Warren & Schumer Pressure Biden to Reverse Stance and Cancel $50k of Student Debt

During the CNN town hall held last night, President Biden rejected a question asked by an audience member, who suggested that “we need” at least a $50k cancelation of student debt.

Politico reporter Michael Stratford reported that Biden responded, ““I will not make that happen” and that he “Says he doesn’t want to forgive debts of borrowers from elite schools — and money would be better spent on early childhood education.”

New – Biden completely rejects Schumer/Warren proposal to cancel $50K of student loan debt per borrower:

“I will not make that happen."

Says he doesn't want to forgive debts of borrowers from elite schools — and money would be better spent on early childhood education. pic.twitter.com/oDwvCJveOm

— Michael Stratford (@mstratford) February 17, 2021

Last September, a press release from U.S. Senator Elizabeth Warren (D-MA) demanded that, together with Senate Majority Leader Chuck Schumer (D-NY), “The next president can and should cancel up to $50,000 in student loan debt immediately.”

In a joint press release today, they pushed back at Biden for suggesting he couldn’t make it happen.

In the release, they said, “Presidents Obama & Trump used exec. authority to cancel student debt. The Biden admin has said they’re reviewing options for cancelling up to $50K and Sen. Warren & I are confident they’ll agree with Obama & Trump standards and experts who say the admin has authority to deliver relief.”

“Student loan debt is holding back 43M borrowers, disproportionately weighing down Black & Brown Americans. Cancelling $50K in student debt will help close the racial wealth gap, benefit the 40% of borrowers without a college degree, & help stimulate the economy. It’s time to act,” they added.

President Biden has the authority to cancel $50,000 of student loan debt. @SenSchumer and I are urging him to act. Here's our statement. #CancelStudentDebt pic.twitter.com/MQYxQJMioM

— Elizabeth Warren (@SenWarren) February 17, 2021

In a tweet, Schumer said, “President Biden has the power to cancel student loan debt by executive action. It would help close the racial wealth gap, and give a big boost to families and our economy.”

President Biden has the power to cancel student loan debt by executive action.

It would help close the racial wealth gap, and give a big boost to families and our economy.@SenWarren and I will keep fighting for President Biden to #CancelStudentDebt.https://t.co/cM7fORaCtK

— Chuck Schumer (@SenSchumer) February 17, 2021

U.S. House Rep Alexandria Ocasio-Cortez (D-NY) pushed back against Biden’s arguments in a pair of tweets as well.

AOC downplayed the importance of the school borrowers attended and said “entire generations of working class kids were encouraged to go into more debt under the guise of elitism.”

Ocasio-Cortez believes that “We can have both” and added that the government should not have to make a choice between supporting early childhood education and relieving student debt.