NEW YORK – New York Senator Chuck Schumer announced a plan that would eliminate up to $ 50,000 in student loan debt per student.

Schumer said the resolution explained how the next president should use existing executive power under the Higher Education Act to minimize student debt in New York and across the country.

The proposed plan would ensure that there is no tax liability for federal student loan borrowers resulting from administrative debt collection.

“Millions of young New Yorkers and their families have been crushed by student loan debt, severely hampering their ability to start careers and build the financial resources needed to build their future,” said Senator Schumer .

The plan would offer full student loan forgiveness to over 75% of borrowers across the country and at least 95% debt relief to those with student loan debt.

Schumer also said the student loan crisis would be one of the first legislative actions he would prioritize at the new 117th Congress in January 2021.