Senate Majority Leader Charles Schumer (D-N.Y.) on Wednesday used an online forum to enthuse over Democrat plans to forgive federal student loans. He assured left-wing activists President Joe Biden is closer “than ever before” to making the unilateral move that will leave taxpayers encumbered with more than $1.37 trillion in outstanding debt.
Schumer previously nominated $50,000 as the amount every individual student could expect to have relieved. The Hill reports that’s where the president and his administration will ultimately land.
He told the State of Student Debt Summit in a virtual event Biden seeks to deliver debt forgiveness that Democrat supporters say will “ensure” an “equitable” economic recovery from the effects of the shutdowns amid the coronavirus pandemic:
I have talked personally to the president on this issue a whole bunch of times. I have told him that this is more important than just about anything else that he can do on his own.
We’re making progress folks. We are making progress. The White House seems more open to it than ever before.
As Breitbart News reported, last week the Department of Education announced it would extend the current pause on federal student loan repayment, interest and collections through August.
Schumer says that doesn’t go far enough and Biden is getting closer to agreeing with him that the next step must be taken sooner rather than later.
“Don’t get me wrong, the pause is a good thing, but it ain’t enough. It ain’t close to enough,” he said, according to the Hill.
He argued families will face an average monthly student debt payment of $393 when the pause is lifted.
“That is so much money. How does anybody live knowing every month I got to pay this $400?” he said. “So the pause has stopped that, but make no mistake about it. This pause isn’t going to stay forever and the canceling of student debt is the way to go.”
Democrats have long pushed for an end to student debt in the name of post-coronavirus recovery even before Biden took office.
During an interview with MSNBC in 2020, Rep. Ayanna Pressley (D-MA) pushed for the cancelation of student debt as a gift from the incoming administration that will be funded by taxpayers:
The collective debt of the 36 million debtors totals more than $1.37 trillion, Education Department data show.
Roughly one-third of borrowers are in default or delinquency. The average monthly payment is $400.
Democratic lawmakers have previously argued debt cancelation is “one of the most powerful ways to address racial and economic equity issues.”