President Biden Rejects Democrats $50,000 Student Loan Forgiveness

President Biden Rejects Democrats $50,000 Student Loan Forgiveness Plan (Update)

Roommates, we were rooting for President Biden to take action against student loan debt, but it appears we may have to continue waiting. President Biden spoke out in disagreement to cancel $50,000 of student debt per borrower at a recent CNN town hall. He made his claim after speaking to a woman in the audience. She said, ”We need student loan forgiveness beyond the potential $10,000 your administration has proposed. We need at least a $50,000 minimum. What will you do to make that happen?” President Biden quickly responded, “I will not make that happen.” He continued speaking about education, stating it depends on whether or not you go to a private university or a public university. Biden argued that the government shouldn’t forgive debt for people who went to “Harvard and Yale and Penn.” He also indicated that he believes Congress should make changes through legislation, which would make them harder to undo.

President Biden suggested that the funds would be better suited to provide for early education for young children who come from disadvantaged circumstances—in addition, making community college free for all students. If you recall earlier this month Senate Majority Leader Chuck Schumer, Senator Elizabeth Warren, and House Representatives Ayanna Pressley, Alma Adams, Mondaire Jones,  and Ilhan Omar announced the press conference measure. They asked President Biden to wipe out up to $50,000 in federal student loan debt for all borrowers and ensure there is zero tax liability for borrowers after any administrative debt cancellation. In addition, suspend student loan payments and interest for the duration of the pandemic. However, they said the Secretary of Education has administrative authority to cancel the debt.

One Roommates felt the $10,000 was more than enough. They commented, “I’m good with the 10k they originally discussed. Beggars can’t be choosers.”

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