Congress threw a lifeline to student loan borrowers in the heavily lobbied $2.2 trillion stimulus bill by pausing payments on most federal loans. Now lawmakers want to do more to help borrowers who were already struggling to make payments before the coronavirus pandemic left millions unemployed.
After years of inaction, Washington’s newfound attention to the issue comes as nationwide student debt continues to soar. Many of the lawmakers pushing to address the crisis know firsthand about the expensive reality of student debt.
Fifty-nine members of Congress reported owing student loans in their latest financial disclosures released last year. Roughly 40 percent of those borrowers are part of the young and diverse class of freshman lawmakers first elected in 2018.
Most lawmakers report their assets and debts in wide ranges. With the new wave of members elected in 2018, the total student debt in the 116th Congress reached up to $5.8 million. That’s an increase from a maximum of $4.6 million in the previous Congress.
More at Open Secrets
Make us pay the bill for this whole thing the Con-Gress and they belong in prison
I have a construction loan and I want it forgiven. I’m sure all ya’ll, especially Greg, Michael and Marlow, would have no problem paying a debt I willingly entered into, COULD pay but just don’t want to. Right?
I’M ON A FIXED INCOME, FOR GOD’S SAKE!
So, let me get this straight… Sandy Cortez got a degree in economics and she thinks “forgiving” the loan just makes it go away? I think she should go back to school.
Make a proposal to “forgive” student loans but that every member of Congress and their families are exempt and see how much they care about it.
Nope. I only support student loan debt forgiveness as part of personal bankruptcy. Student loan debt should be treated the same as any other personal debt. If you’ve borrowed money, you should be obliged to repay it. I’m sure many democrats agree.
Economies based on rapidly-expanding levels of personal and public debt make inflation and disastrous crashes inevitable.
I fully agree. Extend the pay out, refinance and reduce the interest, but the loans should be paid off.
I sincerely doubt the President (even a real one) has the authority to spend $300 billion dollars independently.
Well, he’s pretty good at that, one of the few things he does well. What’s funny, though, is that this will COST him votes, not gain any. Anyone supporting this already voted for him based on his promise and probably would again. He already has those votes. But he will piss off voters and lose some because of this irresponsible and idiotic action.
Idiot biden cannot constitutionally cancel student debt.
The whole thing was to get votes. It’s illegal on it’s own.
And the youth of today in its ignorance believed he could cancel their debts.
At some point, a non-lying idiot will take charge and the loans will have to be repaid. Who will be seen as the villain then?