New $50,000 student loan forgiveness plan would make 36 million people debt-free
“We are not going to let up until we accomplish it,†Schumer said Thursday.
By
Joseph Guzman | Feb. 4, 2021
Story at a glance
Top Democrats are pressuring President Biden to take executive action to cancel $50,000 in student loan debt for individual borrowers.
The White House indicated it would be willing to consider doing so unilaterally, although Biden has maintained his preference would be for Congress to pass legislation.
Those who stand to benefit most from the Democrat’s proposal include Black and Latino Americans who have historically lacked access to higher education.
Top Democrats are urging President Biden to use his executive authority to cancel up to $50,000 in student loan debt for federal student loan borrowers.
On Thursday, a group of Democratic lawmakers led by Senate Majority Leader Chuck Schumer (N.Y.) and Sen. Elizabeth Warren (Mass.) reintroduced a nonbinding resolution calling on Biden to forgive all of the debt for 80 percent of federal student loan borrowers; about 36 million people in the U.S. The federal government holds $1.6 trillion in student loan debt that is owed by more than 43 million people.
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https://thehill.com/changing-america/respect/accessibility/537447-new-50000-student-loan-forgiveness-plan-would-make-36