From the letter to Speaker Pelosi, Chairman Scott, and Chairman McGovern:
As Congress works to better protect Americans from the economic fallout of COVID-19, the financial difficulties of 44 million student loan borrowers and the effect of this debt on the economy cannot be forgotten. The relief in HEROES, especially the $10,000 of cancellation per borrower, will have a significant impact on low-income borrowers and borrowers of color. Student debt exacerbates existing systemic inequities and racial disparities, preventing recovery from extending to already marginalized groups who are still reeling from the effects of the Great Recession even as they navigate the worst of the COVID-19 health crisis. Previous relief packages, including the CARES Act, fell far short of providing full relief for hard-working families across the country, especially for veterans, older adults, and low- and moderate-income families, and communities of color who are getting hit hard by this pandemic and were already struggling most with student debt.