Chuck Schumer and Elizabeth Warren Call for Student Loan Forgiveness up to $50K
Even before COVID-19, millions of Americans were weighed down by student loan debts. These debts have made it very difficult for people in their 20’s and 30’s to get ahead in life and eventually purchase a home. When running for the Democratic nomination, Elizabeth Warren made student loan forgiveness a hallmark of her platform.
Just because she didn’t win the nomination, though, does not mean that Warren forgot about the idea. Today, alongside Senate Majority Leader Chuck Schumer, Warren called for student loans to be forgiven up to $50,000 due to the Coronavirus pandemic.
On Thursday, Warren told reporters, “Right now, our economy is in a deep hole because of this pandemic. Student debt is just another self-inflicted wound.”
Both Republicans and Donald Trump have rejected any calls for student debt to be cancelled. So the two senators are aiming their plea at Joe Biden.
Schumer said, “President Trump has failed the test on student debt cancellation. This is aimed at our new president, which is going to be Joseph Biden…. We believe that he would be very seriously entertaining our proposal.”
The idea from Schumer and Warren is going over well with student borrower groups. Persis Yu, from the National Consumer Law Center, stated, “We join Senators Schumer and Warren in calling on President Trump to immediately cancel up to $50,000 in federal student loan debt for 43 million borrowers.”
Yu continued, “[debt cancellation is] urgently needed now as American families are struggling to stay financially afloat and the government cannot afford to wait any longer.”