Biden To Wipe Away Student Debt?

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Photo by Charles DeLoye on Unsplash

Is this a good idea?

On Wednesday, Senate Majority Leader Charles Schumer (D-N.Y.) told activists that they are closer “than ever before” to convincing President Biden and his senior advisers to take action regarding student loan forgiveness.

Schumer has repeatedly focused on the need for up to $50,000 in student debt per borrower to be canceled. 

“I have talked personally to the president on this issue a whole bunch of times. I have told him that this is more important than just about anything else that he can do on his own,” he said during an event held by the State of Student Debt Summit. 

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“We’re making progress folks. We are making progress. The White House seems more open to it than ever before,” he added.  

Last week it was announced that the pause on federal student loan repayment would continue to be paused. 

However, Schumer maintains that these actions are not enough and that President Biden is beginning to see eye to eye with him on this. 

“Don’t get me wrong, the pause is a good thing, but it ain’t enough. It ain’t close to enough,” he said. 

One of Schumer’s arguments is that for families the average student debt payment will be $393 once the pause is lifted. 

“That is so much money. How does anybody live knowing every month I got to pay this $400?” he noted. “So the pause has stopped that, but make no mistake about it. This pause isn’t going to stay forever and the canceling of student debt is the way to go.”

“You get out of college and you have all this debt,” he added. “I have told the president this is one of the most important things he can do to help our economy. We all want the economy to grow. We all want people to have good lives, where you can provide for yourself and your family.” 

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