Pressley and Warren appear cautiously optimistic as Biden considers student loan forgiveness

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Policy

Last week, Biden told reporters he was “looking carefully” at student loan forgiveness.

Activists hold signs as they attend a student loan forgiveness rally on Pennsylvania Avenue and 17th Street near the White House on April 27, 2022 in Washington, DC. Anna Moneymaker/Getty Images

Despite being cautiously optimistic that some form of relief is on the horizon, Democrats, including Congresswoman Ayanna Pressley and Senator Elizabeth Warren, continue to urge President Joe Biden to forgive student loan debt.

On the campaign trail, Biden promised to forgive at least $10,000 of federal student loan debt per person, but he has yet to follow through on that promise.

Senate Majority Leader Chuck Schumer, Pressley, Warren and other Democrats pushed even further, calling on the president to eliminate up to $50,000.

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Last week, Biden told reporters that he was “looking closely” at student loan forgiveness and expected to make a decision within a month.

“All we know is that the president has expressed his willingness to cancel certain debts… [in and of itself]is a tremendous victory,” said MP Ayanna Pressley. told Yahoo Finance.

“Any relief we can provide to people in the midst of unprecedented economic hardship as we begin to turn the corner and move towards recovery from this pandemic-induced recession would make a difference,” she added.

Biden did not reveal how much student debt could be forgiven, but said a $50,000 debt forgiveness was not something he was considering.

“I’m looking closely at whether or not there will be additional debt forgiveness,” Biden said Thursday. “And I’ll have an answer on that in the next few weeks.”

Warren was delighted to hear that.

Asked by WCVB how she felt about Biden’s resistance to canceling up to $50,000 in student debt, Warren said, “But remember what the president said is he’s clearly headed the cancellation of student loan debt.

“He’s not saying he doesn’t have the power to do that,” she continued. “He will try to find the right way to do it. And I say, good for you, Joe Biden.

“I think it’s so important that we need to write off a lot of student loan debt,” Warren added.

Also seeing any type of debt forgiveness as a positive step, Pressley told Yahoo Finance, “I have always advocated for large-scale student debt forgiveness. It’s transformational, it’s impactful, and we were calling for $50,000 per executive action because it would help 80% of people in the lowest income bracket.

Pressley has Many times drew attention to gender and racial disparities of student loan debt.

However, not all Democrats agree. House Speaker Nancy Pelosi said Biden doesn’t have the power to cancel student debt.

“Suppose… your child decides that he, at this time, [do] don’t want to go to college, but you’re paying taxes to forgive someone else’s obligations,” Pelosi told reporters in July. “You may not be happy about it.”

Other Concerns Noted by experts understand how many people could actually benefit from some form of student debt forgiveness and how such a measure could affect inflation.

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