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.
In a statement, Sen. Warren, “The student debt crisis is real and it’s crushing millions of people — especially people of color. It’s time to decide: Are we going to be a country that only helps the rich and powerful get richer and more powerful, or are we going to be a country that invests in its future?”
House Majority Whip James E. Clyburn (D-South Carolina) plans to introduce a companion bill in the lower chamber.
“For far too many students and families, the cost of higher education has meant daunting debt and a lifetime of student loan repayments. We need to allow people to get the kind of post-secondary education that will help them achieve their dreams and aspirations, and earn a living to become productive members of society,” said Majority Whip Clyburn.
He added, “I look forward to working with Senator Warren on this legislation that will provide affordable access to education for all Americans and attempts to make amends for the underinvestment made in higher education at the state and federal level for over two decades.”
Sen. Warren has been a champion for students in the Senate. She is fighting to protect students from predatory for-profit and greedy student loan companies. She succeeded in her fight to create a $700 student loan forgiveness funds for thousands of Americans working in public service.