Cancel Student Debt Senate
On behalf of countless students and others in your state, we urge you to co-sponsor The College For All Act of 2019 (S. 1947). That legislation offers the best solution to the severe crisis of Student Debt that is impeding the lives of millions of Americans and their families, blocking job and wage growth, and harming communities by holding back the economy.
Today, roughly 46 million Americans are suffocating under the burden of $1.6 trillion in total student debt. The U.S. Federal Government holds the overwhelming majority of this debt, and can arrange for its full cancellation.
Canceling student debt would produce an unprecedented economic boost, as shown by the Levy Institute study The Macroeconomic Effects of Student Debt Cancellation. This because it would free current debtors to participate in the economy more actively and productively.
From 1945 through the mid-1980s, generations of Americans attended colleges and universities across the country without accumulating large student debt. After that era, the burdens of the cost of education shifted onto students, instead of being shared by society.
The decision to shift that burden was not made by the students. Rather, they were promised that the investment they made in their education would be returned many times over. Clearly, this has not happened. Instead, generations of students are now burdened with crushing debt loads, severely limiting their opportunities. Please act to remedy this systemic injustice by cosponsoring The College For All Act of 2019.
There is a growing academic consensus that universal student debt cancellation is the best solution to this tremendous crisis for American society. To learn more about the student debt crisis and why The College For All Act of 2019 offers the best solution, please see the research collected at the Freedom to Prosper website: www.freedomtoprosper.org.
Please also see the papers produced on the subject at the Levy Institute website; by Roosevelt Institute Fellow Julie Morgan; Harvard ALI Fellows Mary and Steven Swig; and economists Marshall Steinbaum and Darrick Hamilton.
Please cosponsor The College For All Act of 2019 (S. 1947).