Tag: debt

Biden Has Power To Nix Student Debt For Millions, NJ Senators Say

NEWARK, NJ — There’s a way to cancel up to $50,000 in debt for millions of people struggling to pay off their student loans, U.S. senators Robert Menendez and Cory Booker of New Jersey say.

Menendez and Booker recently joined dozens of their colleagues in Congress and reached out to Democratic President Joe Biden urging him to use his existing authority under the Higher Education Act to cancel up to $50,000 in student loan debt for federal borrowers.

According to a joint statement from the senators, more than 43 million people in the United States are currently buried under $1.6

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Democrats unveil plan to erase $50,000 of student loan debt

A group of progressive Democrats announced a resolution on Thursday that demands President Biden use executive action to cancel $50,000 in federal student loan debt. The measure is unlikely to succeed given Mr. Biden’s more moderate campaign promise of up to $10,000 in debt forgiveness via Congressional action.

The resolution was introduced in a press conference by Senate Majority Leader Chuck Schumer, Senator Elizabeth Warren, and Representatives Mondaire Jones of New York, Ayanna Pressley of Massachusetts, Ilhan Omar of Minnesota, and Alma Adams of North Carolina. The coalition of progressive Democrats argue the Higher Education Act of 1965 gives

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Student debt relief will be “a priority,” says education secretary nominee

Miguel Cardona, President Joe Biden’s nominee to lead the Department of Education, said he would support student loan forgiveness if confirmed, but gave little indication of what student debt relief might look like in practice.

In a Monday interview with Connecticut Public Radio, Cardona, who serves as Connecticut’s education commissioner, said that despite his background in K-12 schools, tackling student debt would be a “would be a priority for me, it would be an area of focus that early on we’d have to really make sure we’re coming up with clear support plans and strategies.”

Last year federal student loan

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Biden to continue freeze of payments, ask Congress to erase debt

President-elect Joe Biden’s administration plans to continue a pause on federal student loan payments when he takes office later this month, according to officials helping with the transition.

The nation’s tens of millions of student loan borrowers could continue to abstain from making payments, though it wasn’t immediately clear how long the pause would last.

Biden officials also said Friday they would encourage Congress to pass legislation to erase $10,000 in federal student loan debt per person. That move, however, is likely to draw criticism from activists who have pushed Biden to forgive more debt per person, in some cases

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Where Biden’s Education Secretary Stands on Issues Like Reopening Schools, Student Debt

President-elect Joe Biden has picked Connecticut education commissioner Miguel Cardona to lead the Department of Education in his administration—a high-profile post that will be tasked with significant policies on K-12 and higher education if he wins Senate confirmation.

Some of the top education issues facing the incoming administration will include skyrocketing student debt, reopening schools that have been closed for months because of the coronavirus pandemic, addressing Title IX sexual assault cases and mending relationships with influential teachers unions.

Here’s where Cardona stands on those issues and what Biden has said.

Reopening Schools During Pandemic

Cardona has been an advocate

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