Pressure mounts for President Biden to eliminate student loan debt

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Nationwide, student loan debt stands at over $ 1.6 trillion, an average of over $ 37,000 per student.

Efforts to convince President Biden to eliminate the student loan debt of tens of millions of Americans are gaining momentum. A coalition of Democrats are pleading to forgive up to $ 50,000 to boost the country’s economy.

When this form of loan forgiveness was not included in the $ 1.9 trillion stimulus package passed last week, pressure from some Democrats on President Biden intensified to use his own executive power to to act.

“The momentum is building, the coalition is growing,” said Democratic Representative Ayanna Pressley of Massachusetts. “It’s time for judgment.”

It’s a growing movement to demand that the president write off up to $ 50,000 in American student debt by executive order.

Nationwide, student loan debt stands at over $ 1.6 trillion, an average of over $ 37,000 per student.

“The university should be a ladder,” said New York Senator Chuck Schumer. “For too many people, debt is the anchor that weighs them down.”

One of those people is Carlsbad resident Taylor Petersen.

Through her college and graduate studies, the 28-year-old copywriter has accumulated nearly $ 80,000 in student loans, which she has so far been unable to pay interest on.

“It seems insurmountable,” said Petersen. “It’s something I’ve learned to accept as something I’ll pay for every month, probably until I’m really old.”

For now, his federal loans are on hold, after President Biden extended the break on principal and interest repayments until October 1.

But Petersen is hopeful that some form of loan forgiveness will be adopted at this point. “It would be a burden on my shoulders,” she added.

This would also apply to around 36 million other graduates.

“Particularly black and brown families,” Pressley said, “who we know will be spending this money in their communities.”

Facing Republican opposition, Democratic leaders pushing executive action say that debt cancellation will ultimately boost the economy.

“Right now, young people with student debt are not starting small businesses, not just because of the pandemic, it was a problem before the pandemic,” said Democratic Senator Elizabeth Warren of Massachusetts. “They are not able to buy houses, they often cannot leave the houses of their loved ones.”

“Why are you okay?” Petersen asked. “And why do we accept this as a life … as a future for people?”

As Democrats demand a $ 50,000 rebate, President Biden has voiced his support for $ 10,000, pushing Congress to pass a law he says he wants to sign.





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