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Today, there was a drastic, terrible rollback to the student debt cancellation in the #HeroesAct.
Previously, there was up to $20,000 in student debt cancellation for ALL.
Now, it leaves out 25 million ppl
One group it leaves out? Those who lost their jobs after March 12
/1 https://twitter.com/mstratford/status/1261022113340760070">https://twitter.com/mstratfor...
Previously, there was up to $20,000 in student debt cancellation for ALL.
Now, it leaves out 25 million ppl
One group it leaves out? Those who lost their jobs after March 12
/1 https://twitter.com/mstratford/status/1261022113340760070">https://twitter.com/mstratfor...
@SpeakerPelosi said the third pillar of the #HeroesAct is “putting much-needed money into the pockets of the American people.” But narrowing the student debt cancellation provisions surrenders a crucial tool to address this economic crisis that would do exactly that.
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The changes to Heroes narrow student debt cancellation only to borrowers who are defined as “economically distressed”
Who’s eligible?
- those in default
- deferral
- forebearance
- in (or would have qualified for) a $0/month income driven repayment plan
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Who’s eligible?
- those in default
- deferral
- forebearance
- in (or would have qualified for) a $0/month income driven repayment plan
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Who’s now NOT eligible for the Heroes student debt cancellation?
- anyone paying more than $0/month on their loans, even if it’s a $25/month income driven payment
- anyone who WOULD be paying $0/month due to job loss, but lost their job AFTER March 12
https://ourfinancialsecurity.org/2020/05/statement-narrowing-student-debt-cancellation-in-the-heroes-act-leaves-out-millions-and-surrenders-a-key-tool-for-economic-stimulus/
/4">https://ourfinancialsecurity.org/2020/05/s...
- anyone paying more than $0/month on their loans, even if it’s a $25/month income driven payment
- anyone who WOULD be paying $0/month due to job loss, but lost their job AFTER March 12
https://ourfinancialsecurity.org/2020/05/statement-narrowing-student-debt-cancellation-in-the-heroes-act-leaves-out-millions-and-surrenders-a-key-tool-for-economic-stimulus/
/4">https://ourfinancialsecurity.org/2020/05/s...
The ongoing devastation of coronavirus demands a policy response that both stimulates the economy and gets direct relief to individuals. Cancelling student debt for all borrowers does both.
To surrender a key tool to help the ongoing economic fallout it a terrible mistake
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To surrender a key tool to help the ongoing economic fallout it a terrible mistake
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@SpeakerPelosi said we must “think big” & that “not acting is the most expensive course.” Research shows cancelling student debt has clear, big benefits: boosts GDP, creates jobs, increases incomes by $3K.
Limiting who gets it limits the benefits
https://ourfinancialsecurity.org/2020/05/statement-narrowing-student-debt-cancellation-in-the-heroes-act-leaves-out-millions-and-surrenders-a-key-tool-for-economic-stimulus/
/6">https://ourfinancialsecurity.org/2020/05/s...
Limiting who gets it limits the benefits
https://ourfinancialsecurity.org/2020/05/statement-narrowing-student-debt-cancellation-in-the-heroes-act-leaves-out-millions-and-surrenders-a-key-tool-for-economic-stimulus/
/6">https://ourfinancialsecurity.org/2020/05/s...
@DebtCrisisOrg has a tool you can use to email Congress and tell them we need to #CancelStudentDebt for ALL borrowers
https://actionnetwork.org/letters/urgent-tell-congress-to-save-student-debt-cancellation-in-the-covid-19-stimulus
https://actionnetwork.org/letters/u... href=" https://twitter.com/debtcrisisorg/status/1261019147716096000?s=21
/7https://twitter.com/debtcrisi... href=" https://twitter.com/DebtCrisisOrg/status/1261019147716096000">https://twitter.com/DebtCrisi...
https://actionnetwork.org/letters/urgent-tell-congress-to-save-student-debt-cancellation-in-the-covid-19-stimulus
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Nine organizations sent a letter to @HouseDemocrats @SpeakerPelosi today about the decision to kick 25 million out of student debt cancellation, and to also leave those unemployed after March 12 ineligible for cancellation: https://twitter.com/realbankreform/status/1261105116670820354?s=21">https://twitter.com/realbankr... https://twitter.com/RealBankReform/status/1261105116670820354">https://twitter.com/RealBankR...
