Things have been moving pretty quickly this week—constant coronavirus updates, the congressional economic stimulus package, and all of the proposals to address student debt. One thing is for sure, we’re glad that student debt has been a central component of this conversation. With 45 million Americans holding $1.6 trillion in student loans, relieving loan borrowers of their student loan debt would make a huge impact on a lot of people whose pocketbooks are suffering during this pandemic.
The good news is, student loan borrowers have found champions in Senators Chuck Schumer (D-NY), Patty Murray (D-WA), Sherrod Brown (D-OH), and Elizabeth Warren (D-MA). They released a plan to relieve student loan borrowers by telling the U.S. Department of Education to make monthly payments on their behalf throughout the duration of the national emergency. We need to make this happen ASAP.
Under the plan, each borrower would be guaranteed at least $10,000 of their federal student loans would be canceled—which would result in student debt being canceled for 35 percent of borrowers!
For those with over $10,000 of student loan debt, the plan also establishes a three-month grace period post-national emergency before borrowers would need to resume making payments.
Unfortunately, Mitch McConnell has just introduced his own version of legislation that would put power in the hands of Sec. Betsy DeVos, who’s been notoriously bad for student loan borrowers, and would leave struggling borrowers behind.
That’s where you come in. We need this bill to become law. Take 15 seconds to email your legislators TODAY and tell them we need this bill to help millions with student loan debt.