Senate Democrats propose bailout for student loan borrowers
Danielle Douglas-Gabriel, The Washington Post Published 7:00 pm EDT, Thursday, March 19, 2020
As the White House and Congress assemble a stimulus package to blunt the economic impact of the coronavirus pandemic, Senate Democrats are pushing for widespread relief for the 42 million Americans with a total of $1.5 trillion in federal student loans.
"The coronavirus outbreak brought with it crushing economic uncertainty, and students and borrowers need targeted, quick relief from payment burdens," said Senate Minority Leader Chuck Schumer, D-N.Y., who introduced the plan Thursday with Sens. Patty Murray, D-Wash., Elizabeth Warren, D-Mass., and Sherrod Brown, D-Ohio.
The Democrats are calling for at least $10,000 in tax-free debt cancellation for all federal student loan borrowers. They want the Education Department to assume loan payments for the duration of the national emergency and then institute a three-month grace period during which borrowers can forgo their payments without penalty. Payments made by the department would still count toward loan forgiveness for borrowers in public service jobs.
https://www.thehour.com/news/article/Senate-Democrats-propose-bailout-for-student-loan-15144308.php
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