Congressman Gonzalez Introduces Bill to Forgive $25,000 in Student Loan Debt
WASHINGTON – Today, Congressman Vicente Gonzalez (TX-15) introduced H.R. 8514, the Student Loan Relief Bill, mandating the Secretary of Education provide federal student loan forgiveness amounting to $25,000 for borrowers.
The Student Loan Relief Bill as introduced will provide $775.5 billion in debt relief to over 43 million Americans and forgive nearly half of student debt held by individuals.
“Students and families are taking on tens of thousands of dollars in debt to pay for a quality education,” said Congressman Gonzalez. “This isn’t accessible, sustainable or fair. The Student Loan Relief Bill will alleviate pressure on our students without causing significant financial strain on the American economy and give borrowers a head start in life. Students need debt relief now and my legislation will provide immediate aid for those struggling with loans.”
Americans are burdened by student loan debt now more than ever with 69 percent of college students taking out loans to accommodate the increasing cost of higher education. This crushing student loan debt is stifling economic growth and limits Americans’ ability to own a home, save for retirement or care for children.
Congressman Gonzalez held debt as a law school graduate and understands the difficulties students experience when taking out and paying off student loans. He will continue to pursue solutions for this crisis and fight for working class students and families.
For more information on the Student Loan Relief Bill, click here.