House Democrats unveil bill to cancel $30,000 in student debt per borrower amid coronavirus

[Yo_Mama_Been_Loggin]

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.”

Democrats including Sens. Chuck Schumer (D-NY), Patty Murray (D-WA), Sherrod Brown (D-OH), and Elizabeth Warren (D-MA) previously proposed to cancel monthly payments for the duration of the national emergency and asked ED to pay at least $10,000 for all federal loan borrowers.

https://finance.yahoo.com/news/house-democrats-cancel-student-debt-coronavirus-153039320.html

Hey if the Republicans can give away $500 billion to corporations...

[DarthDem]

1. Great idea

May want to look into suspending mortgage foreclosures for a while as well. I mean, I seem to recall the banks holding the paper on most mortgages getting in some trouble not that long ago and receiving a bailout . . . .

[underpants]

2. I all for that.

[doc03]

3. Wow that is about what my niece owes. Her dad passed away when she was 18 and she put herself

college. She had to work for over 4 years and borrowed over $30000 to do it. She will probably never pay it off otherwise.

[BusyBeingBest]

4. Wow, what about people who saved up and paid for college for their kids or themselves?

Bet they'd like $30,000 back right about now. Chumps. Edit to add: I am all for delaying repayment for 6 months, or income based repayment permanently. But this is stupid and unfair.

[SWBTATTReg]

5. Really. I agree. It is unfair to those of us who paid our way through. This much money? Wow. ..

Maybe some other formula of aid or whatever, but this is ... I don't know what to say. Kind of moot now, isn't it, being that Schools are canceled / closed for now, and will be probably for the rest of the year until the CV is under control. We do have more urgent issues to deal w/.

[BusyBeingBest]

7. Misguided add-ons. I think repayment requirements

for this type of debt, mortgage, rent, whatever, can be suspended/deferred for a few months, but WTF is a free college tuition give-away lottery doing in the middle of a relief act negotiation? The funny thing is, if it passed (and it probably wouldn't) my son would benefit quite a bit, but I still disagree with it. It's inherently unfair. Millenials and Generation Z need to learn that you borrow, and you pay back, no one gives you shit for free.

[SWBTATTReg]

13. Some help is okay, I'm not heartless, but you're absolutely right, in that out of control ...

borrowing has occurred and I've heard that some of these kids are borrowing, thinking that they'll never have to pay it back, and treat the entire college experience as a giant vacation and not serious schooling as it really is.

I know that in every field that lending occurs, that there are abusers that intend to not pay back what they borrowed. You're right, I don't understand why this is being discussed now of all times.

[Indykatie]

6. This Give Away is DOA and Our Far Left Politicians Know It

We need reasonable ideas and forgiving $30K of college loans ain't it. There are many Dems that wouldn't support this proposal and I am one of them. Deferred payments and reduction of interest rates to near 0% makes sense and would the needed support to pass. Coming up with pie in the sky shit that has NO chance to pass is typical for some of our politicians. Besides we need to be focused on income replacement for workers who have lost their jobs right now not student loan forgiveness.

[BusyBeingBest]

8. I agree--DOA and a distraction right now.

[DrToast]

14. Further it gives ammo to the right...

... that they’re trying to use the crisis to enact policy goals.

[Owl]

12. I agree as well.

[Luciferous]

9. This will never pass but I would rather see the money go to that than another

damn bailout for corporations!

[Bantamfancier]

10. I'm all for it.

If you got a BA/BS or MS.
Let’s also take care of those kids who went on and got their MD or DVM. 30 grand is a drop in the bucket for those kids.

When I went to college back in the ‘70s, tuition was 1,000 to 1,200 bucks a year. One could work and pay for it. No way that’s possible now. It’s basically our money so let’s give it to them.

[DrToast]

11. I don't feel this is the time to address this

[ecstatic]

15. I owe a little over 5k, but it still doesn't seem fair

to only bailout people who took out college loans. Just refund everyone's taxes for the past few years, and for those who didn't pay taxes, figure out some sort of payment they can receive.