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This resolution calls on the President of the United States to take executive action and cancel up to $50,000 in Federal student loan debt for all borrowers using existing legal authorities under Section 432(a) of the Higher Education Act of 1965 (20 U.S.C. 1082(a)). It addresses the current student loan crisis exacerbated by the COVID-19 pandemic, which disproportionately affects borrowers of color and women. Key points include:

- Crisis Overview: The United States faces a historic student loan crisis, with over $1.5 trillion in debt held by 43 million Americans, including 9 million in default.
- Disparities: Students of color, particularly Black and Latinx borrowers, face higher debt levels and default rates due to structural barriers and underfunding of historically black colleges. Women also hold a larger share of the nation's student loan debt.
- Economic Impact: The crisis widens wealth gaps, slows economic recovery, and adds to financial strain during the pandemic recession.
- Student Debt Cancellation Benefits: Broad cancellation would provide immediate relief, stimulate the economy, increase homeownership, boost college completion rates, and support small businesses.
- Existing Authority: The Department of Education has the legal authority to cancel student loans under Section 432(a), which the President and Secretary of Education have previously used during the pandemic.
- Veto Overturn: Despite bipartisan congressional approval, a rule blocking defrauded borrowers from loan discharge was vetoed by President Trump in June 2020.