Congress is slowly convening and the calls for another financial aid package are growing louder. The pandemic is still far from gone and the working people in the country are suffering.
House Rep Maloney brought the Student Loan Forgiveness for Frontline Health Workers Act on Tuesday.
What Does the Act Do?
The Student Loan Forgiveness for Frontline Health Workers Act aims to ease the burden of student debt on essential workers who are at the frontline of this crisis.
Student loans are a massive financial burden for young Americans. The CARES Act passed in March cancelled student loan repayments until October 2020.
Maloney’s proposal forgives student loans of frontline workers who’ve been at the forefront of this crisis, contributing to COVID-19 care, testing, medical research, and enhancing the quality of medical services. The proposal writes off both federal and private student loans of core essential workers.
Student Loan Relief in CARES Act Passed in March
Initially, in March, Congress suspended student loan repayment for a period of six months. This move came after President Trump had already suspended repayment for a period of 60 days.
The six-month relief, while precious, may still not be enough for many young Americans facing an uncertain economic future. The legislation proposed by Rep Maloney on Tuesday will offer complete student loan easement to essential healthcare workers.
As calls for another financial aid package are growing in the House, chances are Rep Maloney’s legislation will be added as a provision in a larger bill.
Doctors across the country are voluntarily travelling to hotspots where their expertise is crucial. It is natural for Congress to consider some kind of financial easement on healthcare professionals in this trying time.
While this legislation is a good start, the situation could get worse in October and November when repayments start back up. The economic impact of the coronavirus on the economically vulnerable is unlikely to go away in a matter of months. The need of the hour is a more concrete solution to the student loan crisis. It remains to be seen if Congress understands the gravity of the issue.
(Image credit – ITV)