WASHINGTON (KVEO) —Congressman Vicente Gonzalez has introduced a new bill to forgive student loan debt.
According to a release from the congressman’s office, H.R. 8514, Student Relief Bill asks the Secretary of Eduction to 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.
The release states 69 percent of students take out loans to help with their education.
“Students and families are taking on tens of thousands of dollars in debt to pay for a quality education,” said Congressman Gonzalez in the release. “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.”
To read more on the Student Loan Relief Bill, click here.