WASHINGTON, D.C. - Today, the Center for Responsible Lending (CRL) applauded the introduction of an emergency student loan payment and debt cancellation plan introduced by U.S. Senators Chuck Schumer (D-N.Y.), Patty Murray (D-Wash.), Sherrod Brown (D-Ohio), and Elizabeth Warren (D-Mass.).
The plan would provide needed relief to federal student loan borrowers through immediate cancellation of monthly student loan payments for the duration of the national emergency caused by the spread of the COVID-19, and a pay down of a minimum $10,000 for all federal student loan borrowers.
In July 2019, CRL co-authored a report with civil rights organizations entitled Quicksand: Borrowers Of Color & The Student Debt Crisis, where the report offered policy recommendations, including the cancellation of at least $10,000 in federal student loan debt.
CRL Director of Federal Advocacy Ashley Harrington released the following statement:
This proposal is paramount if we want to quickly provide much needed relief for borrowers who are greatly impacted by this public health epidemic. Even $10,000 of canceled debt would be profound for many borrowers, especially the 29 million whose student loan debt would be substantially reduced by this plan. The sheer amount of student debt held and the number of individuals holding it pose significant risks to this country’s economic security, especially as we navigate the current public health crisis. While this plan would have an incredible impact for all borrowers and the overall economy, LMI borrowers and borrowers of color would especially benefit.
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