Biden’s ‘mind is open’ on student loan forgiveness, Schumer says & More news

 

U.S. Senate Majority Leader Chuck Schumer.

Leah Millis | Reuters

Senate Majority Leader Chuck Schumer, D-N.Y., wearing a mask that read “Cancel student debt,” called on the labor movement on Wednesday to join him in his fight to get President Joe Biden to forgive $50,000 in federal student loan debt per borrower.

During the roundtable with Sen. Elizabeth Warren, D-Mass., and union leaders including Randi Weingarten, president of the American Federation of Teachers, Schumer said there was a false narrative about who student debt cancellation would benefit.

“Let’s dispel one awful myth right here: This is not a problem that concerns the wealthy or the Ivy League,” Schumer said. “All of these fat cats, and people who never want to see help for working people and poor people come up with these myths.

“It’s affecting working-class people,” he added.

More from Personal Finance:
Inflation forces older Americans to make tough financial choices
Record inflation threatens retirees the most, say advisors
Tips for staying on track with retirement, near-term goals

The senator was addressing the arguments made by those who oppose canceling student debt on the grounds that college graduates are privileged thanks to their education and higher earnings.

Schumer also appeared to be speaking directly to President Biden, who has repeatedly framed canceling student debt as a handout to the well-off.

In a 2021 interview with The New York Times columnist David Brooks, Biden said “The idea that you go to Penn and you’re paying a total of 70,000 bucks a year and the public should pay for that? I don’t agree.”

Those comments echoed earlier ones he made at a CNN town hall, where he said it didn’t make sense to cancel the loans “for people who have gone to Harvard and Yale and Penn.”

The fact that Biden has brought up Ivy League schools when asked about forgiveness has caused frustration among borrowers and advocates, who say it’s a myth that people with student debt — particularly those struggling with it — have the benefit of a prestigious education behind them.

Indeed, just 0.3% of federal student borrowers attended Ivy League colleges, according to estimations provided to CNBC by higher education expert Mark Kantrowitz. The largest share of borrowers by far — 49% — came from public colleges.

Another quarter of borrowers attended for-profit schools, which have come under fire for misleading students about programs and career outcomes, as well as for preying on veterans and people of color. Nearly half of those who take out student loans at these schools end up defaulting.

Most recently, the White House was reported to be leaning toward a cancellation plan of $10,000 per borrower, yet it’s under pressure to go further.

The NAACP has been vocal about how $10,000 would be insufficient relief for Black student loan borrowers, who carry an average balance more than $50,000 a few years after graduating.

Wisdom Cole, national director of the NAACP’s youth and college division, recently posted on Twitter that nixing just $10,000 would be “a slap in the face.”

Meanwhile, the Biden administration is also grappling with the fact that the idea of student debt forgiveness infuriates many Americans, including those who never borrowed for their education or went to college. Some Republicans have said they would try to block an effort by the president to cancel the debt.

On Wednesday, Schumer called on the labor movement to make student debt cancellation an issue that resonates “from one end of America to the other.”

“We’ve met with President Biden on numerous occasions; his mind is open to this,” Schumer said to the union leaders. “Let us fight and persist until we succeed in canceling $50,000 in student debt for America.”

 

I have tried to give all kinds of news to all of you latest news today 2022 through this website and you are going to like all this news very much because all the news we always give in this news is always there. It is on trending topic and whatever the latest news was

it was always our effort to reach you that you keep getting the Electricity News, Degree News, Donate News, Bitcoin News, Trading News, Transfer News, Gaming News, Trending News, Digital Marketing, Telecom News, Beauty News, Banking News, Travel News, Health News, Claim News latest news and you always keep getting the information of news through us for free and also tell you people. Give that whatever information related to other types of news will be

made available to all of you so that you are always connected with the news, stay ahead in the matter and keep getting today news all types of news for free till today so that you can get the news by getting it. Always take two steps forward

All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get

all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue

to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.

All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this news, you can get other types of news along with your country and city. You will be able to get information related to, as well as you will be able to get information about what is going on around you through us for free

so that you can make yourself a knowledgeable by getting complete information about your country and state and information about news. Whatever is being given through us, I have tried to bring it to you through other websites, which you may like

very much and if you like all this news, then definitely around you. Along with the people of India, keep sharing such news necessary to your loved ones, let all the news influence them and they can move forward two steps further.

Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links

Get Original Links Here🡽

Scroll to Top