Biden Tells Schumer To Push For $50,000 Student Debt Cancellation

President Biden tells Senate Majority Leader, Chuck Schumer (D-NY) to continue pushing for Canceling $50k in Student Debt.

Democratic Lawmakers had been keeping the Pressure on President Biden to Cancel $50,000 in Student Debt per Borrower.

Student Debt Crisis, an Advocacy Organization, led an Event, last Wednesday, to urge Biden to take Action on the $1.7 Trillion Student-Debt Crisis.

Senate Majority Leader, Chuck Schumer and Sen. Elizabeth Warren (D-NA), Two Leading Lawmakers on the Issue of Debt Cancellation, joined the Event and said they had met with Biden, on the Issue and told him they'd be Unrelenting in their Push to get Student Debt Forgiven.

"We said, 'We're going to keep at it until you do this,' and to his [Biden's] credit, he said, 'Go ahead.' He's talked about $10 Thousand, but that's not enough," Schumer said during the Event. "We're keeping the pressure on him."

The Comment, reported by Schumer, is One of the few Biden has made that Indicates he might be Willing to Cancel $50,000 in Student Debt. Since the Start of his Presidency, he has remained Firm in his stance that he does Not have the Executive Authority to Cancel that Amount, and although he has asked the Education and Justice Departments to Review his Ability to do so, no Timeline has been given for when those Reviews will be Completed.

Sen. Warren thinks Biden could Cancel $50k of Student Loan Debt with a ‘stroke of a pen’.

The $10,000 in Debt Cancellation, that Schumer mentioned, comes from a Biden Campaign Promise. But he has Not yet followed through on that Promise, and the Future of any form of Debt Cancellation is uncertain, given that it wasn't mentioned in his Infrastructure Plan or his recent Budget Proposal.

However, Biden has taken some Steps to address the Student Debt Crisis. He Expanded the Pause on Student Loan Payments through September, and Education Secretary, Miguel Cardona, has Cancelled Billions in Debt for Borrowers Defrauded by For-Profit Schools and Borrowers with Disabilities.

But Schumer, Warren, and other Democrats, want Biden to go Big on Debt Cancellation. "The time is now," Warren said. "We know what the problem is: student loan debt is holding back tens of millions of people across this country. People who can't buy homes, people who can't buy cars, people who can't start small businesses. We need to cancel that student loan debt, not only for those people individually, but for our whole economy."










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