The Senate's top Democrat, Chuck Schumer of New York, along with Sen. Elizabeth Warren, D-Mass., and other Democratic legislators on Thursday, reintroduced a resolution again calling on the White House to forgive $50,000 in student debt for all borrowers by executive action.
"During a time of historic and overlapping crises, which are disproportionately impacting communities of color, we must do everything in our power to deliver real relief to the American people, lift up our struggling economy and close the racial wealth gap," Schumer said in a statement. "Democrats are committed to big, bold action, and this resolution to cancel up to $50,000 in federal student loan debt is one of the strongest steps the president can take to achieve these goals."
The resolution, first made in the Senate last year, was also introduced in the House of Representatives by Rep. Ayanna Pressley, D-Mass.; Rep. Ilhan Omar, D-Minn.; and Rep. Mondaire Jones, D-N.Y.
How about Student Loan GOVERNMENT MATCH? Giving $50k to a small group is unfair on so many levels. But I support helping students. Instead, match their payments $1:$1 up to $50k plus 0% interest. That’s help AND incentive to pay it off.
And the debt just vanishes in the air? I don't think so, tax payer winds up paying for it.
Most people will just go right back into debt. No more student loan. Well I’ll just go buy a new car and take out another 50k loan for that. This doesn’t fix the problem. People need financial education. Dave Ramsey is what people need.
I paid for my two daughters college. I think this is a great idea. I can’t wait to get money back. I mean...that’s how it works right? It’s only fair.
This would be the best achievement for TheDemocrats and would probably get then re-elected and in control of both Houses!
For about 20 minutes
Being rewarded for bad behavior...what a concept. Why didn’t I think of that? Should’ve bought the house by the lake and told my daughter to just get a loan and then walk away. What were these financial planner thinking when they asked us to save for kids college?
Less talk More action
‘Democrats' 1 bitcoin student loan forgiveness plan would make 36 million borrowers debt-free.’
Proposed Student Loan Debt crisis solution Eliminate the interest past, present & future or cap it. Credit past interest payments to principle Government gets their money back & borrowers provided relief from the strangling compounding interest cnn ABCPolitics NBCPolitics
Man I hope and pray this passes. I’ll buy a house
And transfer that debt (plus interest) to American taxpayers.
This is why we need a third party than racist Republican and communist Democrat. Nobody put a gun in these borrowers’ head to take the $50k loan. They could have gone to cheaper community college.
This is why democrats make no since, they just keep pandering to the poor lower class with no since of where this funding is going to come from. The US cannot afford this.
And the DOW go to 40,000! And BTC to 100K! And real estate prices thru the roof! And the US Dollar be worthless! And the US to go bankrupt! Why not? What is there to lose?
Free public college, and job training, must come before student debt relief.
So dumb, actions have consequences! If you choose to take a loan, you have chosen to pay it back! We are teaching our next generation that it's okay, we just going to make everyone else pay for your mistakes by taxing everyone.
Why don’t they create a government subsidy program? And make university education cheaper. Why cancel the debt of those who willingly paid for overpriced courses? This is so stupid.
Is there a deadline? Cuz I’m about to go apply for some student loans right now 🤣🤣🤣🤣🤣
Bitcoin is the answer
but where will the debt go?
Let others pay the debt of people with a college degree. Great decision (sarcastic).
Your stats are horrible, just like tracking covid.
My $2000 ?
It’s great that most of our servicemembers joined the military for college money, while their non-serving peers are having them and us pay for their college. And those who saved money and worked to get through college...ridiculous. It doesn’t pay to be responsible anymore
Yesssss!!!!!!
So I can go take out a $50K student loan for anthropology and the US Gov is paying for it? 🤣
This guy was on Twitter whining about $90k of debt. I looked at his Linkedin profile. $90k of of student lons for this! This is what the rest of us will be paying for! What a load. Career student for what?
“The problem with socialism is that you eventually run out of other people's money.” ― Margaret Thatcher Yeah, so there is just one problem with your story: your AnnieReporter forgot to mention how they're going to pay for it (ask the taxpayer to pay for it, right ?)
Give something to get something. Community service, volunteer, etc.
That’s economic rocket fuel
Nothing like expecting me to pay for someone else's education after I paid for my own.
the longer the govt teases everyone with this, the less incentive there is for citizens to pay them off in total. I’ve had the means to pay my debt off for a couple of years now but I’m too afraid of the govt suddenly deciding to forgive it all.
If they forgive all loans for all Americans then every American is debt free. And then give a stimulus of $1 billion each.
What about the junior in high school today who has yet to apply for a college loan?
Before voting to do this, democrats will sell of their holdings in the banks who carry the note, crash the stocks. Buy it back, then deem it unconstitutional and take the rewards. To their 3rd or 4th house
How about we just stop student loans?
MichelleLiTV free 50K! wooo!
Before you pass it, lemme apply for a 50k student loan to study Art Photography
Yeah !! Print more money! Everyone gets a free wheelbarrow to carry it around.
let's have the government intervene in a problem that the government caused by intervening!!!!!
bunch of bullshit
For some reason I just don’t trust anything the government does. The Biden administration doesn’t care about anyone being in debt. Somehow this is going to benefit them in the long run if it happens. 💯
They just try to punish honest hard-working people😂
I paid off my college debt so I don't directly benefit from this. But my investments in gold, silver, Bitcoin? Brrrrrr
Yeah but we can’t really afford that. Get govt out of the loan business
Not exactly true since that 'forgiveness' will likely be debt financed by the US.
Irresponsible use of funds.
Unbelievable stupid idea
Stocks to the moon.
Why not do credit card debt that would truly liberate Americans and whittle banks down to size
I had to pay for my education and suffer through the debt etc... What makes them so special? Young people today... think they’re so fu*king entitled.
Let’s forgive mortgages. Just imagime how many debt free borrowers we could create. And while we’re at it. Free slushy’s at 7/11.
how about interests?
If they do this, the government should limit tuition increases for all universities and even slash some prices. It’s not our fault the schools wanted to install a lazy river to attract students.
I cant wait to get the big rebate on the loans I paid off. When do i get it?
That's great, when are you going to pay off my car loan....one of the most ridiculous things I have ever heard...you pandering fucks
A million $ plan will free every single American from students lone. Nobody hence forth should save money for education or pay their lone back on time. That would be a stupid mistake!
And make taxpayers help cover the cost of people who took out loans and knew the consequences
Question: Can they return every penny I paid, while I worked my ass off, to pay for my daughters’ Parent Loan that I took? I hell got NO forgiveness! Answer: OF COURSE, NOT!
And for all other self-inflicted debt? How about debt that comes from imposed lockdowns? How many of these 'students' went on vacation with $$?
Now I can buy more $DOGE $GME $AMC Moon LAMBO
We want mortgage forgiveness!!
MichelleLiTV Plus another 18 million scammers much richer.
tuition reform would help end the problem before another generation is financially burdened with student loan debt.
Sure. At the expense of all those kids and families that paid their bills or never went to college in the fist place. You think future college students are going to make better choices in the future when they will now expect to be bailed out down the road.
Since I paid my loan off MYSELF can I get 50,000 wired to my bank account?
If so many people need this paid off, perhaps college isn’t really a good investment at all.
What about everyone you paid off debt already?
Yes, I already paid off my student loans- can I have some of that for my mortgage for all the years I spent paying for student loans and couldn’t buy a house? Only fair!
Let’s forgive mortgages also
Student debt should not be forgiven, but students with debt can work in service to America to pay down their debt. This approach is fair and just for all.
Then they would be taxed on it the next year.
RIDICULOUS!! Fix the root of the problem! I paid off 3 degrees !! All student loans!
WHOS GOING TO PAY FOR THAT?!!
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Talk is cheap.
don't let it happen...
I like how so many are against this, but don't say anything when it comes to the gi bill / vocational rehab 😂
Idiotic in every way.
..and put it on the taxpayers' shoulders and those who were actually responsible enough to pay for their education. Whatever happened to being accountable for bad decisions?
Did not think you should be doing this during a pandemic with our economy on the brink of collapse and many without jobs and money
$50 fucking grand? Maybe $10 grand, but this amount is absolutely absurd.
This is BS, completely BS.earn your degree, nothing is free
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No, just spreads it out to everyone else.
Not solving root of the problem
Do it then! If you bail out Wall St. then you should bail out University Blvd.
Great lesson for those with loans.... don’t be a loser... and actually pay what you owe and committed to paying off....
I don’t have any student loans, can my mortgage be forgiven instead?
Where da fuck is my 2k StimulusCheck
Apparently they want to mimic Zimbabwe.
Do it then, ya bail out wall st
mostly rich white kids...
Good
What’s next house mortgages
According to the U.S. Bureau of Labor Statistics, prices for college tuition and fees were 1,415.13% higher in 2020 versus 1977 an odd fact......Why is a college education so much more expensive now?
What about all the kids who took on jobs to pay fir college themselves? You going to pay them back too?
Does the Govt have so much money? Can’t even calculate the amount. Or just print more bills?
How about set our home mortgage free?
I’m hoping it’s retroactive for those of us who paid our student loans.
I heard if you do this, people will keep voting for you in all the elections from now on.
This would be a disaster. How can lawmakers be this stupid? Did we learn nothing from 2008? That’s right, the media blamed the banks, not the regulations that got us there. 🤦🏻♂️
Bailing out liberals kids is a quid pro quo. No one forced anyone to take out a loan.
And absolutely no reform?! Why do we still subsidize history degrees?!
bad plan here.....
Just make college free like healthcare. Kids should not have to pay for an education.
The thing is they most likely get back into debt. They have to learn what bullshit it is to get a loan.
They can give me some too , make me debt free as well .
mine is $45k. I'm doomed
Eventually we will have everything paid for and work for free since entire check will go to the government.
Pocahontas and the demowacks prepare to discriminate against students who have paid their loans. THE CHOSEN ONES WILL HAVES THEIR LOANS PAID OFF BY AMERICAN TAXPAYERS. IT'S LIKE A LOTTERY WIN. Oh YEAH that's fair to those who have taken responsibility and paid their obligations.
My wife worked her ass off to pay her loans off. I guess that was stupid.
No it would shift the burden to every other American without addressing the root cause of institutions overcharging for what they provide. They overcharge for housing vs the market in most areas, they overcharge for books and tuition so they can build country clubs.
This is such bullshit. 1. It doesn’t solve the underlying issue 2. It penalizes everyone who paid off their loans so guess what going to happen in the future? 3. No one will ever again privatize their federal loans. Might sound good but good luck.
A College Loan is an Investment in yourself. 36 Million students failed Life. Will it lead to success?
Yea baby!!! 50K I won’t have to pay for my gf!! Make it happen!
Yes, if you do the same for mortgage, the number will be higher 🤔
headline includes the words 'loan' & 'borrowers' - those words describe a transaction where something is paid back - if u receive but don't repay then it wasn't a loan & u weren't borrowing - it was a gift u received - no hate here, just call it what it is, that's all I'm saying
Remember guys, if you already payed your loan, the joke’s on you.
What about the other 300 million of us
My credit card debt identifies itself as student loan debt. It likes to be referred to as trans-financial.
Such a great way to teach personal responsibility!
Why they don't try to make education more affordable to all?! On the other hand, tuition fees will soar up to new heights in the future. Does this going to be a new thing. Just cancel some debts and leave others?! Then, why not forgiving all the debts?! 🤔
That means another $1.8 Trillion. Where is the money coming from? Increasing taxes? So, I paid off my student loans with making sacrifices. Do I have to pay more taxes to pay others?
Do it already
PRESIDENT BUSH, BUSH, CLINTON ATTACKED, 2001, they can't talk, not 100% free.
Who will make Us debt-free ? $27,855,095,022,203.36 NationalDebt
how about those that have paid off their debt properly?
A money gift for a lucky few. We are all hurting. This is unfair to the taxpayers.
'There is no such thing as a free lunch' Who will pay for it? Can you also abolish the tax? The Fed can do it with one keystroke on a computer.
What about my student loan reparations? I paid mine off like millions of other Americans by being prudent and making sacrifices. This will be well received by all
It will also throw America into more debt.
Will race taxes to help students.
CNBC someone has to pay for this
northwind1ndn CNBC For profit college undermines our domestic/ global competitiveness & creates generations of unnecessary debt. It’s a system that punishes us all.
CNBC Who benefits is obvious. The question they deliberately avoid is what are the costs to everyone in the long run.
CNBC There will be no forgives, we not forgiving loans on people that took money so they can party on weekend or go vacation
CNBC Everyone. That’s who would benefit.
CNBC Solutions to the Student Loan Crisis: 1). Limit the loans to $15k annually to encourage prudent educational choices. Private lenders can provide extra loans if insist more debt. 2) Instead of cutting the debt just eliminate the interest which is compounding the problem.
CNBC The people who will benefit the most are the “educated Biden voter” who thinks there is more than 2 genders, works as a barista, and can’t understand the tax code and how it works. Can’t wait
CNBC How about zero interest and 50 year term? It’s complete crap that adults signed up for loans - signed the contract- and now don’t expect to pay. What about those who did pay? Will they get refund?
CNBC So the for profit schools who sold the poor education and left students in debt and jobless keep the money for the defective product they sold, while hard working family’s foot the bill? WallStreet 2.0 corporate giveaways must end. SenWarren SenSchumer
CNBC Although this article was written about Trump it could apply to people in congress. I hope people with the resources to use this information will use it.
Good for them! studentsloans
CNBC I think there's a better way to do it: 1.) Like K-12, vocational schools/community college should be at no costs for students. The new minimum level of education. 2.) Student loan payback should be spread over entire work career and capped at 10% then zeroed out at retirement. 😎
CNBC What about those who paid their own debts? I worked extra hours and joined the military to pay back my loans. Not to mention someone will pay for these student loans, other tax payers!!
And while we’re at it, make it free to attend your local Community College 👍
CNBC My son is in medical school and owes 300,000, please take care of him
So the ones who couldn't get the loan will they get a gift of 50k ? Whatever you spend on student debt will be a gift for them.
Damn ima go get a loan out now.. what a joke
They'll be in debt again soon after. This teaches people nothing about how to handle their finances.
CNBC Ok, but we need a plan going forward. Make state schools operate at a true cost. Make schools that claim non-profit operate as a true non-profit. Any schools that wants to operate at a profit can charge what they want, but we should not forgive future loans for these schools.
CNBC Imagine the amount of potential spending money that would be freed up
CNBC If they do this then they should seriously look into lowering tuition costs. You can't tell me the high tuition cost are absolutely necessary. Just once I'd like to see a detailed accounting of where all that money goes.
CNBC It ain't Fair 4 the government 2 Force the taxpayer 2 pay for someone Elsa's mistake.
Ridiculous
CNBC Omg!!! time my son to relax.
CNBC Me!
Getter done, 'GoBig and GoBold' should be the saying of the 2021 year!!
CNBC Deadbeats
CNBC her seem picture edge grew burn
CNBC Who said getting an education was easy? But it's definitely worth it.
CNBC Let me guess... student borrowers?
CNBC
Way to teach people all about accountability.
Fuck these students. They signed contracts. What about all Americans? Abolish the income tax!!
He/she who signs the promissory note should pay. Not taxpayers. Not to mention this is a bandaid approach to a much bigger problem and solves nothing for the real issue at hand.
“Cancel” student debt is just a redistribution of student debt. The short-term benefits will be offset by the inflation and taxes needed to fund it.
Do it
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Hey if wall st can get bailed out, if they can get tax cuts and tax deals just to locate to an area of rich people get taken care of. I think it's about time the people get taken care of lest us plebs end up taking care of the rich in other ways
Imagine this kind of blissful gesture some leaders are offering to their citizens ( youths), but reverse is the case down here. They make education seems like a privilege not a right to an average citizen. I wish someone or something could just take me out of this country
Glad I worked hard and saved to pay mine off. So foolish of me.
Forgive the student debt in return for forfeiture of future social security. They need it now and can pay much later. That would be a fair deal. Otherwise, it's just Democrats seeking to raid the US Treasury per usual.
Great idea!! Need to do the same in the UK🇬🇧 BorisJohnson BBCParliament
Why not write off everybody’s debt hey? Credit card debt, mortgage debt, the world is your oyster - zero consequences for all this money printing right?
Can we forgive my credit card debt?
Imagine someone who had just paid off a 200k student debt 🙊
how about doing something that all americans can benefit from? just a thought 💭
Forgive medical debt for the sick and mortgage debt of families who lost their jobs during COVID. Students have plenty of future earning power. Forgiving student loans is indefensible when there are so many competing needs.
Thank you!
Keep running up debt. We bail out Wall Street, real estate people who created a bubble with felony loan fraud, everyone except the guy who has been working his ass off 50+ hours a week for decades and didn’t run himself into debt,he,me pays for everyone else’s irresponsibility.
And no more paying for college right? Or is it just this group who get their loans forgiven? Everyone else before and after pay, they get a freebie? Not sure how that works.
I didn’t go to college because I wanted to get rich not have a job but I’m happy for all my friends!!! MAKE IT HAPPEN! 🎉 🔥 🔥 these mfs have no money as it is. Help them out!!!
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Let’s forgive people’s medical debt.
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For a few days then most will likely buy a vehicle they can't afford and be back in debt in no time.
Let’s make sure everyone has food first.
ewarren JoeBiden VP SenSchumer AOC SenateDems Please make this a reality. I am 60 and due to pre-existing condition, I am contemplating retirement. I have a problem ; I have student loans. $50,000 student loan forgiveness will make me debt-free.
Very good move. In my country Sri Lanka education is free. Even university accommodation is state paid. All student debt should be forgiven. Education is a human right.
This is beyond bad policy. It will assure the Rs a victory in 2022. A lot of folks didn't take out loans they couldn't pay for.
cost?
Wow way to help a load of middle class kids!
Has this been discussed with the cabal?
good
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Those of us who already paid their loans.
We not going to forgive student loans, we not going to give people that took money to party on weekends or go on vacation
So I should take a loan out for an MBA now?
city simple
What about lenders
Yes please.