Democratic lawmakers continue to urge President Joe Biden to cancel $50,000 for each of the 43 million federal student loan borrowers — something he has shot down repeatedly. Here are a few reasons why Biden may be resisting the pull from the left wing of his party.
Lawmakers within his party continue to put the issue front and center, urging the President to cancel $50,000 for each of the 43 million federal student loan borrowers — something he has shot down repeatedly, including on Thursday. Biden has already canceled more student loan debt than any other president by making it easier for students defrauded by for-profit colleges or those working in the public sector to receive forgiveness through existing relief programs. The President also recently extended the pandemic-related payment pause for a fourth time under his administration — moving the expiration date from May 1 to August 31. But those moves have done little to ease the political pressure. On Wednesday, Senate Majority Leader Chuck Schumer called on Biden yet again to cancel $50,000 in student debt for each federal borrower by using executive action. « Borrowers don’t just need their debts paused; they need them erased, » Schumer said from the Senate floor. « With the flick of a pen, President Biden could provide millions upon millions of student loan borrowers a new lease on life, » the New York Democrat added. The pressure is ramping up in a midterm election year and as recent polling shows that Biden’s approval rating continues to drop with young Americans. More than 100 Democratic members of Congress signed a letter sent to Biden last month that urged him to « cancel a meaningful amount of student debt. » A handful of progressive lawmakers, including Sen. Bernie Sanders of Vermont and Rep. Pramila Jayapal of Washington state, appeared with student debt cancellation organizers outside the White House on Wednesday to show their support. So far, Biden has resisted the pressure to cancel $50,000 in student loan debt for every borrower. On Thursday, he doubled down on that stance while leaving the door open to some kind of student debt cancellation. « I am considering dealing with some debt reduction. I am not considering $50,000 debt reduction, » Biden said at the White House after unveiling new funding for Ukraine. « But I’m in the process of taking a hard look at whether or not there are going — there will be additional debt forgiveness, and I’ll have an answer on that in the next couple of weeks.
