Senate Majority Leader Chuck Schumer joined with Senator Elizabeth Warren and other progressive Democrats in pushing President Joe Biden to write off $ 50,000 per borrower in federal student loan debt.
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“The college should be a ladder up,” Schumer said. “Debt is the anchor that weighs them down and they seldom overcome it.”
According to Senator Elizabeth Warren, the data shows that canceling federal student debt would translate into higher incomes, more jobs, higher homeownership rates and more small business creation.
“Canceling student debt is good for you whether or not you have student debt, because it’s good for our economy,” Warren said.
“Counseling student debt through executive action is one of the most effective ways, with the stroke of a pen, to bring sweeping relief to millions of families, to help close the gap of racial wealth and to begin to lay the foundations for a fair and just system. long-term recovery to really build back better, ”said Rep. Ayanna Pressley of Massachusetts.
Biden extended federal student loan forbearance until October due to the pandemic. As a candidate, he also proposed to write off $ 10,000 in federal student loan debt per borrower.
White House spokeswoman Jen Psaki reiterated President Biden’s support for the forgiveness of $ 10,000 in federal student loan debt per borrower during a White House briefing Thursday.