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The Law Offices of Robert J. Nahoum, P.C. - A New York Consumer Protection Law Firm

HEROES Act and Milktoast Dems

House Democrats have water-downed a promising piece of Corona legislation. The Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act) – a $3 trillion piece of proposed legislation to inject cash and other relief into the economy originally included:

  • $10,000 in across-the-board student loan forgiveness for federal student loan borrowers.
  • $10,000 in private student loan forgiveness.

A last-minute amendment to the HEROES Act limits the $10,000 loan forgiveness to borrowers who:

  • Had a monthly payment of $0 under income-contingent or income-based repayment;
  • Were in default;
  • •Were at least 90 days past due; or
  • Whose payments are suspended under existing forbearance options. To stimulate the economy

Put money in the hands of people who will spend it. Forgiving student loans for those who were already not paying their loans does not put a single dollar back in the economy!

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