Several Democratic Officials are urging President-elect Joe Biden to cancel student debt.
What We Know:
- Democrats such as Chuck Schumer and Elizabeth Warren are urging Biden to move forward with an initiative that will work towards forgiving student loans. A bill that will propose the cancellation of student loans is expected to struggle in congress and to gain votes from republicans, so fellow democrats are recommending that Biden sign an executive order to make it happen.
- Biden seems to be on board with helping Americans tackle their student loans during the pandemic. In February, he called on Congress to cancel up to $10,000 in student loan debt to combat the effects COVID-19 was having on the economy. The Biden administration has also shown they were in favor by extending a pause on federal student loan payments and collections.
- The Biden administration proposed the American Rescue plan as another way to tackle the coronavirus by canceling the tax on student loan forgiveness. Chuck Schumer believes that Biden passing this act allows him to issue an executive order on loan cancellation and bypass all the waiting time it will take going through congress.
- White House press secretary Jen Psaki said that the administration would like to see a bill introduced to congress on the issue dealing with student loans. She says that the president is in favor of the cancellation of up to $10,000 in student loans and will be reviewing if there are any actions that could be taken through executive order.
The President continues to support the cancelling of student debt to bring relief to students and families. Our team is reviewing whether there are any steps he can take through executive action and he would welcome the opportunity to sign a bill sent to him by Congress.
— Jen Psaki (@PressSec) February 4, 2021
Reports note that if Biden doesn’t take action, democrats will take alternative routes to follow through with the plan of student debt relief.
