Moments ago, the Student Loan Debt Relief Act was introduced by Senator Elizabeth Warren and U.S. Representative Jim Clyburn. If passed, the legislation would eliminate up to $50,000 in student loan debt for every person with a household income less than $100,000 and give some degree of student debt relief to 95 percent of borrowers.
Following the introduction of the Student Loan Debt Relief Act, Rachel Fleischer, Executive Director of Young Invincibles, issued the following statement:
“We know that millions of young people across the country — many of whom are students of color and low-income students — are buried under the insurmountable debt from pursuing higher education that is all but required to establish economic stability these days. But as Congress has debated solutions to this crisis, the country’s debt has grown out of hand, preventing young people from becoming financially secure so they can achieve their goals in life like home ownership, marriage, starting a family, or simply being debt-free. We need to act now to ensure every borrower — regardless of income, race, ZIP code, or any other factor — has an opportunity to flourish in an economy that is increasingly leaving them behind. We support bills like the Student Loan Debt Relief Act because it recognizes the enormity of the crisis facing today’s borrowers.”
Young Invincibles has joined dozens of other national organizations to endorse the Student Debt Relief Act.