Today (December 7, 2020) Senator Charles (Chuck) Schumer and Congressman Jamaal Bowman, Mondaire Jones, and Ritchie Torres announced that they are pushing President-Elect Joe Biden to immediately cancel up to $50,000 in student loan debt per student. “Schumer and Rep-Elects and Torres said addressing the student loan crisis will be one of the first legislative actions they will prioritize in the new 117th Congress in January 2021.”
The Arizona Students’ Association thinks this is a great call in the right direction for New York’s Congressional leaders and Senators. ASA would like Arizona Congressional Leaders and Senators to call on a full cancelation of all student debt. The reason being is that ASA knows if student debt is canceled Arizonian's are more likely to prosper financially, which will result in a stronger economy for Arizona, relief for families during a pandemic, a relief for students who are working multiple jobs to get by, and an overall step in the right direction to prioritize and value education as a country.
According to the Federal Reserve Bank of New York, “Student loan debt is responsible for 35% of the decline in homeownership since 2007.” Student Loan debt has impacted students financially in all sorts of different ways from continuing higher education and living the “American Dream.”
In 2019 & 2020 the US has seen multiple bills and presidential candidates talk about the importance of canceling student debt. We have seen a variety of legislation introduced and conversations involving canceling student debt including the following,
- The Student Debt Cancelation Act of 2019 (100% Student Debt Cancelation)
- Debt Free College Act of 2019 (State-Federal partnership to funding higher education)
- The Heroes Act of 2020 (Pays up to $10,000 for each borrower)
- Biden Called on Cancelation up to $10,000 for all 43 million Americans
- College for All and Cancel All Student Debt (Sen. Sander’s plan to cancel all $1.6 Trillion of US student debt)
- Universe Free Public College and Cancellation of all Student Loan Debt (Sen. Warren’s Cancelation of $50,000 in student loan debt for 42 million Americans.)
Arizona's total student loan debt combined is about $29.5 billion. The average student loan debt in Arizona is about $34,100. A total of 840,000 Arizonians owe student loan payments which means 11.5% of Arizona Residents have student loan debt. The congressional district to hold the most student debt in Arizona is Congressional District 9, Congressman Greg Stanton’s Congressional District. CD 9 is rated a high 74 in the Freedom to Prosper Student Debt Burden Score, CD 9 is also home to Arizona State University, Arizona’s largest state university.
ASA is calling on Arizona Congressional and Senate leaders to make a statement in support or with some sort of resolution they support for Canceling Student Loans for Arizona!
*****SIGN OUR PETITION TODAY *****
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