Progressives in Congress have increased pressure on the Biden administration to issue a comprehensive order to forgive student loan debt. After the House of Representatives passed the Social Expenditure Act on Friday, they once again turned their attention to one of their top tasks.
“Now let us help everyone by cancelling at least $50,000 in student loan debt for everyone,” Pramila Jayapar, chairman of the Congressional Progress Caucus, wrote on Twitter on Saturday.
“I will not stop fighting with #CancelStudentDebt,” Georgia Democrat Rep. Nick Ma Williams added.
President Joe Biden So far, the United States has rejected calls for complete cancellation of student loan debt. Since 2000, student loan debt has more than tripled. With nearly 45 million people receiving bills every month, Americans now owe more than $1.8 trillion in student loans, more than the country’s total debt auto loans and credit cards.
According to data from the Ministry of Education, progressive lawmakers and advocates have been pushing the Biden administration to pass an executive order to cancel the $50,000 debt, which will eliminate the debt burden of 36 million people, including about 10 million people who defaulted or defaulted. .
“The suspension of student loan payments has enabled millions of borrowers to start businesses, participate in our economy, and save for the future. Imagine what would happen if the borrowers received permanent relief. It’s time to cancel the student debt. @POTUS,” Congressman Ilhan Omar, A Minnesota Democrat, tweeted on Friday.
The Democratic-controlled House of Representatives passed a $1.7 trillion social safety net and climate bill on Friday, including a $555 billion climate initiative, childcare funding, universal preschool classes, and expansion of medical subsidies.
There is no exemption of student loans in the broad bill, which frustrated activists and borrowers who hoped that Biden would honor his campaign promise to cancel debts of up to $10,000. Biden has waived $9.5 billion for disabled borrowers and individuals who were deceived into entering a now-defunct university.
Proponents believe that forgiving student loan debt will ease racial and economic inequality.
According to data from the National Education Statistics Center, in 2019, 10% of student loan borrowers defaulted. Black graduates with a bachelor’s degree are more likely to default than white college dropouts. Approximately 32% of black Americans who went to college 10 years ago have breached their contract.
Advocates of student loan forgiveness also emphasized that the cost of living has risen much faster than the salaries of college graduates in recent years.
However, critics say it is unfair to cancel student loan debt for wealthy borrowers who graduated from elite universities such as Yale and Harvard.
In August, the Ministry of Education announced that the suspension of student loan repayments, interest and collections related to the pandemic will be extended until January 31, 2022.
The Biden administration asks the Minister of Education Miguel Cardona In April, a memo was made outlining the president’s legal power to eliminate student debt. Seven months later, despite pressure from progressives, the results have not been announced to the public.
Weekly newspaper Contact the White House for comments.