HOw much student debt would you cancel?
Now that Joe Biden’s win has been certified by the Electoral College, there's hope that debt relief could be on the way. Just a question of much is politically possible. Some portion of the record $1.6 trillion of U.S. student loans ould be forgiven.
President-elect Joe Biden proposed forgiving at least $10,000 of federal student loans per person under his Emergency Action Plan to Save the Economy, as COVID-19 cases set alarming records.
Democratic Sens. Chuck Schumer (D-NY) and Elizabeth Warren (D-Mass.) urged the next president to cancel up to $50,000 in student debt immediately, a proposal outgoing Secretary of Education Betsy DeVos recently called a “socialist takeover of higher education.”
$10,000 would help the largest class of borrowers. But $50,000 would be more life changing.
Biden should definitely listen to Schumer and use executive order to cancel $50K of student debt per person.