Joe Biden Rejects Democrats' Plan for $50,000 Student Loan Forgiveness

  • Joe Biden Rejects Democrats' Plan for $50,000 Student Loan Forgiveness

Joe Biden Rejects Democrats' Plan for $50,000 Student Loan Forgiveness

But economics and political science professors at Syracuse University, Biden's alma mater, are uncertain - not just about whether Biden will be able to enact student loan forgiveness but also if it's the right step for the country's post-pandemic economic recovery.

"I will not make that happen".

"We'll wait for that conclusion before a final decision is made", Psaki said.

Ocasio-Cortez said in a second tweet, "The case against student loan forgiveness is looking shakier by the day".

"I will not make that happen", Biden said at a CNN town hall in Milwaukee in response to a member of the audience who called on him to pledge the removal of at least $50,000 in student debt.

"My point is: I understand the impact of debt, and it can be debilitating", Biden said. Chuck Schumer of New York, and Sen.

"Yes, POTUS does have the authority to cancel student debt with the stroke of a pen", Rep. Ayanna Pressley (D-Mass.), the lead House sponsor of a resolution urging Biden to forgive $50,000 in student debt, tweeted late Tuesday.

Such a plan would likely face a hard path in Congress where even some moderate Democrats and almost all Republicans have opposed sweeping forgiveness of student loans. "The sums involved in loan-forgiveness proposals under discussion would exceed cumulative spending on numerous nation's major anti-poverty programs over the last several decades".

"It's crushing the bones of a lot of people out there", the Massachusetts Democrat told thousands who joined a virtual town hall on Wednesday night.

On Wednesday (February 17), Schumer and Warren stated that they're "confident" that Biden will ultimately agree with experts "who have concluded that the administration has broad authority to immediately deliver much-needed relief to millions of Americans".

"Why cares what school someone went to?" Biden's holding back, but numerous arguments against it just don't hold water on close inspection. "We can and should do it. Keep pushing!"

People like me, who are still drowning in student debt. Alexia Isais, an Undergraduate Student Government senator at Arizona State University and an organizer with Students for Socialism and Liberation, told Liberation, "Students are having to choose between food or rent, working extensive hours during a pandemic while going to school - all this while the interest piles up on their loans". The survey found that 40 percent of Black voters would not vote for a candidate who opposes canceling student loan debt.

Throughout his first month in office as the latest President of the United States, Joe Biden has been hard at work to deliver upon the many promises that he made during his presidential run a year ago.

People like my mother, who even after 5 kids is still paying off her loans.

She added that that the President is "calling on Congress to draft the proposal", and "looks forward to signing it". "We will continue to press the president for a number that better reflects the crisis and better addresses the racial equity issues". As many as one in five Federal student loan borrowers are in default.

Schumer and Warren have argued for months, however, that Biden does have the authority to unilaterally eliminate $50,000 in student debt via executive order.

Among college students who borrow money to attend college, the average student graduates with an average of almost $29,000, according to the most recent analysis by the Institute for College Access & Success. He claimed that cancelling up to $50,000 of debt would only help more well-off graduates of universities like Yale and Harvard. They say Congress gave the President power to cancel student debt through the Secretary of Education in Section 432 (a) of the 1965 Higher Education Act. Many offer financial aid packages aimed at keeping students free from federal student loans. An Education Department spokesperson on Wednesday declined to say whether the Trump administration's memo remained in force at the agency or whether it would be rescinded.