At a rainy news conference at Montclair State University on Monday, April 12, U.S. Senator Bob Menendez (D-NJ) and Congressman Bill Pascrell Jr. (NJ-09) announced that they were calling on President Biden to relieve borrowers from paying back up to $50,000 of their federal student loans.
The President should use his authority to act on student loan debt, unleash the economic power of millions and drive the nation’s economic recovery from the pandemic, the lawmakers said.
A provision in the American Rescue Plan authored by Sen. Menendez and sponsored by Rep. Pascrell in the House makes college loan forgiveness tax-free and eliminates thousands of dollars in surprise tax bills, paving the way for the President to take “bold action,” said Menendez.