WASHINGTON, D.C. – More than 40-million Americans have student loan debt. Paying off those loans were paused because of the pandemic, but it looks like people will have to start their repayments again after January.
President Biden campaigned on student loan forgiveness, but it looks like the administration is putting that burden on Congress.
“Cancel, cancel student debt,” said Sen. Chuck Schumer (D- NY) at a press conference earlier this month.
Senate Majority Leader Chuck Schumer is not shy to talk about his thoughts on student loan debt.
“For over 2.4 million New Yorkers, tens of millions of Americans student loan payments are a huge burden upon them,” said Schumer.
According to online sources, almost 43-million Americans owe an average of 36-thousand dollars in federal loans. Totaling to about 1.5 trillion dollars
Schumer and a handful of Democratic congressional members, have advocated for President Biden to forgive 50-thousand in student loan debt for each borrower. They say it would financially free millions of Americans to finally buy a home, save for their kids’ education and provide a boost to our economy.
Those against student loan forgiveness argue its unfair to past borrowers who paid off student loans and say it would be a burden on the federal taxpayers because they would be the ones to pay for this cancellation.
Biden campaigned on forgiving at least ten-thousand dollars in federal student loans, but so far, he hasn’t moved forward with that. Instead, his administration is putting that burden on Congress.
“If Congress sends him a bill, he’s happy to sign it,” said White House Press Secretary Jen Psaki. “They haven’t sent him a bill, not yet.”
But Schumer and others claim Biden can forgive student loan debt through executive action.
The pandemic paused student loan repayments, but starting February first, that pause will end.
“We are calling on the administration to continue that pause on the advent of the omicron with the continuation of COVID,” said Schumer. “Students should not have this burden placed upon their shoulders.”