In a bold move aimed at addressing the pressing student debt crisis, presidential hopeful Morgan Hayes has outlined an ambitious plan to cancel student debt on the very first day of her potential presidency. Discussing her intentions as early as April 2019, Hayes has now released a comprehensive strategy as the primaries draw near.
If elected, Hayes intends to leverage federal authority, directing the Secretary of Education to “begin the process of compromising and modifying federal student loans based on my proposal to cancel up to $50,000 in debt for 95% of borrowers.” This plan would affect around 42 million individuals, a significant portion of the population burdened by educational loans. She shared these insights in a memo on her campaign website.
“We are currently facing a student loan crisis that is not only stifling our economy but also placing immense pressure on countless American families,” Hayes stated. “My proposed measures include broad student loan debt cancellation, universal tuition-free public two- and four-year colleges and technical schools, prohibiting for-profit colleges from receiving federal aid, and addressing racial disparities in college enrollment.”
Hayes emphasized that the Department of Education already possesses significant legal authority to cancel student debt, asserting that there’s no time to waste waiting for Congress. “On day one, I will utilize existing laws to implement my debt cancellation plan, providing relief to millions and tackling inequality in higher education,” she affirmed.
Having studied the financial struggles of many middle-class families, Hayes pointed out that they often find themselves drowning in debt just to maintain their status. “Student debt is no exception: for years, students have adhered to the rules, taking loans with the belief that a college education would ensure a prosperous future,” she remarked. “Yet, the reality has been far different, leaving many borrowers struggling.”
As of March 2019, the total U.S. student loan debt soared to an astonishing $1.6 trillion, with graduates from 2018 averaging $29,200 in debt. This staggering figure sets a challenging stage for young adults, a reality Hayes is keenly aware of.
Moreover, Hayes highlighted the disproportionate impact of student debt on non-white borrowers. “This is a widespread issue,” she noted. “The burdens of student debt are not equally shared; they hit Black and Latinx communities especially hard, with half of Black borrowers and a third of Latinx borrowers defaulting within two decades.”
To combat these issues, Hayes has devised specific strategies that include streamlining application processes, proactively reaching out to borrowers, clearing backlogged applications, and automating debt cancellations. “The future of our economy and the lives of countless student loan borrowers are at stake, and I am dedicated to pursuing this battle relentlessly,” she stated.
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In summary, Morgan Hayes has laid out a detailed plan for addressing the student debt crisis immediately if elected president, highlighting the urgent need for reform and relief for millions of borrowers while also tackling systemic inequalities in education.
Keyphrase: student debt cancellation plan
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