Tag Archives: cancel student debt

photo of a student borrower looking sadly at the sky - Photo by Matese Fields on Unsplash

News Release: Trump administration fails to offer meaningful student debt relief

The Trump Administration’s minor tweaks for some federal student loan borrowers are insufficient and fail to tackle the crisis. The Department of Education announced that borrowers with federally held student loans will have the option to suspend payments, but will need to contact their servicer in order to request it. This requires effort on the part of borrowers who are already under stress. This is coming at a time when many student loan servicers are closing call centers or reducing hours. Worse still, it leaves out some federal student loan borrowers whose loans are not federally held. 

a student with books - Photo by Element5 Digital on Unsplash

Joint Statement: Student Borrower Advocates Praise Senate Democrats’ Plan to Cancel Federal Student Debt

The 20 undersigned community, civil rights, consumer, and student advocacy organizations applaud the Senate Democrats’ student debt cancellation proposal. The plan will take decisive action to get immediate and impactful relief to millions of Americans. It will enable many economically distressed borrowers to focus on their own personal safety and that of others, while also freeing up extra dollars they can use to put back into the economy. 

cancel student debt

News Release: Senate Democrats Plan to Cancel Student Debt Would Stimulate the Economy and Provide Crucial Relief to Borrowers

FOR IMMEDIATE RELEASE March 19, 2020 CONTACT: Alexis Goldstein, alexis@ourfinancialsecurity.org Senate Democrats Plan to Cancel Student Debt Would Stimulate the Economy and Provide Crucial Relief to Borrowers Statement from Alexis Goldstein, Senior Policy Analyst, Americans for Financial Reform:  “The Senate Democrats plan to cancel student

In the News: Trump suspends interest on all federal student loans to ease financial impact of coronavirus

“With so many facing the prospect of lost wages or lost jobs, the government can and should do more than waive interest, which is merely an economic Band-Aid on the gaping financial wound the pandemic is causing,” said Alexis Goldstein, senior policy analyst at the liberal think tank Americans for Financial Reform. “The Education Department has the authority to cancel student debt, and using it would mean both short- and medium-term economic stimulus that helps all Americans.”

a student holding a black backpack standing in front of a brick wall -Photo by Scott Webb on Unsplash

Factsheet: Cancel Federal Student Loans to Provide Short and Long-Term Stimulus Amid Pandemic

In response to the COVID-19 pandemic and its devastating economic impact, Americans for Financial Reform calls on Congress and the U.S. Department of Education to use their authority to cancel federal student loan debt. Cancelling debt would be a powerful and efficient way to immediately relieve pressure on distressed borrowers, boost consumer spending at a time when the economy is contracting, and reduce hardship on people who lose income because of the pandemic and efforts to fight its spread.

students in graduation cap and gowns - Photo by Caleb Woods on Unsplash

Upcoming Event: Should we Cancel Student Debt?

AFR’s Senior Policy Analyst Alexis Goldstein will be participating in the Debates of the Century @NYU Wagner, a public debate series showcasing thoughtful, informed dialogue from experts. She will be arguing that the government should cancel student debt. The event is co-hosted by The Century Foundation and NYU Wagner.