Senate Democrats propose forgiving $50k in student loan debt

Chuck Schumer, Nancy Pelosi

House Speaker Nancy Pelosi of Calif., center, accompanied by Senate Minority Leader Sen. Chuck Schumer of N.Y., left, speak to reporters following a meeting with Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows as they continue to negotiate a coronavirus relief package on Capitol Hill in Washington, Friday, Aug. 7, 2020. (AP Photo/Andrew Harnik)

WASHINGTON, D.C. (WTVO) — Sen. Chuck Schumer (D-New York) and Sen. Elizabeth Warren (D-Mass.) have announced a proposal which would forgive $50,000 of student loan debt per person, due to the coronavirus pandemic.

The Democratic lawmakers announced the plan on Thursday, which would use the Higher Education Act to cancel federal student loan debt for borrowers, according to CNBC.

The senators said unemployment from the coronavirus crisis has made it impossible for many borrowers to repay their college loans.

“Even before the coronavirus pandemic plunged our economy into chaos, student loan borrowers were already in crisis,” Warren said in a statement. “The President of the United States has the power to broadly cancel student loan debt, help close the racial wealth gap and give a big boost to families and our economy.”

The U.S. Department of Education reports nearly 43 million adults currently have outstanding student loans in excess of $1.5 trillion.

Joining the resolution are Senators Sherrod Brown, D-OH, Richard J. Durbin, D-IL, Bernard Sanders, I-VT, Tammy Duckworth, D-IL, Richard Blumenthal, D-CT, Chris Van Hollen, D-MD, Jeff Merkley, D-OR, Edward J. Markey, D-MA, Cory Booker, D-NJ, Robert Menendez, D-NJ,  and Ron Wyden (D-OR), according to a statement.


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