the student loan debt crisis is one of great concern for millions of Americans across the country, and Donald Trump has just taken the first step relieve some of the burden for veterans.
According to FOX news, Donnie has just signed an executive order that forgives all student loan debt for any permanently disabled U.S. military veterans. The Presidential Memorandum reportedly cancels student loan debt for 25,000 severely disabled veterans.
“The debt of these disabled veterans will be completely erased,” Trump says. “That’s hundreds of millions of dollars of student loans for our disabled veterans that will be completely erased.”
The order, which Trump signed after a speech at the American Veterans National Convention on Wednesday, also clears those eligible veterans from having to pay any federal income tax on the loans. Trump adds he is encouraging individual states to do the same.
The memo Trump signed gives the government direction to expedite the process so veterans can have their federal student loan debt discharged “with minimal burdens”. Currently, the application process for receiving the benefit is long and tiring, which Trump is aiming to change.
Trump’s announcement comes just days after the administration hired Robert Cameron to watch over the country’s student loan market. Cameron will serve as the Consumer Protection Bureau’s new student loan ombudsman.
His job is designed to protect student loan borrowers from poor practices like high interest rates. He is considered the go-to for borrowers who have complaints about their loans, and need assistance.
The executive order also comes directly after student loan forgiveness has become a major talking point among the 2020 Democratic presidential primary candidates. So far, we have seen various candidates, including Bernie Sanders and Elizabeth Warren, outline plans to cancel student loan debt completely.
Currently, Americans hold almost $2 trillion in student loan debt, and the numbers increase by the day.