Sen. Chuck Schumer proposes new student loan debt plan for New Yorkers

(WSYR-TV) — Sen. Chuck Schumer is proposing a way that would immediately cancel up to $50,000 dollars per student across Upstate New York.

As of March, nearly two and a half million New Yorkers owe roughly $90 billion in federal student loans.

The senator’s plan, he says, would close the wealth gap and boost the economy.

If it passes, more than three quarters of borrowers would see their loans completely forgiven.

This proposal calls on President Donald Trump to take executive actions in both pausing and canceling student loan payments.