Senator Chuck Schumer called Sunday for loan service companies to “staff up” in response to President Joe Biden’s student debt forgiveness plan announced last week.
The Senate majority leader celebrated the announced relief program on Aug. 28, for which Schumer noted that New York borrows would see a combined $16.3 billion in cancelled debt thanks to what he cites as a historic move and one he has long championed.
According to President Biden, middle-class and low-income Americans are eligible for $10,000 in loan forgiveness and $20,000 in debt relief for Pell Grant recipients. Schumer declared that over 1.09 million New York borrowers will have their debt totally wiped away, while 2.25 million New Yorkers will see some modicum of relief.