Democrats Urge President Joe Biden To Cancel up to $50,000 in Student Loan Debt

On Thursday, White House press secretary Jen Psaki skirted a question on whether President Joe Biden’s failure to cancel more student debt will affect the Democratic Party’s chances in the 2022 midterm elections.

Payments on federal student loans will resume in May after being halted for almost two years because of the COVID-19 pandemic.

Biden administration is urged to prolong the moratorium

According to Business Insider, several Democratic legislators have pressured the Biden administration to prolong the moratorium, and 85 of them sent Biden a letter on Wednesday requesting a document with additional information on the administration’s legal authority for greater student loan cancellations.

This isn’t the first time Biden’s team has dodged concerns about large-scale student debt relief. Biden vowed during his campaign to forgive $10,000 in college debt for every federal borrower, but he has generally kept his word since then. Biden dodged a question about whether he meant to keep the commitment during his first solo press conference of 2022.

With legislators pressuring the president to wipe off student debt, a total of 80 House and Senate members signed a letter asking him to issue a memo affirming his power to do so.

Sen. Warren asks Biden to cancel $50,000 in student loan debt

Lawmakers from all across the world, including the United States, have expressed their dissatisfaction with Senator Elizabeth Warren wanting President Biden to cancel $50,000 in student loan debt for each recipient, at a cost of $1 trillion. However, an extra 36 million students would be able to get their debts forgiven as a result of the move.

Despite the announcement of student loan forgiveness, many people are still suffering from the financial burden of paying for their education. 

While President Biden has managed to eliminate more debt in the student loan department than any other president, the Education Data Initiative indicates that over 43 million Americans still owe a total of approximately $1.75 trillion, or roughly $40,000 per student loan recipient, as per Afro Tech via MSN.

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