Washington Democrats are calling on President Joe Biden to forgive $ 50,000 in student debt for millions of Americans.
HOUSTON – Democrats in Washington are calling on President Joe Biden to forgive $ 50,000 in student debt for millions of Americans.
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“We are here to present our proposal to write off $ 50,000 in student debt,” said New York Senator Chuck Schumer.
Schumer and Senator Elizabeth Warren, along with other Democrats, introduced a resolution calling on Biden to sign an executive order to cancel student debt. They said it would help millions of Americans, people like Chad Promise and his fiancee Saraiah Gonzalez.
“You get that grace period when you get out of school. You get a job when you get out of college … And when that happens (loan repayments) it hits hard and, you know, we let’s do our best every month, ”said Promise.
So if Biden signs an executive order and forgives these loans, who will foot the bill? A University of Houston economics professor said he was falling back on the federal government, therefore, on taxpayers.
“In a sense, we’re already on the right track for this. Because a lot of those people whose loans would be canceled are already behind them. And probably already in default,” said Dr Dietrich Vollrath.
In the meantime, Promise and Gonzalez remain optimistic that Biden will sign the executive order and ease some of their financial burden.
“It’s just a huge cloud hovering over your head. It would just be a huge help for us. I hope it gets done for sure,” Promise said.