Senator Releases Student Debt Cancellation Plan
75% of students with student loans would have their debt forgiven if New York Senator Chuck Schumer's plan to cancel up to $50,000 dollars in debt for federal student loan borrowers is realized.
Schumer said addressing the student loan crisis will be one of the first legislative actions he will prioritize in the new 117th Congress in January, 2021.
The bottom line is that the cost of college is out of control and paying for it forces millions of students and families to take on crippling debt, which greatly impedes students’ ability to get started and succeed after graduation. It is like starting a long walk with a back pack stuffed with bricks. This plan to cancel student debt on federal loans will substantially lighten that load and give recent graduates a huge boost that will launch them into a much brighter future – that will energize the economy and substantially expand our dwindling middle class. - Senator Chuck Schumer
Schumer believes that student debt cancellation will provide relief to millions who are struggling through the pandemic and recession, and will boost the economy through a consumer driven stimulus that can result in more young people buying homes, more people completing college and greater small business formation.
Schumer's plan calls for the President of the United States and the Secretary of Education to cancel the debt through executive and administrative actions.