Jan. 12, 2021 By Christian Murray
U.S. Senator Chuck Schumer is calling on residents to lobby President-elect Joe Biden for student loan forgiveness.
Schumer, who spoke to Community Board 2 members via Zoom Thursday, said that he and Senator Elizabeth Warren have proposed that the first $50,000 of student loan debt be forgiven by the federal government.
“The good news is Joe Biden can do this with the flip of the pen and it does not need legislation,” Schumer said. “This is huge. So many younger people have a huge burden of student debt and it particularly affects us here in New York.”
Schumer said that Biden is able to forgive the debt via an executive order. He said this could be done on the first day Biden is in office and would be a huge boost to young people.
“They could use the money to buy a house, start a family and get the job they need and want,” Schumer said during the meeting.
Schumer’s spokesperson said that he wants people to advocate for $50,000 in debt forgiveness via twitter.
Biden made a campaign pledge to sign legislation canceling up to $10,000 in student loan debt for borrowers who make up to $125,000 a year.
Last week’s Democratic takeover of the Senate means Biden is in a better position to deliver on that promise.