Dem Sens Urge Biden To Use Exec Action To Cancel Student Debt Beyond $10K

[riversedge]

Source: TPM




February 17, 2021 1:02 p.m.


Sens. Chuck Schumer (D-NY) and Elizabeth Warren (D-MA) issued a statement on Wednesday urging President Joe Biden to take “executive action” to cancel student loan debt after the president was pressed on his plans to remove student loan debt during a CNN town hall on Tuesday night.


“An ocean of student loan debt is holding back 43 million borrowers and disproportionately weighing down Black and Brown Americans,” the senators wrote. “Cancelling $50,000 in federal student loan debt will help close the racial wealth gap, benefit the 40 percent of borrowers who do not have a college degree, and help stimulate the economy. It’s time to act.”

The statement cited as precedent the executive action taken by former Presidents Barack Obama, and later, Donald Trump to address student debt. In March last year, the Trump administration had allowed most borrowers to temporarily suspend their monthly payments on student loans, interest free amid the COVID-19 pandemic.

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“I’m prepared to write off a $10,000 debt, but not 50,” Biden added, referring to a proposal by the White House indicating that the President would sign a bill removing $10,000 of student loan debt if Congress passed a bill.

Read more: https://talkingpointsmemo.com/news/dem-sens-urge-biden-to-use-exec-action-to-cancel-student-debt-beyond-10k

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I would go for eliminating it all. start over start afresh. Glad to see Dems pushing this.




WASHINGTON, DC - FEBRUARY 4: Senate Majority Leader Chuck Schumer (D-NY) speaks during a press conference about student debt outside the U.S. Capitol on February 4, 2021 in Washington, DC. Also pictured, L-R, Rep. Mo... MORE

[bucolic_frolic]

1. There are just so many ways to make the debts less burdensome

Outright cancellation will bite Democrats big time among the non-educated crowd.

They could forgive $xxk and defer repayment until they reach their high earning years.

Or for those challenged with low income collect a token $200 a year at tax time, or link debt forgiveness to public service - tutoring, teaching.

I'm not a big fan of rewarding debt and the well-educated. They need to "get on with their lives". Well so did I.

And they really should investigate the cost of college. Colleges have figured it out - federal loans are endless, and endowments can grow forever with no penalties.

[KPN]

31. Generally good thoughts that I somewhat agree with. The devil, as always, is in the details and

how and whether voters ultimately view those details as benefiting or hurting them. In this regard, I'm principally concerned about young people and those who are struggling (relatively) to make ends meet. I could care less about those with means, those who believe the ruse of "individual accountability", and those who paid their college debts long ago and are doing reasonably well.

I don't know the exact solution, but you are on the right track in my opinion. Biden would do well to consider eliminating the first $10-20k of college debt for those who meet a State specific means test (living costs/life affordability differs by State) together with other proposals for something like additional tax credits for lower income people and a full blown review of public college/university costs and the reasons for those costs followed by specific federal proposals to drive costs back down to an affordable level.

[Garion_55]

2. I wish today's students had it as easy as my dad did.

My dad graduated with an engineering degree in the mid sixties. I don't remember him having any crushing debt. He was immediately able to get a job earning enough to soon pick up his family and drive us out to silicon Valley and buy a house And start working on building a second.

My mom eventually went to school to earn a degree and she graduated without any crushing debt. Early 80s.


I remember minimum wage being enough that you could work 40 hours and get an apartment somewhere on your own. And still have money left over to eat


Students today would be so much better off if they could graduate without all that debt they could get a minimum wage job at the very least and earn enough to move out of the parents' basement

[Skittles]

15. yes

instead of feeding into the DEMS WANT FREE STUFF garbage, it would be a better idea to do something about WHY education has become so unaffordable

[Budi]

3. Why are 2 top Sens asking Biden? Can't they write the legislation ?

Doubt there's anything preventing them from legislating this.

Why hang it on President Biden.
If they want $50,000 then write the legislation for it.
They both have the necessary power in the Senate to do so.

Why take a poke at President Biden?

Just asking

[bucolic_frolic]

4. I think they are floating the issue to see how much push-back it creates

No one wants to take responsibility for the fallout when the GOP cries "Elitism!!"

[GB_RN]

5. Executive Action

With the swipe of a pen, Biden is allowed by law to eliminate $50k of student debt. If Congress has to do it, then they have to try and get it past a GOPQ filibuster. And you know that they will filibuster any bill that attempts to eliminate any amount of student debt, regardless of how small that amount is.

Being the gigantic dick that he is, I’m sure that Raphael “Ted” sCruz-ball (R-Batshit Crazy) would take the lead in blocking any such legislation.

[JoeOtterbein]

23. +1 nt

[rickyhall]

6. Kill the interest, the profit, leaving just the principal.

[Normanart]

29. Agree

Making student loan debt interest free should be a starting point. Making in-state tuition at all public schools affordable is the next.

[MichMan]

33. The Federal government took over student loans in 2010 as part of the ACA

Interest was included intentionally to offset the costs of the ACA

[OhioTim]

7. Just My Opinion

If a student attends a junior college or state school, then I would consider some forgiveness. If they make a conscious decision to attend a private school that charges 50K per year; not sure I could support that. I support free 2 year colleges, and if a student has financial problems they should start that way. Then go to a state school to finish and you won't have a lifelong burden. I believe Congress should investigate private online schools who are predatory and target veterans and low income students.

[TexasBushwhacker]

9. I agree. No one HAS to go to an expensive private school

If you have the smarts to get in, there's usually financial aid available from schools with big endowments. You don't have to borrow the maximum just because you can either.

[pnwmom]

11. And ordinary taxpayers shouldn't have to subsidize students who go to hugely expensive schools

[JI7]

13. It's about status more than about learning and education

I think we need to bring the focus back into learning itself.

Take for example the pandemic where many kids would rather skip the year becsuse they don't want to miss out on all the non learning parts of attending college.

[TexasBushwhacker]

32. Well an Ivy, or semi-Ivy, can look really good on your resume

I don't blame really smart kids that can get admitted to one of the Ivies for trying to go there, but Stanford, for example, does not charge tuition or room and board for any student whose family makes less than $75K. Now, what if your parents make double that? You can probably get some financial aid, just not a full ride.

I once had a student who I kept in touch with after she graduated. Her parents were both teachers and they had 4 kids. They sat all the kids down while the oldest was fixing to enter high school. They were all good students.

They told them, " We love you and think you are all smart enough to go to college. However, we cannot put 4 kids through college and save for our retirement. So, if you want to go to college, you need to figure out how to pay for it. Study really hard and get a scholarship, work a part time job, take out a student loan. We will, of course, help you when you can, but getting into college and paying for it will be up to you.

Every child went to college and graduated. One got a full ride out of state because he was an exceptional writer and wanted to study journalism. One wanted to study finance and worked part time at a bank. The bank ended up giving her a partial scholarship.

[marlakay]

14. Thats why my daughter is pissed about it

Her and husband paid their way through college working almost full time, I couldn't afford to help her.

She has a friend who went to a very expensive private Christian college and wants her debt paid off. My daughter went to junior college, then classes on base, her husband is military, then paid for online college to get masters degree. None expensive. She said, I would have loved to have gone to a better school.

She is angry her friend will get it just taken away after she worked her ass off.

I understand people needing help but I get her point also.

[Hassin Bin Sober]

18. We would be a better country if people like your daughter just got over it and quit worrying...

.... about someone getting a little better deal.

[marlakay]

19. Obviously you don't know what its like to work

Fulltime and go to college fulltime at the same time. I watched her do it.

Saying just get over it, is pretty tough. We democrats have to find a better way or we will lose people like her. She just came back to the party after voting Republican last few times because of Trump and his people.

[blue neen]

20. Your stance is very understandable.

Sorry that some people here can be so snarky.

[Hassin Bin Sober]

25. I worked my way through college running a jackhammer.

And voting for republicans is a personality flaw. I’m sorry but there it is. I mean, gee, what do we have to offer to lure people away from that oh so lovely racism, bigotry, xenophobia, misogyny, and homophobia the Republican Party has offered the last 40 years? I guess sticking it to struggling students is the hook, eh?

So I’m not surprised. My loud mouthed trumpanzee sister in law spends her life worrying about what everyone else got that she didn’t get. I firmly believe personality traits like that are the main reason we can’t have anything nice in this country.

[JoeOtterbein]

24. +1000!

Time to start worry about all of us getting a much better deal instead!

[riversedge]

28. your comment could refer to many other situations

[not including 'your daughter' in my comment]

[MichMan]

30. Do you feel the same way about tax breaks for the wealthy?

"We would be a better country if people like your daughter just got over it and quit worrying...

about someone getting a little better deal."

[turbinetree]

8. What of those "older" students with a debt, and I mean "older", how would this work

if some former students with loans have less than 10,000 or if "younger" students have less than 10,000 would it it be wiped away.
I can still remember in California that everyone had access to a two year junior college paid for, then Reagan showed up and eliminated that caveat....would it mean future students get two years free and then pay for the next 2 or 6 , would they get help from semesters pay requirements.....

[cstanleytech]

10. Or if not cancel it atleast set the interest rate to zero permanently.

[dlk]

12. I think Joe may be concerned about a giveaway to students from wealthy families

He elaborated, some, in last night’s town hall about possible ways to cancel debt. It’s clear the current number one priority for Biden/Harris is Covid, the relief bill, ramping up vaccinations and reopening schools. The Covid crisis is still very much with us, yet in less than a month, Biden has hit the floor running. I have no doubt a student debt relief bill will in the works soon.

[George II]

16. Yawn. With all the other issues facing Americans and Biden, let's address those first, please!

[leanforward]

17. Yes, go beyond $10K

I used the VA benefits. From some of the articles about student loan debt coupled with for-profit educational institutions, I think there should be forgiveness or completely wiped out. Imagine the income stimulus in the area where they live. Rural, or Urban spending. And the debt repayment won't go on for years.

[JoeOtterbein]

22. Yep!

I used a bunch of my IRA up and my children still owe lots. Meanwhile in other much smaller nations, education is actually free for many. Sad!

[JoeOtterbein]

21. K n R ! Thanks for posting!

Many of us parents are buried in debt for our children's education too.

$50,000 in student loan relief and at least $15.00 for our labor. Now!

Treat us taxpaying American families as well as you treat "businesses"!

[Kashkakat v.2.0]

26. Really? so those of us who went to tech school because we felt we couldnt afford

"rich people college", and managed to work off our debts are supposed to be OK with that?

Unnecessarily divisive move.

Back to the drawing board guys -find other ways like maybe debt relief in exchange for public service

And/or figure out how to make it affordable GOING FORWARD. That way, maybe some of us who missed out on 4 yr degree might wat to go back and get it! Ive thought Id like to, but the killer tuition costs are kinda off-putting

[riversedge]

27. ' The Biden admin has said they're reviewing options for cancelling up to $50K'

Presidents Obama & Trump used exec. authority to #CancelStudentDebt

The Biden admin has said they're reviewing options for cancelling up to $50K

@SenWarren
& I are confident they'll agree with Obama & Trump standards and experts who say the admin has authority to deliver relief

Link to tweet

?s=20