WILMINGTON, DE - NOVEMBER 16: President-elect Joe Biden delivers a remarks on the economic recovery at the Queen in Wilmington, Delaware on Monday, Nov. 16, 2020. (Photo by Salwan Georges/The Washington Post via Getty Images)
$50,000 Student Loan Forgiveness Plan Democrats Rejected By President Biden
Several thousands of citizens are rooting for President Biden to do something about student loan debt.
Yet now it appears we may have to continue waiting.
Disagreement to cancel $50,000 of student debt per borrower is what President Biden spoke out. After speaking to a woman in the audience, he made these claims. She said, “We need student loan forgiveness beyond the potential $10,000 your administration has proposed. We need at least a $50,000 minimum. What will you do to make that happen?”
President Biden quickly responded, “I will not make that happen.” He continued speaking about education, uttering it depends on whether or not you go to a private university or a public university. Biden contended that the government shouldn’t pardon debt for people who went to “Harvard and Yale and Penn.” He also specified that he considers Congress in making changes through legislation, which would make them harder to undo.
President Biden recommended that the funds would be better appropriate to provide for early education for young children who come from underprivileged circumstances—in addition, making community college free for all students.
Earlier this month, Senate Majority Leader Chuck Schumer, Senator Elizabeth Warren, and House Representatives Ayanna Pressley, Alma Adams, Mondaire Jones, and Ilhan Omar announced the press conference measure. They asked President Biden to wipe out up to $50,000 in federal student loan debt for all borrowers and ensure there is zero tax liability for borrowers after any administrative debt cancellation.
In addition, suspend student loan payments and interest for the duration of the pandemic. However, they said the Secretary of Education has administrative authority to cancel the debt. A person felt the $10,000 was more than enough. They commented, “I’m good with the 10k they originally discussed. Beggars can’t be choosers.”