Number
210405
Version
ORIGINAL
Reference
Sponsor
ALD. JOHNSON, HAMILTON, STAMPER, AND LEWIS
Title
Resolution urging the federal government to cancel federal student debt, and directing the Department of Administration - Intergovernmental Relations Division to lobby for this policy.
Analysis
This resolution urges the federal government to cancel federal student debt, and directs the Department of Administration - Intergovernmental Relations Division to lobby for implementation of this policy.
Body
Whereas, According to the Brookings Institution, 45 million Americans hold student loan debt; and
Whereas, The total owed by student loan borrowers amounts to over $1.7 trillion; and
Whereas, According to the Federal Reserve’s 2020 U.S. Households report, borrowers with outstanding education debt typically hold between $20,000 and $24,999; and
Whereas, The average student loan payment is $393 a month, almost 20% of the typical American’s monthly household income; and
Whereas, A recent study by the Massachusetts Institute of Technology found that 84% of American adults report that student loans are negatively impacting the amount they are able to save for retirement; and
Whereas, A 2018 poll conducted by Future Family, a start-up that helps women understand fertility, found that 44% of women said they had student debt, and half of those women said the loans impact their decisions about having children; and
Whereas, According to a 2019 study conducted by SoFi, 35% of millenials have delayed starting a family because of student debt, while 61% have put off buying homes; and
Whereas, Black students are more likely to rely on loans than their white peers; and
Whereas, Black students, on average, owe $7,400 more than their white peers; and
Whereas, Canceling up to $50,000 per individual in student debt would completely eliminate the burden for three out of four borrowers; and
Whereas, Eliminating even $10,000 per individual would help 15.3 million borrower...
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