Democrats plan to forgive student loan debt

Photo+Credit+to+the+Atlanta+Journal-Constitution

Photo Credit to the Atlanta Journal-Constitution

Democrats are calling for President Biden to forgive $50,000 in student debt for all borrowers. This resolution would make 36 million people debt free. Furthermore, it would cancel all of the debt for 80% of student loan borrowers. House Majority leader Chuck Schumer and Senator Elizabeth Warren along with other Democratic legislators are pushing for this resolution. Schumer stated, “For too many people, debt is the anchor that weighs them down, and they rarely overcome it.” 

It is estimated that this resolution would cost around $650 million. Warren claims that it will be a good thing for the economy. 

For too many people, debt is the anchor that weighs them down, and they rarely overcome it”

— Chuck Schumer, House Majority leader

Though Joe Biden has been hesitant on canceling student loan debt through executive action, he promised to forgive student loans while he was campaigning this past year. While he wants there to be some student loan forgiveness, he is unsure about whether or not he can do anything about. Regardless of this, the resolution will have a hard time passing through the Senate because most Republicans are against it. 

Student loan forgiveness will help the Black and Latino community out the most. Black and Latino college graduates statistically tend to have more student loan debt than White college graduates. This is also true for women when compared to men. 

Democratic leaders will continue to persuade Joe Biden to cancel student loan debt in the next few months, knowing that it will be an uphill battle.