Source: United States Senator for New Jersey Bob Menendez
WASHINGTON, D.C. – U.S. Senators Bob Menendez and Cory Booker today joined their colleagues in introducing a bicameral resolution outlining a bold plan for President Biden to tackle the student loan debt crisis by using his existing authority under the Higher Education Act to cancel up to $50,000 in student loan debt for Federal borrowers. The resolution calls on the President to use executive authority to cancel student loan debt and ensure there is no tax liability for Federal student loan borrowers resulting from administrative debt cancellation. Both senators previously called on President Trump to cancel student loan debt.