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Will Biden Cancel Student Debt? Deluded Schumer Thinks Yes



Demonstrators protest near Grand Army Plaza during a rally to cancel student loan debts | Will Biden Cancel Student Debt? Deluded Schumer Thinks Yes | featured

A deluded Senator Chuck Schumer (D-NY) thinks that President Joe Biden will eventually cancel student debt. However, Biden never indicated a willingness to order the cancellation of student debts of $50,000. Yet, the Democrat Majority Senate leader thinks that the time is coming.

RELATED: Biden Wants $10k Student Loan Relief, Not $50k

Will Biden Cancel Student Debt? Deluded Schumer Wants To Believe

Demonstrators protest near Grand Army Plaza | Will Biden Cancel Student Debt? Deluded Schumer Wants To Believe 

Schumer talked to activists last Wednesday about their demands for the government to cancel student debt. He said that Biden and his senior advisers are warming up to the idea.

With only that much to hold on to, Schumer insisted that the Democrats are closer to wiping off student loans than ever before. 

The Democrat senator supports the move to cancel student debt. He wants the government to cancel up to $50,000 in loans per borrower.

Because of that, he thinks that the Biden administration will arrive at that thinking as well. In a virtual event, Schumer addressed members of the State of Student Debt Summit.

“I have talked personally to the president on this issue a whole bunch of times. I have told him that this is more important than just about anything else that he can do on his own,” he said.

“We’re making progress folks. We are making progress. The White House seems more open to it than ever before,” he said.  

However, Biden Never Wanted To Cancel Student Debt

Unfortunately for the State of Student Debt activists, Biden’s record on student debt remains firmly on the debit side. As early as February last year, Biden already made it clear he supports wiping off loans, but only up to $10,000 per student.

In addition, the President wants Congress to do the deed and not himself via executive order. Instead of taking the lead on such a move, the President would rather sign off on a law once Congress gets it done. 

Biden often said that canceling student debt benefits those who attended elite and more expensive colleges than ordinary students.

Wiping off student loans of up to $50,000 applies more to those who attended Ivy League universities.

In addition, Biden said that using government funds to pay off student loans will leave lesser funds for other education programs. He said he would rather fund free community colleges and preschool programs.   

Education Department Extends Suspension Of Student Loan Payments

Supporting Biden’s stance, the Education Department announced last week that it will extend the suspension of student loan payments. Schumer himself said that this move is not enough to help students.

“Don’t get me wrong, the pause is a good thing, but it ain’t enough. It ain’t close to enough,” he said. Once payments resume, families face an average of $393 monthly payments. 

“That is so much money. How does anybody live knowing every month I got to pay this $400?” he said. “So the pause has stopped that, but make no mistake about it.

This pause isn’t going to stay forever and the canceling of student debt is the way to go.”

Watch the CBS News video asking: can student loan forgiveness help the US avoid a recession?

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