Here’s what we know…
At a recent virtual summit regarding student loan debt, President Biden was strongly asked by Senate Majority Leader Chuck Schumer to use his executive action to cancel a whopping $50,000 in student loan debt for everyone.
According to CNBC, “With the flick of the pen, President Biden on his own, without any congressional action or approval, could provide millions upon millions of student loan borrowers with a new lease on life,” Schumer stated.
“It would free these Americans to finally buy that house, save on the kids’ education, get going on starting a small business or going into the profession that they desire,” Schumer added. “It could unleash a wave of economic activity missing from our country today.”
Sen. Elizabeth Warren, D-Mass., and Rep. Ayanna Pressley, D-Mass., were also in attendance at The State of Student Debt Virtual Summit.
Biden personally appears to not be in favor of wiping away anyones student debt. “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,” Biden told The New York Times.