CONGRESS: Cancel All Student Debt to Stimulate the Economy

United States Senate and House of Representatives

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We are calling on Congress to immediately cancel all federal student debt for millions of Americans during this public health and economic crisis.

We are all living through an unprecedented worldwide emergency due to the coronavirus. In the face of this uncertainty, many people are feeling fearful. Fears about employment, compensation, safety, health, caretaking, debt, housing, and food require immediate attention.

Over 1 million people in Massachusetts struggle every day under a burden of insurmountable student loan debt, and that was before this started. We need Congress to cancel all federal student loan debt as part of any economic stimulus package to address the coronavirus crisis.

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. 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.

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.

We need our state leaders to freeze all student debt payments and stop all collections, liens and wage garnishment for public and private loans. The Massachusetts Legislature must also immediately pass the Student Loan Borrower’s Bill of Rights to provide protections and guidance for student borrowers in distress.

We are also calling on our state leaders to prevent any budget cuts for public higher education institutions and refund students who are unable to continue their coursework.

To: United States Senate and House of Representatives
From: [Your Name]

Congress must cancel all federal student loan debt as part of any economic stimulus package to address the coronavirus crisis.

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. 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.