Tag: erase

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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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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