Senate Democrats propose to write off $ 50,000 in student loan debt per person
Senatorial Minority Leader Chuck Schumer, D-NY, and Senator Elizabeth Warren, D-MA, presented a resolution Thursday, which outlines a plan for a president to use the Higher Education Act to write off tens of thousands of dollars in federal student loans for borrowers.
“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 largely write off student loan debt, help close the racial wealth gap, and give families and our economy a big boost.”
Schumer and Warren are two of 13 Senators who have joined the resolution, which also includes Senator Bernie Sanders, D-VT, Senator Tammy Duckworth, D-IL, and Senator Cory Booker, D-NJ.
Federal student loans have been suspended and interest canceled since President Donald Trump signed the CARES (Coronavirus Aid, Relief and Economic Security) law in March. By executive order, he extended the suspension of some federal student loans until the end of the year.
But when payments resume, many people will still not have jobs to pay off their student loans, which total $ 1.7 trillion nationwide.
ABC News contributed to this report.
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