This week the Department of Education announced that it will discharge all remaining federal student loans for borrowers who attended any campus owned or operated by Corinthian Colleges Inc. The relief will total $5.8 billion and cancel debt for 560,000 borrowers, without any additional action needed.
On July 28, Americans for Financial Reform joined 55 other organizations in submitting a letter to Senate leadership in opposition to the Safely Back to School and Back to Work Act, released as a part of the HEALS Act. Young Invincibles led this effort with Americans for
Today, 103 civil rights, consumer and advocacy organizations and think tanks sent a joint letter to House and Senate leadership, urging them to include student debt cancellation in the next economic stimulus package.
Led by American for Financial Reform, Demos, Center for Responsible Lending and Freedom to Prosper, the letter stresses the ways that if left unaddressed, the student debt trap will deepen our current recession, slow our economic recovery, exacerbate inequality, and deepen a crisis already facing black and brown borrowers and families.
Today, 69 community, civil rights, consumer, and student advocacy organizations sent a letter to House and Senate leadership, urging them to include student debt cancellation in the next coronavirus package. The letter also calls on leadership to extend the suspension of payments on federal student loans through March 2021, as current estimates indicate that the economy will not recover to pre-virus levels until the third quarter of 2021.