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A coalition of 105 advocacy organizations sent a letter to President Biden Thursday urging him to cancel student loan debt via executive action and to continue the repayment pause until the debt is canceled.
The groups -- which span a variety of interests and include the Education Trust, the American Association of University Professors, the Student Debt Crisis Center and the Student Borrower Protection Center -- argue that canceling debt would allow all borrowers to begin generating wealth while specifically addressing the racial wealth gap for Black and Latinx individuals. They also say that canceling debt is the best way to begin "fixing the broken higher education system" that led to the student debt crisis.
The letter didn't specify an amount of debt that the groups would like to see canceled, but Biden said during his presidential campaign that he would be in support of canceling up to $10,000 in debt.
The groups also asked the administration to release a memo that Biden in April asked the Departments of Education and Justice to prepare on his legal authority to cancel up to $50,000 in debt by executive action. It's still unknown whether that review has been completed or what it concluded.
"We believe that you do have the legal authority to cancel student debt and that the memorandum will confirm that analysis," the letter said.
