Millennial Debt This Week: Mar 27

Here’s What The Stimulus Does - And Does Not - Do For Student Loan Borrowers

  • Payments and interest are automatically suspended on all federal student loans until September 30, 2020
  • 6 months of suspended payments will still count towards student loan forgiveness.
  • Many Americans will receive up to $1,200 
  • There is no student loan debt forgiveness built into the stimulus bill
  • No relief at all for borrowers with private student loans, or those who've consolidated their loans with a third party

Trump administration isn’t going far enough to help student loan borrowers, critics say

  • Democrats worry that if student loan debt isn't handled now, there will be another crisis in the near future, as borrowers default, or fail to take part in the economy.
  • There is an excellent chart showing how student loan debt in the U.S. has more than tripled in the last 15 years. This level of growth in cost of higher education is simply unsustainable. 
  • As recently as March 23rd, the department of education was still aggressively pursuing collections against those with past due payments, amid a global pandemic. 

Senate Dems pitch plan to cover student loan debt

  • Democrats want some student loan forgiveness for coronavirus relief
  • Republicans do not

House Democrats Propose Widespread Student Loan Forgiveness Due To Coronavirus

  • Democrats are seeking $30,000 in student loan debt forgiveness for borrowers during the pandemic
  • The recently passed stimulus includes no student loan debt forgiveness.