With a suspension of student loan payments scheduled to end early next year, three congressional Democrats on Wednesday cited a new economic analysis as they urged President Joe Biden to immediately cancel $50,000 in student loan debt per borrower.\r\n\r\n\u0022The cancellation of up to $50,000 of student debt would relieve an enormous burden from borrowers while pumping billions of dollars per year back into our national economy.\u0022\r\n\r\nThe new analysis by the Roosevelt Institute—referenced in a letter\u0026nbsp;that Senate Majority Leader Chuck Schumer (D-N.Y.), Sen. Elizabeth Warren (D-Mass.), and Rep. Ayanna Pressley (D-Mass.) sent to the White House—details the positive effects of canceling student loan debt, as well as the negative consequences that can be expected if Biden chooses not to do so.\r\n\r\nAccording to the report, if Biden sticks to his plan to restart student loan payments on February 1, 2022, the budgets of more than 18 million borrowers will take a collective hit of roughly $7 billion per month, draining $85 billion from the U.S. economy next year.\r\n\r\nBy contrast, if the president cancels $50,000 in student loan debt per person, which he has the legal authority to do, it could add more than $173 billion to the nation\u0026#039;s GDP in the first year alone.\r\n\r\n\u0022The pause on federal student loan payments, interest, and collections has\u0026nbsp;improved\u0026nbsp;borrowers\u0026#039; economic security, allowing them to invest in their families, save for emergencies, and pay down other debt,\u0022 the lawmakers wrote. \u0022Restarting payments without canceling student debt will undermine these families\u0026#039; economic progress.\u0022\r\n\r\nThe Roosevelt Institute analysis shows that a failure by Biden to cancel student loan debt would exacerbate racial inequality. Resuming student loan payments would hurt Black and Hispanic households disproportionately, the report says, because \u0022borrowers of color typically borrow more for college expenses than their white counterparts while also holding significantly less wealth.\u0022\r\n\r\nAccording to another study published in September 2019, prior to the coronavirus pandemic, the median Black borrower\u0026nbsp;still owes\u0026nbsp;95% of their loans 20 years after starting college, compared with 6% for the median white borrower.\u0026nbsp;\r\n\r\n\r\n\r\nIn August, the Biden administration announced its \u0022final extension\u0022\u0026nbsp;of the student loan moratorium through January 31, 2022—implying that the recovery from the pandemic-induced economic crisis would be strong enough by then to justify the move. Covid-19 and financial insecurity, however, both remain widespread, as the recent emergence of the Omicron variant and reports of declining savings make clear.\r\n\r\nAccording to recent survey data compiled by the Student Debt Crisis Center, nearly 90% of borrowers said that the pause on student loan payments, first enacted in March 2020, has been \u0022critical\u0022 to their economic well-being during the pandemic. Even among those who are fully employed, 89% said they are not financially secure enough to resume payments on February 1.\r\n\r\nIf Biden refuses to use his administration\u0026#039;s authority to cancel student loan debt, more than a quarter of borrowers will be forced to hand over at least one-third of their income to loan servicers each month. Roughly 10% will be billed for over half of their income, making it exceedingly difficult to afford basic necessities such as rent, food, and medicine, especially as corporations hike prices.\r\n\r\n\u0022The cancellation of up to $50,000 of student debt would relieve an enormous burden from borrowers while pumping billions of dollars per year back into our national economy,\u0022 wrote the three lawmakers, who have been leading the\u0026nbsp;push for cancellation since last year.\r\n\r\nTheir letter comes less than a week after several progressives, including Pressley, took to the House floor to demand that Biden cancel student debt before payments resume.\r\n\r\n\u0022We strongly urge you to act without delay,\u0022\u0026nbsp;Schumer, Warren, and Pressley said Wednesday.