WATCH: Dems Push For Cancelation Of Student Loan Debt As Payments Loom
If you have student loan debt, the repayment schedule begins again soon. COVID-19 prompted a pause in payment requirements, but that expires in January — and a lot of Democrats are urging the president to move quickly, and rescue borrowers before it happens.
As Forbes reported during the 2020 election campaign, Joe Biden said that he wanted to knock out a chunk of student loan debt for any borrower making under $132k. However, he’s also said he wants to do so through Congress, not through an executive order that would inevitably face challenges. Unfortunately, the slim Democratic majority in the Senate isn’t enough to force legislation through when Republicans unite against it, and so far, there’s no student loan debt cancelation.
Appearing on CNN, Senator Elizabeth Warren urged the president to exercise his authority to make a lot of debt disappear, before the resumption of payments affects the economy.
An overwhelming majority of borrowers with student debt say they're not ready for payments to resume. If payments restart in less than 60 days, $85 billion will be stripped from our economy. @POTUS should use his authority to #CancelStudentDebt. pic.twitter.com/yYvTrvVv5e
— Elizabeth Warren (@SenWarren) December 12, 2021
She’s not the only one pushing for urgent action before the January deadline. Boosting a previous tweet from Senator Warren with the same message, Senator Chuck Schumer called for Biden to act quickly and help millions of Americans suffering under the burden of student debt.
President Biden should #CancelStudentDebt now and help millions of Americans struggling under this burden. https://t.co/WXdvClTK5O
— Chuck Schumer (@SenSchumer) December 13, 2021
Over recent weeks, as the January payment dates loom closer, other Democrats have called for the same, with Senator Bob Menendez suggesting that Biden use presidential authority to instantly cancel up to $50k per borrower
Representative Ayanna Pressley even shared that she has septuagenarians in her district who are still struggling to pay off student loans, describing it as a justice issue that must be addressed.
I have 76 yr olds in my district still paying off loans.
This is a racial, economic, & *multi-generational* justice issue.@POTUS must #CancelStudentDebt. https://t.co/mKdx8NHQLP
— Ayanna Pressley (@AyannaPressley) December 7, 2021
In the meantime, Biden is being urged to extend the student loan moratorium, so that borrowers don’t face interest or penalties as economic recovery continues after shutdowns and job losses due to the pandemic.
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