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To: United States Congress and Senate

CONGRESS: Cancel Student Debt to Stimulate the Economy

CONGRESS: Cancel Student Debt to Stimulate the Economy

We are calling on Congress to immediately relieve the burden of student debt for millions of Americans during this uncertain and frightening time.

Why is this important?

The Coronavirus pandemic is a health crisis like we have never seen before, and it is colliding with the economic crisis of this generation - student loan debt. Lost wages and medical costs will impact families across the country for weeks, months, and years to come. Adding the persistent burden of student debt is a recipe for an economic disaster for millions of everyday people.

Labor shocks like those the pandemic are likely to cause will undoubtedly increase federal student loan defaults. Borrowers in default on federal student loans face having their tax refunds seized and wages garnished at a time when they can least afford it. We also call on lawmakers to immediately stop these actions that hit distressed borrowers the most.

Canceling student debt in response to the Coronavirus crisis will help the 45 million people with student loans and stimulate the economy when it is needed most. It will allow borrowers to purchase the necessities their families depend on: food on their table, a roof over their head, and critical healthcare.

In the long term, a student debt cancellation stimulus would help prevent or reduce the impacts of an upcoming recession. Student debt cancellation can boost GDP by up to $108 billion a year and would add up to 1.5 million jobs per year.


Reasons for signing

  • I signed because I’m a single parent and I can barely make ends meet!
  • I have a bachelor's and still can't afford to pay back my loan
  • I'm combat veteran and currently a public servant and shouldn't even be considered paying for education. I have paid my dues to this country and now to my community I have served for over 20 years.

Updates

2020-03-23 07:47:34 -0400

400,000 signatures reached

2020-03-21 11:07:10 -0400

Senator Chuck Schumer, Senator Elizabeth Warren, and others introduced their plan to cancel student debt in the Coronavirus economic stimulus package.

https://www.warren.senate.gov/newsroom/press-releases/schumer-murray-brown-and-warren-unveil-bold-new-plan-to-cancel-student-loan-payments-for-duration-of-coronavirus-emergency-and-provide-minimum-10k-payoff-for-all-federal-student-loan-borrowers

2020-03-21 10:52:24 -0400

FRIDAY 3/20: Trump announces plan to pause student loan payments for 60 days during Coronavirus crisis. Senate Democrats are calling for a plan for the government to directly make payments for American with student loans.

https://www.google.com/amp/s/www.politico.com/amp/news/2020/03/20/trump-coronavirus-student-loan-payments-139056

2020-03-21 10:25:14 -0400

300,000 signatures reached

2020-03-20 09:03:52 -0400

200,000 signatures reached

2020-03-19 20:34:13 -0400

150,000 signatures reached

2020-03-19 14:38:42 -0400

100,000 signatures reached

2020-03-19 11:27:08 -0400

BREAKING: Senator Schumer, Warren, and others just introduced a bill to cancel student loan payments during the duration of the Coronavirus crisis.

2020-03-19 11:26:06 -0400

76,000 signatures reached!

2020-03-19 05:40:59 -0400

50,000 signatures reached

2020-03-18 21:23:35 -0400

20,000 signatures reached

2020-03-18 19:31:56 -0400

10,000 signatures reached

2020-03-18 17:17:24 -0400

5,000 signatures reached

2020-03-18 13:58:34 -0400

1,000 signatures reached

2020-03-18 13:29:20 -0400

500 signatures reached

2020-03-18 13:12:21 -0400

100 signatures reached

2020-03-18 13:01:43 -0400

50 signatures reached

2020-03-18 12:57:47 -0400

25 signatures reached

2020-03-18 12:57:10 -0400

10 signatures reached

2020-03-18 10:53:26 -0400

Senator Elizabeth Warren and Rep. Ayanna Pressley announced they will call on congressional leadership to include student debt cancellation in the next coronavirus relief package. Now is the time to share your support!

https://thehill.com/policy/finance/488044-warren-pressley-urge-student-debt-cancellation-to-be-part-of-next-coronavirus

2020-03-18 10:51:19 -0400

Over 50,000 people have sent letters to Congress urging them to cancel student debt to stimulate the economy. Now, we need you to TAKE ACTION by signing this petition.

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