Washington Democrats urge President Joe Biden to cancel $ 50,000 in student debt for millions of Americans.
HOUSTON – Washington Democrats ask President Joe Biden to cancel millions of Americans $ 50,000 debt on student loans.
TIED TOGETHER: REVIEW: Has President Biden proposed that all federal student loan debt be canceled?
“We’re here to present our proposal to cancel student debt of $ 50,000,” said New York Senator Chuck Schumer.
Schumer and Senator Elizabeth Warren, along with fellow Democrats, tabled a resolution calling on Biden to sign an executive order to cancel student debt. They said it would help millions of Americans, the likes of Chad Promise and his fiancée Saraiah Gonzalez.
“You get this grace period when you leave school. You find work when you leave college … and when that thing strikes (loan payments) it strikes hard and we just do the best we can every month” said Promise.
So if Biden signed an executive order and made those loans, who would pay the bill? An economics professor at Houston University said falling back on the federal government is falling behind on taxpayers.
“In a way, we’re already on the hook. Because many of these people, whose loans would be canceled, are already behind.
In the meantime, Promise and Gonzalez remain optimistic that Biden will sign the ordinance and ease some of their financial burden.
“It’s just a huge cloud hanging over your head. It would just be of great help to us. I hope it gets done safely,” said Promise.