REAL help for borrowers during the coronavirus crisis.
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John,
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. We’re glad that addressing student debt has been a central component of this conversation.
With 45 million Americans holding $1.6 trillion in student loans, relieving student loan borrowers would make a huge impact on a lot of people whose pocketbooks are suffering during this pandemic (and even under a good economy).
Here’s the good news: 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).
Just yesterday, they released a plan to relieve student loan borrowers by instructing the U.S. Department of Education to make monthly payments on their behalf throughout the durations of the national emergency. We need this to happen now. [[link removed]]
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Under the plan, each borrower would be guaranteed at least $10,000 of their federal student loans would be canceled [[link removed]] —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.
But 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.
Here’s where you come in. We need this bill to be passed by the House and Senate. Email your senators and representative TODAY asking them to vote for this plan to help those with student debt. [[link removed]]
Make your voice count. Use your power. Forward this to your friends, family, and neighbors—tell them to demand their representatives take action for student loan borrowers.
Thanks for being in this fight,Charlotte Hancock
Communications Director
Generation Progress
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