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.
I’m for cancelling the debt and not paying the colleges anything. Scott Galloway estimates the loans are 92% profit (https://www.youtube.com/watch?v=d8kwzSTITP0). Sticking the taxpayer just changes the victims.
Senator Charles Schumer wanting Uncle Sam to forgive the first $50,000 in outstanding college loans sounds great. Who doesn’t want free stuff from Washington? But what about the millions of American parents who saved and sacrificed to put their children through college. What about the students who worked at part time jobs to attend college? Millions benefited from being able to attend college on student loans. This has given them access to the middle class. Sadly, too many students then stuck Uncle Sam with the bill. Despite being successfully employed for years at well-paying jobs, there are several hundred thousand former students with ample income who refuse to pay off their student loans. Taxpayers are left with billions of dollars in uncollected debts. Now Schumer wants Washington to just write off hundreds of billions in outstanding student loan debt. Many larger private colleges have endowment funds ranging from millions to billions. Why don’t they contribute to reducing their own graduating students debt instead of taxpayers? Collecting some of these outstanding debts from those who can easily afford to is only fair. Given that we are now burdened with over $27 trillion in long-term debt, equal attention must be paid to this scandal as well. Why not start by denying federal and state tax refunds to those deadbeats who look for a free ride at our expense? When will the White House and Congress speak up on this issue as well and introduce appropriate legislation to assist in collecting these outstanding debts? Time will tell
And who pays for the debt then? The working class? Myself, who saved money and worked while in school to pay for it all without borrowing a penny from anyone? Thanks leftists, punish the rest of us. I guess I should of went back to school and “borrowed ” money so I don’t have to repay it. This country is messed up!