Senators urge to cancel student loan payments during COVID-19 pandemic

Senators urge to cancel student loan payments during COVID-19 pandemic
Multiple U.S. Senators sent a letter to Congressional negotiators, urging them to cancel student loan payments and debt in the COVID-19 response package. (Source: WFIE)

WASHINGTON (KFVS) -Multiple U.S. Senators sent a letter to Congressional negotiators, urging them to cancel student loan payments and debt in the COVID-19 response package.

“Students and families should not have to worry that they will go into default on their student loans during or immediately after this emergency--they should be worried about keeping themselves and their loved ones safe,” the Senators wrote. “Student loan debt in this country is already crushing for many and without immediate and bold relief, it will prevent people from fully participating in our economy.”

Congress must authorize the U.S. Department of Education to make monthly student loan payments on behalf of borrowers, equivalent to the amount due for all federal student loan borrowers for the duration of the national emergency declarations.

The lawmakers made the following three asks of negotiators:

  • Immediate monthly payment relief for student loan borrowers: Authorize the Department of Education to immediately take over the monthly payments of federal student loan borrowers during this public health emergency.
  • Across the board student loan debt cancellation: Cancel at least $10,000 of student debt for all borrowers to help jumpstart our economy and make a significant difference for American families.
  • Shield borrowers from involuntary collections and offsets during this public health crisis: Shield all student loan borrowers from any federal offsets that can prevent them from receiving critical benefits and supports, such as the seizure or garnishment of wages, federal salaries, Social Security Benefits, and federal income tax returns like the Earned Income Tax Credit and the Child Tax Credit.

Full text of the letter is available here.

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