Biden Moves to Cancel $50,000 in Student Loans

As midterm defeat looms, Biden is trying to lure young voters once again by canceling more student debts.

Chuck Schumer, the Senate Majority Leader, indicated the president is likely to cancel student debts of up to $50,000 with executive action.

Biden is Close to Canceling Massive Student Debts

While talking about Biden’s possible student debt plan, Schumer expressed his optimism that he and other like-minded Democrats are in talks with the president on the issue.

According to him, these talks have remained “fruitful,” and the president is moving in the “right” direction.

The Department of Education suggested over 43 million Americans are under student loans, totaling up to $1.75 trillion, a number that has doubled in the last decade.

This is one of the most pressing demands of the progressive faction of the Democrat Party, which urged Biden to cancel the student loans up to $50,000 as soon as he assumed the presidency.

However, back then, Biden refused to act.

Just like Schumer, the White House press secretary Jen Psaki also suggested Biden could act to give “relief to students.”

On the other hand, Republicans do not want any executive action for student loan forgiveness.

For this purpose, GOP senators brought the Stop Reckless Student Loan Actions Act, which is not only intended to stop Biden’s executive authority on the matter, but also to stop any repayments suspension.

According to Republicans, American taxpayers’ money should not be spent on anything which is not directly related to them.

Senator Mike Braun of the GOP asserted a significant portion of Americans do not have a college degree, so these people must not be punished for paying the loans of others.

Furthermore, Braun indicated this attempt by Biden is not supposed to bring equity, but to please “far-left activists.”

Biden Only Wants to Win Young Voters Back

Multiple surveys have established that young voters want the president to cancel these debts.

These young people helped Biden acquire power in the 2020 elections; they started showing their displeasure over Biden’s ignorance of student loans when he came into power.

This was creating a new challenge for Democrats as these voters could either turn to Republicans or decide not to cast their ballots in the November elections.

The president is already tense with his declining popularity, so experts believe luring these young voters can help him make a significant impact in the midterm elections. 

Mark Gearan, the director of the Institute of Politics, stated young voters have turned out to be a “formidable” factor in deciding the course of recent American elections.

Both political parties will act to win the attention of these voters as the midterm elections near, he added.

Democrat Senator Elizabeth Warren also told the actual reason for removing these loans.

She noted the Democrats could emerge victorious in the November elections if Biden manages to waive student loans.