Lawmakers visit campus, call for student loan debt cancellation – press center

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April 12, 2021

American Relief Plan Provision Makes Loan Remission Tax Free

Posted in: Home News, University

Left to right, President Susan A. Cole, Senator Bob Menendez, Rep. Bill Pascrell and Montclair State Student Jasmine Metellus, Class of 2021, at a press conference regarding the cancellation of student debt Monday.

At a rainy press 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 called on President Biden to relieve borrowers from repayment. to $ 50,000 of their federal student loans.

The president is expected to use his authority to act on student loan debt, unleash the economic power of millions, and boost the country’s economic recovery from the pandemic, lawmakers have said.

A provision of the US bailout drafted by Senator Menendez and sponsored by Representative Pascrell in the House makes the college loan forgiveness tax-exempt and eliminates thousands of dollars in surprise tax bills, paving the way for the President to take “Bold steps,” Menendez said.

“Canceling student loans has the power to spark a wave of consumer-led growth in this country – and President Biden doesn’t need Congress to do it. And with the US bailout now the law of the land, we no longer have to worry about slamming borrowers with surprise taxes on their canceled debt, ”Menendez said from the steps of the Montclair State Student Center. April 12.
President Susan A. Cole, who greeted lawmakers on campus, said, “Making higher education affordable for all who aspire and have the opportunity to benefit from it is vitally important to our country. I am grateful to Senator Menendez and Representative Pascrell for their continued support of educational opportunities for many years and for their current efforts in support of President Biden’s proposal to address the student debt problem.
At the socially distant open-air press conference, Senator Bob Menendez and Representative Bill Pascrell (speaking) called on President Biden to write off up to $ 50,000 in student loan debt per borrower.
“It has not been an easy year for anyone, but the burden on our students is very heavy. They were deprived of a year of their life, ”said Rep. Pascrell. “Cancellation of student debt can be tax-exempt and offer tremendous flexibility to millions of Americans. Absolutely no one who wants to pursue education and improve themselves should be in debt for the rest of their life.
Montclair State Senior Jasmine Metellus said canceling student debt “would help narrow the racial wealth gap and put students in a better position with regard to education and their finances. “.
Media across the region stayed dry in tents.
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