CFA joined over 230 organizations in sending a letter to President-Elect Biden and Vice President-Elect Harris, calling on them to use executive authority to cancel federal student debt on day one of their administration.

In the letter, the nonprofit and community organizations highlight that cancelling student debt would stimulate the economy, help reduce the racial wealth gap, and could have a positive impact on health outcomes. The groups write that “executive action is one of the few available tools that could immediately provide a boost to upwards of 44 million borrowers and the economy,” and that it would be an important first step in advancing the President Elect’s campaign priorities to ensure racial equity, focus on economic recovery, and deliver COVID-19 relief.