Sending Office: Honorable Ilhan Omar
Become an Original Cosponsor of the Student Debt Cancellation Act
Endorsing Organizations: Freedom to Prosper, Social Security Works, Progress America, Progressive Democrats of America, Student Action, People’s Action
Please join me in introducing the Student Debt Cancellation Act of 2019. This straightforward bill will forgive all existing federal and private student loans. In the U.S., student loan debt has surpassed $1.5 trillion and it plagues nearly 44 million Americans.
Over the last few decades, our system of robust public investments that helped previous generations succeed was replaced with a student loan trap – one that imprisons students with unexpectedly high interest rates, unfair penalties, and predatory debt collection
practices. These deceptive practices are designed to solely benefit private corporate lenders like Navient and Sallie Mae.
The shackles of debt keep former students and their families from realizing the economic prosperity promised by their education. Average balances have more than doubled in real terms since 2005, threatening to undermine the long-term financial stability
of an entire generation. And sadly, as with most economic barriers, women and people of color face much higher rates of student loan debt and are more likely to face the burdens that come along with it.
Currently, 95 percent of all student debt is owned by the federal government. We can choose to cancel all of it, pay off the remaining 5 percent which is held by private lenders, and free the millions of Americans. And we can afford it given the $1 trillion
boost it would provide our economy.
The Levy report illustrates how student loan debt forgiveness would create an enormous middle-class stimulus, boost overall growth, increase home purchases, and fuel a new wave of small business formation.
Please join me in cosponsoring a bill that will create prosperity for all, and help students and workers achieve the opportunities that were promised to them by the higher education system. The American Dream tells us that those who work hard will secure
a better future. The Student Debt Cancellation Act will make sure that dream can become a reality for all.
To become an original cosponsor, please contact Mahyar Sorour (email@example.com). Deadline to sign on is COB Friday, June 7th.
Member of Congress
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