Health Care

Biden may not take executive action to cancel student loan debt

Biden may not take executive action to cancel student loan debt”

Gray's critical rant about the President results from statements that Biden made during a town hall on Tuesday night, in which he said that he was only willing to forgive $10k of debt for impacted students and ex-students. Biden doesn't want to forgive the proposed $50,000 amount in student debt, because it'll help too many people, theoretically rich people in particular?

"The current options for borrowers have proved to be inadequate and illusionary", they added.

Some democrats in Congress including Chuck Schumer, Elizabeth Warren and Alexandria Ocasio-Cortez are pushing for $50,000 of foregiveness, and asking that Joe Biden do so immediately through an Executive Order. In December, Biden remarked it would be "unlikely" he would use executive power for debt forgiveness.

"I will not make that happen", Biden said after a member of the audience said his proposal to cancel $10,000 per borrower doesn't go far enough. Biden believes any relief over $10,000 should be tied to certain criteria, such as a borrower's income, the kind of debt in question and whether the loans were taken for graduate school.

"In terms of student debt that's accumulated, is provide for changing the existing system now for debt forgiveness if you engage in volunteer activity", said Biden. Elizabeth Warren said, "Cancelling $50,000 in federal student loan debt will help close the racial wealth gap, benefit the 40% of borrowers who do not have a college degree, and help stimulate the economy". Biden officials confirmed January 8 that the president supports canceling $10,000 in student debt per person as part of his COVID-19 relief plan. Others say, however, that the higher figure is more inclusive of students who have racked up larger debts - most outstanding student loans are between $20,000 and $25,000 - and would reduce the racial wealth gap and boost the economy.

Ocasio-Cortez said in a second tweet, "The case against student loan forgiveness is looking shakier by the day". An ocean of student loan debt is holding back 43 million borrowers and disproportionately weighing down Black and Brown Americans.

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Roughly 45 million Americans owe approximately $1.6 trillion in federal student loans.

Throughout his first month in office as the latest President of the United States, Joe Biden has been hard at work to deliver upon the many promises that he made during his presidential run past year.

No argument that that families making less than $125,000 should get to send their kids to state schools for free, but this does nothing for the millions of Americans who are now drowning under massive amounts of student loan debt because they sought an education. This will eliminate debt for 36 million borrowers, according to CNBC.

Powell later cited data showing that "people ... take on student debt in an effort to make their lives better and brighter, and if it doesn't work out that way, they drag that debt down through their economic lives, and it can get in the way of their credit history, of course, and their ability to own a home, and their whole economic life for many years".

The opposing argument is that cancelling student debt is a type of federal spending, and only Congress has "the power of the purse". An analysis by the Federal Reserve Bank of NY in 2019 found that Black students are more likely to take out loans for college and that Black borrowers tend to have higher student debt loads. An Education Department spokesperson on Wednesday declined to say whether the Trump administration's memo remained in force at the agency or whether it would be rescinded.

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