Schumer also appeared to be speaking directly to President Biden, who has repeatedly framed canceling student debt as a handout to the well-off."The idea that you go to Penn and you're paying a total of 70,000 bucks a year and the public should pay for that? I don't agree."at a CNN town hall, where he said it didn't make sense to cancel the loans"for people who have gone to Harvard and Yale and Penn.
Indeed, just 0.3% of federal student borrowers attended Ivy League colleges, according to estimations provided to CNBC by higher education expert Mark Kantrowitz. The largest share of borrowers by far — 49% — came from public colleges. The NAACP has been vocal about how $10,000 would be insufficient relief for Black student loan borrowers, who carry an average balance more than $50,000 a few years after graduating.
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