August 10, 2020 | WASHINGTON, DC — Today Student Borrower Protection Center Executive Director Seth Frotman released the following statement on President Trump’s Memorandum on student loan borrowers and coronavirus relief.
“The President’s action on student debt falls short of what Americans need to stay afloat through this unprecedented health and economic crisis. First, all borrowers deserve relief. This includes the 9 million borrowers with loans that are not covered by the President’s proposal. Second, as we’ve said before, pausing payments will only kick the can down the road for borrowers facing job loss and financial upheaval — including millions who were in distress before the pandemic. The tens of millions of Americans drowning under the weight of student debt urgently need meaningful relief, not political games.”
###
The Student Borrower Protection Center is a nonprofit organization focused on alleviating the burden of student debt for millions of Americans. SBPC engages in advocacy, policymaking, and litigation strategy to rein in industry abuses, protect borrowers’ rights, and advance economic opportunity for the next generation of students.