This week, Senate Majority Leader Charles Schumer (D-NY) praised Democratic ideas for forgiving federal student loans on an internet forum. He assured left-wing activists that President Biden is now “closer than ever before” to enacting the unilateral decision that would leave taxpayers responsible for more than $1.37 trillion in outstanding debt.
Schumer previously proposed $50,000 as the maximum amount each student should expect to receive from debt forgiveness. The president and his team are currently projected to settle on $50,000.
He told the State of Student Debt Summit in an online event that Joe Biden wants to deliver debt forgiveness and the Democrat supporters say it will “ensure” an “equitable” recovery of the economy from the effects the shutdowns caused during the coronavirus pandemic:
“I’ve spoken with the president on this topic a lot of times. I’ve informed him that this is more important than anything else he can accomplish on his own.”
“We’re making progress, folks. We’re moving forward. The White House appears to be more receptive than it has been in the past.”
Last week, the Department of Education extended the current halt on federal student loan paybacks, interest, and collections through August, according to Breitbart News.
Schumer feels that this isn’t nearly enough and that Biden is coming around to the opinion that the next step must be taken as soon as possible.
“Don’t get me wrong, the break is beneficial, but it isn’t enough. It isn’t even halfway there,” he said in an interview with the Hill.
He said that when the freeze is lifted, families will have to pay an average of $393 per month in student debt payments.
“That is a lot of money,” he continued. “How can anybody make ends meet when I have to pay this $400 every month? So the break has helped, but there’s no doubt about it. The suspension isn’t going to last forever, and student debt forgiveness is the solution.”
Even before Joe Biden became president, Democrats have pushed for an end to student debt in the interest of post coronavirus recovery.
During a 2020 interview with MSNBC, Rep. Ayanna Pressley (D-MA) pushed for student debt to be canceled as a present from the new administration paid for by taxpayers:
The total amount owed by all of the country’s 36 million borrowers is more than $1.37 trillion, according to Education Department data.