Dems want to cancel $30K of student debt during virus outbreak
Congresswomen Ayanna Pressley and Ilhan Omar introduced The Student Debt Emergency Relief Act for borrowers during COVID-19 crisis.
Congresswomen Ayanna Pressley and Ilhan Omar want to erase at least $30,000 of your student loan debt during the coronavirus pandemic emergency relief plan.
Pressley (D-MA) and Omar (D-MN) introduced The Student Debt Emergency Relief Act to give student loan borrowers some relief during the coronavirus outbreak.
In addition to the $30,000 reduction, the act would require the Department of Education to make payments on all federal student loan debts each month during the public health emergency and would protect student loan borrowers from wage garnishments and other collections efforts.
“Student debt was a crisis before the coronavirus. And it’s an even deeper crisis now,” Omar said, according to Forbes. “…We must not force Americans to choose between putting food on the table and paying off exorbitant student loans.”
Pressley added in an announcement: “During this unprecedented crisis, no one should have to choose between paying their student loan payment, putting food on the table or keeping themselves and their families safe and healthy.
“Our $1.6 trillion student debt crisis stands in the way of any meaningful economic recovery effort during and after this pandemic, which is why we must cancel student loan debt in order to jumpstart the economy.”
Republicans have also taken some measures to help student loan borrowers during the coronavirus emergency.
President Donald Trump said he would waive interest on federal student loans during this time. He also is given borrowers the choice to stop paying their loans altogether for 60 days without penalty.
Senate Democrats have backed a student loan forgiveness plan to have the Education Department make monthly student loan payments for borrowers.