WASHINGTON D.C. - Action Center on Race and the Economy (ACRE), American Civil Liberties Union (ACLU), Americans for Financial Reform, Center for Responsible Lending, the National Association of Consumer Advocates, Student Debt Crisis, and Young Invincibles made the following statement on President-Elect Biden’s American Rescue Plan:
The absence of a legislative request to cancel student debt heightens the urgent need for President-Elect Biden to cancel student debt administratively. Overwhelming research shows that student debt cancellation would provide dramatic relief particularly in low-income neighborhoods and among communities of color that are disproportionately burdened by ballooning debt.
We hope the absence of debt cancellation in this package is a clear indication that President-Elect Biden is planning to act quickly to use his authority to cancel student debt through executive action. We look forward to working with him to do that.