Student Loans
This week, the U.S. House of Representatives is expected to debate the $1.85 trillion major spending package, which is part of President Joe Biden’s Build Back Better Plan. Inside this major legislation, you’ll find spending on health care, education and climate change. However, absolutely nowhere inside this legislation will you find any mention of student loan forgiveness or student loan cancellation. This is despite student loan forgiveness apparently being a top priority for Democrats in Congress. Senate Majority Leader Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA), who both have called for up to $50,000 of student loan forgiveness for student loan borrowers, have championed universal student loan cancellation as a centerpiece of their policy goals. Biden too supports $10,000 of student loan forgiveness for borrowers and has encouraged Congress to pass legislation. (Here’s how to get student loan forgiveness).
Why Democrats excluded student loan forgiveness
If you’re a student loan borrower who is hoping for student loan forgiveness, you’re probably frustrated why Democrats have repeatedly excluded student loan cancellation from major legislation. (Here are 3 ways to get a lower student loan payment). Democrats haven’t included student loan forgiveness in stimulus packages, the infrastructure package and other major legislation. Student loan forgiveness also didn’t appear in the president’s annual budget. Many progressives — from Schumer and Warren to Rep. Alexandria Ocasio-Cortez (D-NY) and Rep. Ayanna Pressley (D-MA) — are strong supporters of wide-scale student loan cancellation. They have repeatedly called on the president and fellow members of Congress to enact mass student loan cancellation.
