. Canceling these payments now can get cash into the hands of Americans right away, in a moment many need it most.
But let’s be clear. The short-term stimulus of canceling monthly payments during this crisis is essential butto address the challenges young people face. Student debt was weighing down the economy well before the current crisis, keeping millennials and older Gen Zers from investing in homes and starting families. To help stabilize and grow the economy, a recovery package should bring down outstanding student debt levels by canceling a portion of student debt balances over the long term.
legislation that provides both short-term payment cancellation and long-term balance reduction to ensure that borrowers get immediate relief, while also boosting the economy over time. Congress failed young people in the last economic crisis. This time, it’s critical they get it right.