WASHINGTON (WFLA)- Democratic senators have announced a proposal to cancel up to $50,000 of student loan debt per person.
Senate Minority Leader Chuck Schumer and Sen. Elizabeth Warren introduced a resolution this past week that outlines a plan for the President of the United States to use the Higher Education Act to cancel tens of thousands of dollars in federal student loans for borrowers.
According to the resolution, nearly 43,000,000 Americans currently hold more than $1.5 trillion in federal student loan debt in addition more than nine million federal student loan borrowers are currently in default on those federal student 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.”
Federal student loans have been suspended and their interest waived since President Donald Trump signed the CARES Act in March.
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