Biden to review his authority to cancel student debt - WH

Modesto Morganelli
Febbraio 20, 2021

Mrs. Psaki said Mr.

After President Joe Biden told the nation during a CNN town hall Tuesday night that he "will not" cancel $50,000 in student loan debt per borrower, Rep. Alexandria Ocasio-Cortez was among the many progressives who pushed back against the president's false narrative about who would benefit from the move and urged advocates to keep up the pressure.

"I will not make that happen", Biden said when asked by an audience member if he would commit to canceling at least $50,000 in debt. My point is, I understand the impact of debt, and it can be debilitating. "I'm prepared to write off $10,000 [of] debt, but not 50".

The statement by Biden comes as another blow to loan cancellation efforts from liberal politicians including Democratic Senator Elizabeth Warren of MA and New York Democratic Congresswoman Alexandria Ocasio-Cortez. Chuck Schumer of New York, and Sen.

Biden has resisted such calls, which have now been amplified by 15 chief law enforcement officers throughout the country, including his party's rising stars. Federal student loan borrowers won't have to make payments until October 1 at the earliest. We need student loan forgiveness beyond the potential $10,000 your administration has proposed.

"Presidents Obama and Trump used their executive authority to cancel student loan debt", the statement continued. "The sums involved in loan-forgiveness proposals under discussion would exceed cumulative spending on numerous nation's major anti-poverty programs over the last several decades".

Ocasio-Cortez added, "The case against student loan forgiveness is looking shakier by the day". Biden's holding back, but numerous arguments against it just don't hold water on close inspection. Black borrowers remain heavily impacted by weight of student loan debt with higher borrowing rates, 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". "Canceling $50,000 in federal student loan debt will help close the racial wealth gap and benefit the 40% of borrowers who do not have a college degree and help stimulate the economy".

And so her advice for President Biden the next time he's asked about this issue?

"It's definitely out of step with the Black voters who not only elected him but who also delivered the majority for Democrats", she said. Biden has not ruled out eliminating up to $50,000 in student loan debt, Mrs.

She added that that the President is "calling on Congress to draft the proposal", and "looks forward to signing it". Many offer financial aid packages aimed at keeping students free from federal student loans.

In a new video from TMZ, however, it is clear that many people, like Bernie Sanders' former Press Secretary Briahna Joy Gray, are ultimately unimpressed with President Biden's first month in office, especially regarding his stance on forgiving student loans. Many borrowers already owed more than they originally borrowed.

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. 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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