House Representatives Ayanna Pressley (D-MA) and Ilhan Omar (D-MN) are proposing to cancel student debt with new legislation aimed at helping borrowers adversely affected by the coronavirus, or COVID-19.
The legislation, called the Student Debt Emergency Relief Act, proposes the cancellation of at least $30,000 in outstanding debt, tax-free, and proposes that the Education Department (ED) “immediately assume responsibility” for the monthly payments of borrowers who hold federal loans while suspending involuntary collections or garnishments of wages or federal income tax returns amid the crisis.
“During this unprecedented crisis, no one should have to choose between paying their student loan payment, putting food on the table or keeping themselves and their families safe and healthy,” Rep. Pressley said in a statement. “We must prioritize debt cancellation for the 45 million student loan borrowers who are struggling to pay off their debt during this difficult time.”
Link: https://finance.yahoo.com/news/house-democrats-cancel-student-debt-coronavirus-153039320.html