Schumer and Warren call for cancellation of student loan debts
WASHINGTON (NEWS10) – Democrats Chuck Schumer and Elizabeth Warren, representing New York and Massachusetts, want to write off student loan debt for federal borrowers. Thursday they presented a resolution which calls on the president to write off up to $ 50,000 in student loan debt in an effort to heal the pandemic economy.
In their statement on the resolution, Schumer and Warren said: “Amid an economy hit hard by the pandemic, the student debt crisis is acting as an anchor, preventing a rapid recovery and restricting opportunities and prosperity for millions of American families. . “
The Senate resolution describes how the president can use executive power to stimulate the economy by writing off these debts. The move could potentially help a workforce vulnerable to layoffs and leave, lift blockages in real estate markets, increase graduation rates and make it easier to get a loan for a car, property or business start-up. a little company.
According to Schumer, the resolution aims to:
- Recognize the power of the Secretary of Education to cancel federal student loan debt
- Call on the president to write off up to $ 50,000 in student debt for federal loan borrowers
- Guarantee the absence of tax on administrative cancellation
- Bridging the racial wealth gap and avoiding disproportionately benefiting wealthy borrowers
- Suspend student loan payments and interest accumulation during the pandemic