As negotiations over a massive economic stimulus package continues in the Senate, members of “The Squad” have proposed a separate plan to cancel student loan debt.
The legislation, dubbed Student Debt Emergency Relief Act, was co-sponsored by Reps. Ayanna Pressley (D-Mass.) and Ilhan Omar (D-Minn.). It would immediately eliminate at least $30,000 in outstanding student loan debt for each borrower, make all canceled debt tax-free, and require the U.S. Department of Education to make monthly payments on behalf of all borrowers of federal student loans for the remainder of the national emergency.
