A group of House and Senate Democrats, led by Majority Leader Chuck Schumer, are demanding that Biden cancel $50,000 in student loan debt for each borrower.
The lawmakers wrote in part to President Biden:
Canceling $50,000 of student debt would give 36 million Americans permanent relief and aid the millions more who will eventually resume payments their best chance at thriving in our recovering economy. In light of high COVID-19 case counts and corresponding economic disruptions, restarting student loan payments without this broad cancellation would be disastrous for millions of borrowers and their families.
We urge you to use every tool at your disposal to deliver relief to the millions of families inspired by your proposal to make a debt-free college degree within their reach by eliminating up to $50,000 in federal student loan debt for all families before payments resume.
Congress Is Pressuring Biden To Cancel Student Loan Debt
Democrats in Congress and the Biden administration have been going back and forth for months. Congress wants Biden to cancel the debt by executive order. The Biden Administration wants Congress to pass legislation canceling student loan debt.
With the midterm election getting closer, Democrats want to be able to campaign on erasing student debt. There is no reason why Biden couldn’t cancel $50,000 in debt for each borrower, while Congress works on the bill that Biden wants.
There is a compromise to be had, and there is no reason for the Democratic back and forth on the issue.