Senate Majority Leader Charles Schumer (DN.Y.) used an online forum on Wednesday to enthuse about Democrats’ plans to cancel federal student loans. He assured left-wing activists that President Joe Biden is closer “than ever” to making the unilateral decision that will leave taxpayers saddled with more than $1.37 trillion in unpaid debt.
Schumer previously named $50,000 as the amount each student could expect to have relief. The Hill reports that this is where the president and his administration will eventually land.
He told the Summit on the State of Student Debt during a virtual event that Biden is seeking to provide debt forgiveness that Democratic supporters say will ‘ensure’ a ‘fair’ economic recovery from the effects of the shutdowns amid of the coronavirus pandemic:
I’ve personally spoken to the president about this issue a bunch of times. I told him it was more important than anything else he could do on his own.
We are progressing guys. We are progressing. The White House seems more open to it than ever.
As Breitbart News reported, last week the Department of Education announced it would extend the current pause on federal student loan repayment, interest and collections until August.
Schumer says it doesn’t go far enough and Biden is closing in on an agreement with him that the next step must be taken sooner rather than later.
“Don’t get me wrong, the break is a good thing, but it’s not enough. It’s not enough,” he said, according to The Hill.
Should you be obligated to pay off other people’s student loan debt? https://t.co/XAMqFWQwOW
— Breitbart News (@BreitbartNews) March 17, 2021
He argued that families will face an average monthly student debt payment of $393 when the break is lifted.
“It’s so much money. How can we live knowing that every month I have to pay that $400? ” he said. “So the break stopped that, but make no mistake. This break is not going to last forever and canceling student debt is the way to go.
Democrats have long called for an end to student debt in the name of post-coronavirus recovery even before Biden took office.
During an interview with MSNBC in 2020, Rep. Ayanna Pressley (D-MA) pushed for the cancellation of student debt as a gift from the new administration that will be funded by taxpayers:
The collective debt of the 36 million debtors amounts to more than $1.37 trillion, according to data from the Ministry of Education.
About a third of borrowers are in default or overdue. The average monthly payment is $400.
Democratic lawmakers have previously argued that debt cancellation is “one of the most powerful ways to address issues of racial and economic equity.”
Follow Simon Kent on Twitter: Follow @SunSimonKent or by e-mail to: email@example.com