senate resolution no.47

Senator Hollier offered the following resolution:

A resolution to urge the President of the United States to broadly cancel student loan debt.

Whereas, There is a student loan debt crisis in the United States, with more than 40 million people holding over $1.5 trillion in federal student loan debt. The average debt owed tops $30,000. Student loan debt is now the second highest consumer debt category behind mortgage debt; and

Whereas, The immense student loan debt burdens not only those people holding the debt, but the entire economy. Because of this debt, young Americans are struggling to become homeowners, save for retirement, and contribute to the economy in other ways. Borrowers who face difficulty paying their debt face delinquency and default. Moreover, borrowers of color are disproportionately impacted by student loan debt; and

Whereas, The COVID-19 Pandemic has exacerbated the burden of student loan debt. The economic damage brought by the pandemic has made it harder for people to find employment and created additional expenses, making it more difficult to pay already onerous student loan bills; and

Whereas, Members of Congress have rightly advocated for President Joe Biden to utilize executive action to cancel federal student loan debt. For instance, a group of U.S. senators, including Senate Majority Leader Chuck Schumer and Senator Elizabeth Warren, have introduced a resolution calling on the President to cancel up to $50,000 in federal student loan debt for borrowers and take other actions to reduce these debt burdens, particularly those felt by communities of color; now, therefore, be it

Resolved by the Senate, That we urge the President of the United States to broadly cancel student loan debt; and be it further

Resolved, That copies of this resolution be transmitted to the President of the United States, the President of the United States Senate, the Speaker of the United States House of Representatives, and the members of the Michigan congressional delegation.