whereas ,congress has already granted the ,secretary of ,education the legal authority to broadly cancel student debt under section #dcb7;a7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhb7;a771 which grants the ,secretary the authority to modify1 ''' compromise1 waive1 or release any right1 title1 claim1 lien1 or demand1 however acquired1 including any equity or any right of redemption2 ,whereas1 in #bjbj1 the ,department of ,education reportedly used this authority to implement relief for ,federal student loan borrowers during the ,,covid-#ai pandemic2 and ,whereas1 on ,june #bi1 #bjbj1 ,president ,donald ,j4 ,trump1 with the support of ,secretary of ,education ,betsy ,de,vos1 vetoed ,h4,j4 ,res4 #gf ,providing for congressional disapproval under chapter #h of title #e1 ,united ,states ,code1 of the rule submitted by the ,department of ,education relating to ,borrower ,defense ,institutional ,accountability1 blocking a resolution that passed ,congress with bipartisan support to overturn a ,department of ,education rule that makes it harder for defrauded ,federal student loan borrowers to see their loans discharged3 ,now1 therefore1 be it ,that the ,senate-- 7#a7 recognizes the ,secretary of ,education's broad administrative authority to cancel ,federal student loan debt under the existing authorities of section #dcb7;a7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhb7;a772 7#b7 calls on the ,president of the ,united ,states to take executive action to broadly cancel up to #ej1jjj in ,federal student loan debt for ,federal student loan borrowers administratively using existing legal authorities under such section #dcb7;a71 and any other authorities available under the law2 7#c7 encourages the ,president of the ,united ,states1 in taking such executive action1 to use the executive's authority under the ,internal ,revenue ,code of #aihf to ensure no tax liability for ,federal student loan borrowers resulting from administrative debt cancellation2 7#d7 encourages the ,president of the ,united ,states1 in taking such executive action1 to ensure that administrative debt cancellation helps close racial wealth gaps and avoids the bulk of ,federal student loan debt cancellation benefits accruing to the wealthiest borrowers2 and 7#e7 encourages the ,president of the ,united ,states to continue to pause student loan payments and interest accumulation for ,federal student loan borrowers for the entire duration of the ,,covid-#ai pandemic4