House and Senate Democrats are continuing their push to provide loan assistance for those who took out and can't afford student loan payments.
Senate Majority Leader Chuck Schumer along with Sen. Elizabeth Warren introduced the plan Thursday morning, which would have $50,000 of student loan debt removed for all borrowers.
College should be a ladder up. For too many people debt is the anchor that weighs them down and they rarely overcome it.
Senate Majority Leader Chuck Schumer
Schumer and his colleagues called on the Biden-Harris administration to use executive power to provide forgiveness, saying "the bottom line is this is one of those things the president can do on his own."
Today would be a great day for President Biden and Vice President Harris to #CancelStudentDebt.— Chuck Schumer (@Chuck Schumer) 1612457247.0
Warren, who has always been vocal on student loan forgiveness, believes it will help "dig our economy out of this crisis."
Canceling student loan debt would immediately put money in the pockets of millions of Americans. It would help dig… https://t.co/g1NANlvBOb— Elizabeth Warren (@Elizabeth Warren) 1612192666.0
FOX26 reports Democratic Representatives Mondaire Jones, Ayanna Pressley, Ilhan Omar, and Alma Adams have thrown their support in for the resolution.
President Joe Biden supports the idea of immediate student loan forgiveness and has even called for $10,000 of forgiveness for all borrowers, but he believes he shouldn't use executive actions to provide it.
"Immediate $10,000 forgiveness of student loans, helping people up there in real trouble,” Biden told FOX News,“ They’re having to make choices between paying their student loan and paying the rent."
It is not yet known if Biden supports the new $50,000 forgiveness plan.
The total student loan debt in the United States currently sits at $1.68 trillion.