WASHINGTON, D.C. — Congressional Democrats re-introduced a resolution on Thursday, asking President Joe Biden to cancel $50,000 in federal student debt loans for Americans with that level of debt.
The resolution says nearly 43 million Americans currently hold more than $1.5 trillion in federal student debt loans.
It encourages President Biden to take executive action in order to ‘close financial wealth gaps.’
Both Oregon U.S. Senators, Wyden and Merkley, are behind the plan.
Nathaniel Orr, a student at Southern Oregon University, says the resolution could be good for students struggling with finances.
“I think for people who need loan relief especially since the pandemic hit, it would really benefit them. It’s a good step of getting our country back into a full swing economic standpoint,” said Orr.
Republicans are against the plan, calling it government gift-giving.
Reports say the initiative has been a major priority for months, but there’s no guarantee President Biden will move it forward.
© 2024 KOBI-TV NBC5. All rights reserved unless otherwise stated.