Sen. Schumer: ‘We Believe that President Biden Legally Has the Authority To Cancel Up to $50,000 in Student Debt Through Executive Action’
EXCERPT:
SCHUMER: "Americans owe $1.7 trillion. Nine million students, former students are in default on their loans. It gets worse and worse and worse and it just holds everybody back. It holds you back from deciding what path to pursue, to buy a car, to do so many other kinds of things. And it holds our economy back. And one of the amazing things about this is the racial wealth gap. Black and brown communities are shouldering a larger burden of the student debt. The average black borrower owns more than a hundred percent of their loan balance even after 12 years of college. So this is not only a problem for the whole country, for the economy, and for students past and present and their families, but it's also part of the reason that we have such a division between black and white in wealth and income. We want to solve all that, and we believe that president Biden legally has the authority to cancel up to $50,000 in student debt through executive action, a flick of a pen.”
