Millions of Americans may be receiving good news about their student loan debt! A coalition of over 60 organizations including the NAACP, American Federation of Teachers, and the National Consumer Law Center are calling on Congress to cancel student loan debt as part of the next stimulus package.
A letter addressed to congressional leaders of both parties in the House and the Senate reads as follows below:
“Without a comprehensive long-term solution, the CARES Act suspension of federal student loans for eighty percent of borrowers merely kicks the problem down the road to this fall,” the organizations wrote. “Many [student loan borrowers] will face the daunting prospect starting in October of choosing between paying for necessities including food, medical care, and rent, or making their student loan payment. The next stimulus package must take the necessary steps to ensure economic recovery down the line: this means federal student debt cancellation.”
The coalition of organizations noted that 43 million Americans would benefit from student loan forgiveness. The letter endorsed various proposals already put forth by House and Senate Democrats to cancel student debt. Read the full story HERE