NEW YORK (WWTI) — A recently announced plan from Senator Charles Schumer illustrates eliminating student loan debt.
Senator Charles Schumer announced on September 17 that a new plan will cancel up to $50,000 in debt for federal student loans. This is in response to nearly 2.4 million New Yorkers owe $89.5 billion in federal loans.
“Millions of young New Yorkers and their families have been crushed by student loan debt greatly impeding their ability to begin careers and build the financial resources needed to build their futures,” said Senator Schumer. “For far too long the sunny, American optimism of our young people has been clouded by crippling student debt. Education is supposed to be a ladder up, but studies have shown that student loans hold people back and prevent young college graduates from owning homes or starting small businesses. This holds our entire economy back, which we cannot afford after the financial devastation of COVID.
According to Senator Schumer, his plan will allow complete forgiveness of students loans for over 75% of U.S. borrowers.
The Senator stated that addressing student loans will be a prioritized legislation beginning in the 117th Congress in January 2021.
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