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Schumer and other Senate dems indicate Student Loan Forgiveness as one of the first legislative priorities of 2021


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He also said the student loan crisis will be one of the first legislative actions he will prioritize in the new 117th Congress come January of 2021.

 

 

 

I got an email from the Warren campaign or whatever (still don't have the heart to tell grandma to stop writing to me) with the following:

 

Quote

Daniel,

Here's an idea that would immediately put hundreds and thousands of dollars back in the pockets of millions of Americans, start to close the racial wealth gap, and boost our economy:

Canceling student loan debt.

And the president can get it done without waiting for Congress.

This week, Senate Democratic Leader Chuck Schumer and I introduced a bold plan for how the president of the United States can use his executive authority to deliver meaningful relief to struggling Americans and broadly cancel up to $50,000 in student loan debt.

Democrats will push for this action in 2021. But I need you to be a part of this effort, Daniel — because we can only get it done if we fight for it side by side as a grassroots movement. Add your name and join the fight to get this done.

We need to take action because families need relief. Over 40 million Americans are being crushed by over $1.5 trillion in federal student loan debt — a massive burden that's preventing people from being able to start a small business or buy a home, and forcing students to drop out of school before completing their degree.

In the middle of an economy that's been badly hit by the pandemic, the student debt crisis acts like an anchor, preventing a swift recovery and restricting opportunity and prosperity for millions of American families.

Canceling student loan debt as soon as possible would mean substantial and immediate relief for tens of millions of Americans, many of whom have suddenly been laid off or are worried that their jobs are next.

Our country's growing student debt burden has Americans less prepared to weather this coronavirus recession, which has compounded decades of stagnant wages, labor market discrimination, and rising costs of living, making it nearly impossible for many to ever fully repay their student loans.

And communities of color, which have been hit hardest by the health and economic consequences of the coronavirus pandemic, disproportionately bear the burden of student debt.

Black students are on average nearly 20 percentage points more likely to take out federal student loans. Half of Black borrowers and a third of Latinx borrowers default on their loans within 20 years. Canceling student loan debt would increase wealth for Black and Latinx families, help them avoid default, and start to close the racial wealth gap.

Economists agree that canceling student loan debt would also help boost our struggling economy through a consumer-driven economic stimulus, greater home-buying rates and housing stability, expanded access to more affordable financial products including car loans and mortgages, higher college completion rates, and greater small business formation. This is a no brainer for our economy.

Congress, through the Higher Education Act, has already given the president and his Secretary of Education the ability to modify, compromise, waive, or release student loans. This authority provides a safety valve for federal student loan programs, letting the Secretary use her discretion to wipe away loans even when they do not meet the eligibility criteria for more specific cancellation programs like disability discharge. America needs that safety valve now more than ever.

Look: Chuck Schumer and I both saw what happened in 2008. After the financial crisis, young people were shoved into a weak job market and plunged even deeper into student debt. And today, as workers face layoffs and frozen wages in the wake of the coronavirus pandemic, student loan borrowers who were barely staying afloat are now drowning. When Americans can't fully participate in our economy, we see a ripple effect across our entire economy and a slowdown in economic growth. This affects all of us, including those of us who don't have student loans or have already paid off their student debt.

We can do better than this. And Democrats will.

Daniel, join the fight alongside me and Chuck Schumer if you agree that the president should take executive action to broadly cancel student loan debt.

Thanks for being a part of this,

Elizabeth

 

I still have about $30k in student loans while my wife has about $20k. And I/we went somewhere where tuition is considered cheap while I was working 3/4 time. While the investment in education definitely got me ahead, the debt has caused me to have to settle for less with practically everything else. From our home to our vehicles to activities our kids are able to participate in, it's never quite what we wanted or would normally be able to afford without an extra monthly payment of a few hundred dollars (combined). Only recently have I been able to buy a graphics card that ends in '80 instead of '70. :P

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I’m glad I never got any student loans, I see a lot of my friends who have just accepted them as part of life because they were sold a false premise at 18. I had seen how my parents were ruined by debt and decided that I would only take as many classes as I could afford each semester when I did my bachelors. I also maxed out the transfer credits from a community college before I went to a four year school to finish.

 

We need to fix college finance and take care of the mess we’ve allowed to be with student loan debt. It robs people of a lot of freedom in employment as there is a sense of urgency to take just about any job offer you can find coming out of school. Companies take advantage of that when it comes to salaries and raises.

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9 minutes ago, sblfilms said:

I’m glad I never got any student loans, I see a lot of my friends who have just accepted them as part of life because they were sold a false premise at 18. I had seen how my parents were ruined by debt and decided that I would only take as many classes as I could afford each semester when I did my bachelors. I also maxed out the transfer credits from a community college before I went to a four year school to finish.

 

We need to fix college finance and take care of the mess we’ve allowed to be with student loan debt. It robs people of a lot of freedom in employment as there is a sense of urgency to take just about any job offer you can find coming out of school. Companies take advantage of that when it comes to salaries and raises.

The debt system (and all associated paperwork) also keeps out people who don't know their way around a FAFSA or any other cultural shit related to college.

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Just now, b_m_b_m_b_m said:

The debt system (and all associated paperwork) also keeps out people who don't know their way around a FAFSA or any other cultural shit related to college.

 

FAFSA also has lots of other fucked up elements. Like if you're 18 and haven't spoken to your parents in years you can still get denied FAFSA over your parents' income.

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4 minutes ago, johnny said:

My first year of college I was living with my brother and paying him rent but since my mom claimed me on her last tax return I got denied by fafsa because she made too much, even though she wasn’t supporting me. Awesome! 

This is what means testing, instead of universal programs funded by progressive taxation, gets you!

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Glad I had the awesome skill of being old enough to go to community college when it was $11 a unit and then transfer to a state school when I only had to pay about $2500 a semester in tuition. I do have something to show for being old besides getting fat and random back pain.

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42 minutes ago, Dodger said:

Glad I had the awesome skill of being old enough to go to community college when it was $11 a unit and then transfer to a state school when I only had to pay about $2500 a semester in tuition. I do have something to show for being old besides getting fat and random back pain.

I’m 35, so mine wasn’t quite that inexpensive, but the 66 credit hours (A little more than half my undergrad degree) I did at a community college totaled like...$3000.  And honestly, some of my best teachers were at that little community college!

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