NAACP Want To Cancel Student Loan Debt On Next Stimulus Package

NAACP is one of 60 organizations calling on Congress to cancel student loan debt as part of the next stimulus package. The coalition of organizations also includes, American Federation of Teachers, and the National Consumer Law Center. They noted that 43 million Americans would benefit from student loan forgiveness. The letter endorsed various proposals already put forth by House and Senate Democrats to cancel student debt.

Citing academic and economic research, the groups noted that, “Canceling student debt would also boost the economy for everyone in the medium-to-long term. It would boost GDP by up to $108 billion a year, and add up to 1.5 million jobs per year. Research by the National Bureau of Economic Research shows that federal student debt cancellation increases borrowers’ incomes by about $3,000 over a three-year period.” Republican congressional leaders have not said much recently about student loan relief, but they have not supported the idea of student loan forgiveness to date.  To Read More Click Here

Source: Forbes