New Jersey 2022-2023 Regular Session

New Jersey Assembly Bill AJR202

Introduced
12/5/22  

Caption

Urges President Biden to cancel all federal student loan debts.

Impact

AJR202 points out that the student loan crisis disproportionately affects women, minorities, and low-income households in New Jersey, illustrating a compelling case for debt cancellation as a means to alleviate systemic economic disparities. If enacted, the resolution could lead to significant financial freedom for over one million New Jersey borrowers, enabling them to invest in their futures and contribute more robustly to the economy. Additionally, the resolution references the potential for a broader economic stimulus arising from debt cancellation, which might include increased consumer spending and home purchasing rates.

Summary

Assembly Joint Resolution No. 202 (AJR202) is a legislative measure urging President Biden to take executive action to cancel all federal student loan debts across the United States. This resolution highlights the staggering $1.7 trillion debt burden affecting nearly 43 million Americans, which has severely limited their ability to participate fully in economic activities such as home buying and starting businesses. It stresses that ballooning balances and monthly payments create significant financial stress, particularly for the middle class and marginalized communities.

Contention

The resolution acknowledges that President Biden possesses the authority to cancel federal student loan debt under the 'Higher Education Relief Opportunities for Students Act of 2003.' While previous actions have provided some relief during the COVID-19 pandemic, the resolution asserts that more comprehensive measures are necessary to address the issue fully. Notable concerns may arise regarding the scope of executive power and the potential impacts on federal fiscal policy, which could provoke debates about government intervention in economic recovery and education financing.

Companion Bills

No companion bills found.

Previously Filed As

NJ AR134

Urges President Biden to cancel up to $50,000 per eligible borrower in federal student loan debts.

NJ AR101

Urges President Biden to cancel up to $50,000 per eligible borrower in federal student loan debts.

NJ SR42

Urges President Biden to cancel up to $50,000 per eligible borrower in federal student loan debts.

NJ AJR33

Federal student debt: cancellation.

NJ AR95

Urges Congress to amend tax code to permanently exclude all forms of discharged student loans from federal income tax.

NJ AR89

Urges Congress to pass H.R.770 allowing for discharge of student loan debt in bankruptcy.

NJ SJR1

Student loan debt.

NJ AR155

Urges President and Congress to suspend federal gas tax.

NJ AR144

Urges President and Congress of United States to continue federal Public Service Loan Forgiveness Program.

NJ AR69

Urges President and Congress of United States to continue federal Public Service Loan Forgiveness Program.

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