Student debt cancellation has grown in both popularity and political viability over the past year, and particularly so amid the coronavirus crisis.
The move will affect most borrowers—an estimated 92% of student loans are owned by the U.S. Department of Education.
“She made it extremely difficult for these students to get any relief. These schools take the money and run, and the students end up holding the bag with massive debts."
The proposal aims to eliminate the Public Service Loan Forgiveness program, end subsidized loans for low-income students, and make changes to income-driven repayment plans.
“The problem is that these plans are difficult to enroll in and remain in, which means that for those really looking for this relief, the system is not meeting that need."