“Cancel Student Loans”, Democrats Tell Biden After Passing $1.85T Bill
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- Some progressive Democrats have taken to Twitter to push President Joe Biden to cancel student loans.
- Some borrowers have qualified for forgiveness under total and permanent disability (TPD) discharges, borrower defense and a limited PSLF waiver
- Student loan debt forgives was left out in the just passed Build Bank Better $1.85 trillion plan.
On Friday November 19 House Democrats passed the Build Back Better Act. The Act outlines President Joe Biden administration’s signature spending plan that includes approximately $1.8 trillion worth of investments in progressive causes such as child care, reduction of healthcare costs, renewable energy and affordable housing among other things. While Americans are waiting for the Build Back Better Plan to be operationalized, some are still hopeful that the President Biden will cancel student loan debts.
Several progressives from the Democratic party have since taken to social media platforms pushing Biden to honor his campaign trail promises.
Rep. Pramila Jayapal (Democrat-Washington) said in a tweet that passing the Build Back Better plan was a major step but it was time to cancel student debts and relieve people of some of the financial burdens.
As we continue recovering from this pandemic, people need help.
Passing the Build Back Better Act is a major step but there’s still more to do. It’s time to cancel at least $50,000 of student debt per borrower and get people the relief they need.https://t.co/fNXmSuDv5M
— Rep. Pramila Jayapal (@RepJayapal) November 22, 2021
Another Democrat, Rep. Nikema Williams (Georgia) added to the attention that the student loan debt issue is getting indicating that she wont stop advocating for student loan cancellation in a Twitter post over the weekend.
Although there have been repeated calls from top-ranked lawmakers like Senate Majority Leader Chuck Schumer (Democrat – New York) and Sen. Elizabeth Warren (Democrat – Massachusetts) to cancel student loans, it is still unclear whether the U.S. government will forgive federal student loan debts, or whether Biden has the powers and/or authority to do so.
Will The Biden Administration Cancel Student Loans?
While on the campaign trail, Biden promised cancelling up to $10,000 of student loan debts per borrower. But meeting this promise has been a challenge as enacting federal student loan forgiveness legislation has proven hard to achieve.
Whereas many have called on Bident to use his executive authority to cancel student loan debts, others are doubtful of such presidential powers. Some lawmakers like House Speaker Nancy Pelosi (Democrat – California) has previously affirmed that the Congress should act on student loan forgiveness.
But for any bill to cancel student loan debts to pass through Congress may not as easy and many would like it to be. To start with, not all Democrats advocate for student loan cancellation. Secondly, it was not factored in the Build Back Better $1.85 trillion plan.
Still, progressive Democrats are still pushing Biden to cancel student debts before repayments resume in February 2022.
If you are not financially prepared to resume student loan debt repayments and feel that they are going to hit hard on your finances, consider some personal loan options, like online pay day loans to fund your expenses. Read our review on best installment loans direct lenders to see if any meet your financial needs.
