Cancel $50,000 in student loan debt: Amid push from Elizabeth Warren, Ayanna Pressley and Maura Healey, President Joe Biden reportedly considering it
By Benjamin Kail | April 1, 2021
Massachusetts Attorney General Maura Healey, Rep. Ayanna Pressley and Sen. Elizabeth Warren on Thursday renewed pressure on President Joe Biden to provide sweeping relief to millions of Americans and narrow the racial wealth gap by canceling up to $50,000 in borrowers’ federal student loan debt.
In a news conference in Healey’s office in Boston, the women also called for overhauls to a student loan system that they argued leaves behind too many American workers — particularly in communities of color — who face rising bills during the COVID-19 pandemic even if they did not graduate college.
“Canceling $50,000 in student loan debt is a matter of racial justice, economic justice and generational justice,” said Warren, who reintroduced the Higher Education Act and made the same request of Biden in February along with Pressley and Senate Majority Leader Chuck Schumer.
Earlier this week, White House press secretary Jen Psaki announced the administration would expand a pause on student loan interest and collections for more than 1 million borrowers in default. When it comes to canceling debt, however, the president urged Congress to approve legislation canceling up to $10,000 in federal student loan debt.
“That’s something Congress could take an action on and he’d be happy to sign,” Psaki said.
But the ongoing pressure from the Massachusetts lawmakers and advocates may have had an impact.
White House chief of staff Ron Klain mentioned during a Politico Playbook event Thursday that Biden has tasked Secretary of Education Miguel Cardona to examine avenues for broader debt relief, up to $50,000 per borrower, according to Forbes.
Pressley, informed of Biden’s consideration of the matter during Thursday’s news conference, said it was a positive development if accurate. She called on Biden to “do right by the movement that elected him.”
The congresswoman said 85% of Black students have no choice but to take out student loans and are almost twice as likely to default — in large part due to “intentional policy violence” of the past such as redlining, which blocked minority communities from housing, services and opportunities for economic growth.
In a February virtual town hall, Warren said the move would serve as an investment “in the future” at a time when Americans are suffering through the pandemic.
She added that two out of every three graduates of state schools “end up with student loan debt because they just can’t make it. Our state schools don’t get enough taxpayer support so people can graduate without debt.”
By Benjamin Kail | April 1, 2021
Massachusetts Attorney General Maura Healey, Rep. Ayanna Pressley and Sen. Elizabeth Warren on Thursday renewed pressure on President Joe Biden to provide sweeping relief to millions of Americans and narrow the racial wealth gap by canceling up to $50,000 in borrowers’ federal student loan debt.
In a news conference in Healey’s office in Boston, the women also called for overhauls to a student loan system that they argued leaves behind too many American workers — particularly in communities of color — who face rising bills during the COVID-19 pandemic even if they did not graduate college.
“Canceling $50,000 in student loan debt is a matter of racial justice, economic justice and generational justice,” said Warren, who reintroduced the Higher Education Act and made the same request of Biden in February along with Pressley and Senate Majority Leader Chuck Schumer.
Earlier this week, White House press secretary Jen Psaki announced the administration would expand a pause on student loan interest and collections for more than 1 million borrowers in default. When it comes to canceling debt, however, the president urged Congress to approve legislation canceling up to $10,000 in federal student loan debt.
“That’s something Congress could take an action on and he’d be happy to sign,” Psaki said.
But the ongoing pressure from the Massachusetts lawmakers and advocates may have had an impact.
White House chief of staff Ron Klain mentioned during a Politico Playbook event Thursday that Biden has tasked Secretary of Education Miguel Cardona to examine avenues for broader debt relief, up to $50,000 per borrower, according to Forbes.
Pressley, informed of Biden’s consideration of the matter during Thursday’s news conference, said it was a positive development if accurate. She called on Biden to “do right by the movement that elected him.”
The congresswoman said 85% of Black students have no choice but to take out student loans and are almost twice as likely to default — in large part due to “intentional policy violence” of the past such as redlining, which blocked minority communities from housing, services and opportunities for economic growth.
In a February virtual town hall, Warren said the move would serve as an investment “in the future” at a time when Americans are suffering through the pandemic.
She added that two out of every three graduates of state schools “end up with student loan debt because they just can’t make it. Our state schools don’t get enough taxpayer support so people can graduate without debt.”