Up to 50,000 student loan debts could be written off, UnidosUS explains how to act now
It’s time to be frank: The student debt crisis is crippling the U.S. economy and preventing young Americans from achieving important life goals. From now on, 43.2 million Americans owe nearly $ 1.73 trillion in student loan debt, and the number is increasing rapidly. At this rate, student debt is expected to exceed Americans’ total credit card debt. And communities of color are the hardest hit.
Within six years of starting school, one in five Latinx borrowers have defaulted on a student loan, which is twice as likely as their white counterparts.
This disparity occurs because many Latinx students are the first in their families to attend college and therefore have less guidance when it comes to navigating the financial aspects of higher education. Unfortunately, both for-profit and non-profit colleges understand this drawback and correct it financially. When students of color graduate from college, they face more barriers, such as discrimination, in getting a good job in their field.
In the 2020 election, President Biden campaigned on a student debt cancellation platform. But now, almost two years later, we still haven’t seen him take executive action to forgive student loan debt.
That’s why Janet Murguía, CEO of UnidosUS, California Senator Alex Padilla and Senate Majority Leader Chuck Schumer, spoke with mitú discuss everything related to the cancellation of student debt.
In a question-and-answer session on Facebook with mitú, Senator Padilla, Senator Schumer and Ms. Murguía answered important questions about navigating student debt and how to take action to ensure that student debt cancellation becomes US policy.
Our three guests know that the student debt crisis is not only preventing Latinos from achieving important life goals, it is also preventing the growth of the US economy. “Student loan relief would allow people to buy cars, homes, raise families, spend money in stores and online, invest in retirement and, overall, to develop our economy, ”said Senator Schumer.
When viewers asked a question about how we know if we qualify for student debt relief, Senator Schumer explained that almost anyone with student debt would be eligible.
The goal is to forgive up to $ 50,000 in student loans for anybody who has student debt.
“If you have less than $ 50,000, all of your debt would be wiped out,” he explained. “If you have $ 50,000, all of your debt would be wiped out. If you have more… let’s say you had $ 60,000 in debt, $ 50,000 would be gone and you only owed $ 10,000.
Senator Schumer clarified that bank loans are also eligible for debt relief because bank loans are guaranteed by the federal government.
Plus, it wouldn’t take congressional legislation to write off student loan debt. In fact, President Biden could cancel it himself with a “stroke of the pen.”
Murguía, Padilla and Schumer reiterated that it is imperative for all of us – anyone who cares – to contact our local representatives, as well as the White House, to campaign publicly for student debt cancellation. – a program that could improve the lives of millions of people. .
“I cannot stress enough: organize, organize, organize and communicate with the White House on all possible platforms, with as many people in your network as you can,” said Senator Padilla. “Believe me, everything makes a difference.”
The only way the White House knows how great Americans really are need the cancellation of student debt is to be heard from the Americans themselves.
As Janet Murguía so aptly put it in her concluding remarks: “It is not possible to chart this course unless there is some relief along the way. Burdened with this debt, we cannot see the full opportunity for our community to contribute and plan for this American dream that they want to be able to have for themselves and their families. ”
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