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Some experts have argued that canceling student debt
09-18-2020, 12:53 PM,
Post: #1
Some experts have argued that canceling student debt
The text of the resolution noted that “even before
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With 43 million Americans holding more than $1. 6 trillion in federal student loan debt, the resolution added, the pandemic is making it “nearly impossible for many Americans to ever fully repay their student loans. ”

Schumer noted that they are also pushing this plan for the next President of the United States because Senate Republicans and the Trump administration are against cancellation of any student loan debt.

“President Trump has failed the test on student debt cancellation, ” Schumer Newport Cigarettes Shop  stated. “This is aimed at our new president, which is going to be Joseph Biden.... We believe that he would be very seriously entertaining our proposal. ”

Warren added: “Democrats are ready to act in 2021. ”More than 100 organizations from civil rights groups to consumer advocacy groups have advocated debt cancellation.

“We join Senators Schumer and Warren in calling on President Trump to immediately cancel up to $50, 000 in federal student loan debt for 43 million borrowers, ” Persis Yu, National Consumer Law Center attorney and director of NCLC’s Student Borrower Assistance Project, said in a statement.

Yu added that debt cancellation is “urgently needed now as American families Newport box 100s cigarettes  are struggling to stay financially afloat” and the “government cannot afford to wait any longer. ”

The resolution highlighted how borrowers of color are facing one of the “worst effects” of student loan debt — from Black and Latinx borrowers accruing more debt than their white peers to defaulting at higher rates — and argued that cancellation helps “close racial wealth gaps. ”

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