Schumer Again Calls On Biden to Cancel $50,000 per Borrower in Federal Student Debt

Senate Majority Leader Chuck Schumer reiterated his call for the Biden administration to cancel $50,000 in federal student loan debt for every borrower.

Mr. Schumer (D., N.Y.), speaking before a virtual panel at the Brookings Institution Monday, said canceling the debt would allow more borrowers to start a family, buy a house or save for retirement. Other Democrats, including Sen. Elizabeth Warren (D., Mass.), Reps. Ilhan Omar (D., Minn.), Ayanna Pressley (D., Mass.), Alma Adams (D., N.C.) and Mondaire Jones (D., N.Y.) have also called for $50,000 in debt relief.

President Biden has been reluctant to cancel the debt by executive action, saying he was unsure he had the necessary authority. Instead, Mr. Biden has called on Congress to cancel $10,000 in federal student debt for every borrower.

On Monday, Mr. Schumer said the president had the power.

“With the flick of a pen, President Biden could get it done and I promise that I’ll keep pushing the Biden administration to do it,” he said.

Source: WSJ – US News

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