Nicholas Ballasy
Just the News

March 15, 2021

Senate Majority Leader Chuck Schumer says that canceling $50,000 of student loan debt “makes sense” even if it won’t apply to borrowers who recently paid off their loans instead of buying their first home or using that money elsewhere. 

Schumer and Massachusetts Sen. Elizabeth Warren have called on President Biden to cancel $50,000 of student debt through executive order without Congress. The lawmakers have legislation to cancel up to that amount of student loans as well. Biden has said he is against those proposals. Instead, Biden has proposed $10,000 in student loan forgiveness for current borrowers.

Schumer and Warren were asked if student debt forgiveness is fair to graduates who recently finished paying off their college loans. The lawmakers were also asked how debt forgiveness addresses rising tuition costs at public and private universities.

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