Democrats Prompt Biden to Erase $50,000 Student Loan Debt

Democrats are pushing President Joe Biden's cancellation of $50,000 in debt for federal student loan borrowers through an executive order. However, the White House suggested it must be done by legislative means.

Senate Majority Leader Chuck Schumer (D-N.Y.), accompanied by Rep. Ayanna Pressley (D-Mass.), Sen. Elizabeth Warren (D-Mass.), and other Democratic lawmakers, prompted Biden to take executive action to erase $50,000 per borrower.

Biden Administration Weighs Forgiving Student Loan Debt

The Biden administration is pondering over using executive action to forgive Americans' federal student loan debt, according to the White House's chief spokeswoman in response to pressure from Democratic lawmakers and progressive groups.

President Biden has earlier questioned his ability to use executive action for the cancellation of some or all of Americans' federal student loan debt.

The average cost at a public university is $25,000 yearly, while it stands at $50,000 for a private school.

Numerous students seeking higher education have to take out loans for school as without doing so, they cannot afford it.

Schumer, White House at Odds Over How to Erase Student Loan Debt

Schumer and the White House are divided over how to set forth in the upcoming months the key progressive priority of forgiving large swaths of the outstanding $1.5 trillion of federal student loan debt.

The conflict foresees a looming fight over student loan cancellation that could be a significant test of how far progressives could push President Biden, who has sought to identify himself as a bipartisan unifier and dealmaker.

The group of progressive lawmakers also included Ilhan Omar, D-Minn., Vernon Jones, D-Ga., and Alma Adams, D-N.C., who introduced the resolution.

According to Schumer, "President Biden has taken some good steps in the direction of student debt, but we think he has to go much further," reported Fox Business.

White House press secretary Jen Psaki stated on Thursday, "I think he took a step through executive action on the first day and would look to Congress to take the next step. She referred to an executive order extending a halt on student loan payments, reported WCYB.

However, she later wrote on Twitter that the White House is "reviewing whether there are any steps he can take through executive action," alluding that the option is not entirely cast aside.

The resolution is much like a resolution earlier introduced by Schumer and Warren in September. Since then, Schumer made it apparent that their proposal does not apply to all student loan borrowers.

Also, according to Schumer, "[Student loan debt] is a huge anchor on our entire economy" and argued there are few more powerful economic tools at Biden's disposal than canceling $50,000 in student debt, which could bolster the economy, reported Forbes.

Pressley stated, "Broad-based student debt cancellation is precisely the kind of bold, high-impact policy that the broad and diverse coalition that elected Joe Biden and Kamala Harris expect them to deliver."

The White House remarked on Thursday it was open to canceling debt without a move by Congress.

The burden of taking out loans prevents students from buying a house following graduation and results in a financial struggle for many years.