Biden Won’t Support Progressive Student-Loan Forgiveness Plan, He Says

Topline

President Joe Biden pushed back at student loan forgiveness plans from his party’s progressive wing during a published interview Friday, suggesting Democrats are still divided on how far school debt relief plans should go.  

President Biden Delivers Remarks On Conflict In Middle East

President Joe Biden delivers remarks on the conflict in the Middle East on May 20, 2021, in … [+] Washington, D.C. Israel and Hamas announced that they would agree to a cease-fire.


Anna Moneymaker/Getty Images

Key Facts

In an interview with New York Times columnist David Brooks, Biden said he doesn’t “agree” the government should have to pay “$70,000 bucks a year” for a University of Pennsylvania student to go to college (Biden estimated the figure almost exactly right).

His comments come days after progressive Sen. Elizabeth Warren (D-Mass.) and Senate Majority Leader Chuck Schumer (D-N.Y.) urged Biden to cancel up to $50,000 in federal student loans per borrower.

In the past, Biden has proposed canceling up to $10,000 in college debt—and all debt for those who attended a public college or a Historically Black College and University (HBCU), which the University of Pennsylvania is not.  

What To Watch For

Biden has voiced skepticism about whether he can legally cancel student debt through an executive order, and he has asked Education Secretary Miguel Cardona to draft a memo on his authority to do so. 

Key Background

During the campaign, Biden pledged to cancel up to $10,000 in college debt for all students as part of Covid-19 relief, but that was not included in the $1.9 trillion relief package passed earlier this year. He also proposed canceling all debt for anyone making less than $125,000 who graduated from a public college or university, or an HBCU.  On Biden’s first day in office, he did extend President Trump’s pause on federal student loan payments through September 30. Biden has also already canceled at least $2.3 billion in loans for students with certain disabilities, or who were defrauded by for-profit schools. Last month, Biden also unveiled a sweeping $1.8 trillion child care and education package, which would, among other things, provide Americans with two free years of community college and increase Pell grants. 

Chief Critic

Progressives have argued that Biden has the authority to cancel student debt unilaterally and are pressuring him to do so. “This is something the president can do, and Leader Schumer and I are pushing hard to try to get it done,” Warren said during a Washington Post event earlier this month. 

Tangent

During the 2020 presidential primary, Biden was more conservative than other candidates when it came to the issue of student loan forgiveness. Sen. Bernie Sanders (I-Vt.), notably proposed canceling all student debt. When Sanders dropped out, Biden adopted parts of Sanders’ platform, including a more expansive student loan forgiveness plan. 

 Further Reading

Do You Qualify For $2.3 Billion Of Student Loan Forgiveness? (Forbes)

Read More

Spread the love
Nicholas ‘Nick’ Statman entered the property industry in 2001 and set up a property buying company that quickly established itself as one of the biggest in the sector. During this time the Company successfully transacted on thousands of residential properties across the UK. Nicholas Statman was an early pioneer of the ‘quick sale’ niche market which has since grown considerably with a multitude of companies now operating in the sector. Nicholas Statman has strategically built a sizeable residential and commercial property portfolio with a view to holding for optimum capital growth and a long term passive income. Nicholas Statman has been involved in almost every aspect of the property sector over a 20 year period – this includes buying and selling, development, letting and management and is now involved in the fast growing online/ hybrid Estate Agent industry.

Latest articles

Borderlands movie gets “final” trailer ahead of August’s release

Sure, TV seems to be doing a decent job of making video game adaptations that don't utterly suck these days, but the movie world's still waiting for its The Last of Us moment. Will it come in the form Gearbox's soon-to-be-released Borderlands film? Probably not, but if it's brightly coloured chaos you're after...

Crash Bandicoot N. Sane Trilogy is coming to Xbox...

It looks like Crash Bandicoot N. Sane Trilogy is on its way to Xbox Game Pass next month. That's according to leaker eXtas1stv, who previously correctly leaked that Call of Duty Modern Warfare 3 would arrive on Game Pass on 24th July, which was officially confirmed yesterday...

PlayStation 5 adding way to save power when charging...

Sony has detailed its a fresh wave of PlayStation 5 features set to be tested as part of its next system software beta update. This will include "adaptive charging", designed to save power if you have plugged in controllers to charge while your console is in rest mode...

Twitch updates sexual harassment policy to make it “easier...

Twitch has updated its policy on sexual harassment, and added a new category to its AutoMod tool, to improve safety on its platform. In a new blog post titled "How we're combatting sexual harassment on Twitch", the streaming platform highlights clarifications to its policy. "While our policy remains largely unchanged...

Similar articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Subscribe to our newsletter

Spread the love