Senate Democrats have proposed canceling federal student loan payments as the coronavirus pandemic causes the country’s economy to grind to a halt. The plan is backed Senate Minority Leader Charles Schumer (D-NY) and Sens. Patty Murray (D-WA), Sherrod Brown (D-OH) and Elizabeth Warren (D-MA), The Hill reported. The proposal would require the Department of Education to make loan payments on behalf of students while the coronavirus crisis continues. Once the public health emergency is over, the department would make one more payment to make sure each borrower had received at least $10,000 in federal help. “The coronavirus outbreak brought with it crushing economic uncertainty, and students and borrowers need targeted, quick relief from payment burdens. Our new proposal would immediately cancel monthly payments, and give students and borrowers a minimum $10K student loan payoff,” Schumer said.
Rep. Alexandria Ocasio-Cortez (D-NY) and other Democrats have previously called on the government to give Americans a six-month break on all debt payments, including student loans, credit card debts, and mortgages.