Here’s what happened…
As progress continues to be made by Democrats in the Congress, thanks to Mitch McConnell, Dems are now pushing for President Biden to use his executive action to cancel around $1.7trillion in student debt for over 18 million borrowers.
They also want to extend the moratorium which expires in February for which debt payments have to start being paid again.
According to Fox Business, Senate Majority Leader Chuck Schumer, D-N.Y.; Sen. Elizabeth Warren, D-Mass.; and Rep. Ayanna Pressley, D-Mass., wrote a letter to Biden and warned him that millions of families will be hurt financially if they are forced to pay off their debts.
The later stated, “To prevent the student debt crisis from dragging down on our economic recovery, undermining the effectiveness of the American Rescue Plan, and causing unnecessary pain and stress for American families, we strongly urge you to extend the pause on student loan payments and interest and act to cancel student debt.”
Schumer also spoke separately about his demand to cancel the student debt and said, “If we don’t extend the pause, interest rates just pile up. Students owe a fortune. And with omicron here, we’re not getting out of this as quickly as we’d like.”