Are you struggling to repay your student loan debt? U.S. Senator Elizabeth Warren (D-Massachusetts) has a plan for that—to reduce the student debt crisis and address the racial wealth gap.
The Democratic senator and presidential candidate will soon introduce legislation to provide relief for millions of Americans experiencing hardship paying for their student debt.
Sen. Warren’s office, she wants to eliminate up to $50,000 in student loan debt for 42 million Americans. Her plan will cancel 75 percent of student loan debt and provide relief for 95 percent of student borrowers.
Currently, the total outstanding student loan in the United States is almost $1.3 trillion. Nearly 45 million Americans have student loan debt. Almost 7.2 million are in default on their loans because their wages are stagnant while the cost of living keeps rising.
Sen. Warren says it’s time for Congress to step up and solve the student debt crisis
Sen. Warren noted Black and Latino Americans are facing the worst effects of the student debt crisis. Many of them still owe more than 100 percent of their student loan balance 12 years after college. She believes that the problem will only get worse and Congress must act to solve it.
