After more than two years, it may now be possible to get rid of a lot of student loans. And a well-known Democrat wants to make sure that Vice President Joe Biden doesn’t miss the chance to make a big impression.
A reliable Democrat said that Senate Majority Leader Chuck Schumer called Vice President Joe Biden on Tuesday night to ask the president one more time to forgive as much student debt as possible. Biden’s final decision, which is said to be that debtors who make less than $125,000 a year will have $10,000 of their debts forgiven, is expected on Wednesday. Schumer and many other Democrats have said that $10,000 is not enough.
Even though Biden turned down that amount of help in April, Schumer and a few of his fellow Democrats have kept pushing for a $50,000 student loan cancellation. At a roundtable held by the AFL-CIO in June, Schumer promised to keep fighting until he got the $50,000 in aid.
Chuck Schumer said, “We need the working people of America, and we need this strong, progressive, thoughtful, and caring labour movement.” He also said that people with student loans “can’t do all the things people look forward to because that damn payment is on their backs every month.”
But it looks like Biden will keep the promise he made during the campaign to accept up to $10,000. Millions of federal borrowers are also eagerly waiting to hear if the freeze on student loan payments will be extended again. Right now, the freeze is set to end on August 31, one week from today. Many Republican lawmakers have gone on the offensive in hopes of getting what they think will be more help. In a late-night blog post on Tuesday, the GOP House Education Committee said that delaying relief any longer is “unsustainable” and that the Biden administration’s plan is “creating significant problems for student borrowers and loan servicers.”
But when they heard what the president was going to do, many supporters were upset. The president of the NAACP, Derrick Johnson, said in a statement that “If the rumours are true, we’re in a tough spot. It’s sad that we’ve been through this so many times before.”
“The interstate highway system did a lot of damage to black neighbourhoods. The welfare reform didn’t do anything to help poor people of colour. The fact that the senate couldn’t pass the George Floyd Justice in Policing Act didn’t save any black lives “Johnson remarked. “We can’t let President Biden’s decision on student debt add to the growing list of policies that have failed Black people, especially Black women. This is not how you should treat Black voters, who made up 90% of the vote in 2020 and had the highest turnout of any group.”