In lieu of canceling $50,000 in student loan debt per borrower-a proposal backed by Senate Majority Leader Chuck Schumer (D-N.Y.), Sen. "Cancelling $50,000 in federal student loan debt will help close the racial wealth gap, benefit the 40% of borrowers who do not have a college degree, and help stimulate the economy".
But total student loan forgiveness - which would total $1.6 trillion - is unlikely to take place under Biden's administration, though some more targeted policies may succeed, experts said.
Those latter proposals are widely embraced by Democrats.
Democratic Rep. Alexandria Ocasio-Cortez of NY openly criticized the President on Wednesday over his comments.
"Who cares what school someone went to?" These could include identifying students who took out loans to attend fraudulent for-profit colleges and working to make college more affordable so students don't accumulate debt in the first place. Nowhere does it say we must trade-off early childhood education for student loan forgiveness.
"We can have both", she said. It may also create a risky incentive for students who otherwise wouldn't have taken out loans to do so, with the hope the government would step in and forgive them, creating a downward spiral, Flores-Lagunes said. We've got the *Senate Majority Leader* on board to forgive $50k. Biden's holding back, but numerous arguments against it just don't hold water on close inspection.
Says he doesn't want to forgive debts of borrowers from elite schools - and money would be better spent on early childhood education.
The Democratic senators previously introduced a resolution in September pushing a plan for the next president to use "existing executive authority" under the Higher Education Act to cancel up to $50,000 in Federal student loan debt for Federal student loans borrowed.
Elsewhere during the event, Biden said that he is also in support of expanding debt forgiveness programs for students who enter public service positions like teaching. It depends on the idea that, I say to a community, I'm going to forgive the debt of billions of dollars. for people who have gone to Harvard and Yale and Penn.
"Democrats are committed to big, bold action, and this resolution to cancel up to $50,000 in federal student loan debt is one of the strongest steps the president can take to achieve these goals", Schumer continued.
According to a new survey reported by NBC News, 67% of Black voters support the elimination of student loan debt.
"Most students in the country don't go to private universities", White said. Black borrowers remain heavily impacted by weight of student loan debt with higher borrowing rates, according to CNBC.
President Biden indicated on Tuesday that writing off $50,000 in student debt is not something that he believes can be "done with presidential action", but said he is prepared to eliminate $10,000 for students.
"It's just an ideological stance on being moderate that isn't informed by what makes sense from either an economic, gender, or racial justice standpoint", Newsome wrote.
A portion-not more than $10,000-is probably the most that debt burdened Americans can hope for in terms of student loan forgiveness. "That can weigh on economic activity".
Powell later cited data showing that "people ... take on student debt in an effort to make their lives better and brighter, and if it doesn't work out that way, they drag that debt down through their economic lives, and it can get in the way of their credit history, of course, and their ability to own a home, and their whole economic life for many years".