The Growing Student Loan Debate, What You Need to Know

The debate about student loan forgiveness is growing. It comes days after a Wisconsin town hall that President Joe Biden reiterated that he is only willing to consider $ 10,000 in student loan forgiveness.

The amount is $ 40,000 less than what members of his own party, including Senate Leader Chuck Schumer and Senator Elizabeth Warren, propose.

As the backlash grows, here’s a look at what’s included in Biden’s plan:

In addition to canceling $ 10,000 in federal student loans, qualification depends on whether you attended a public or private university.

The president says he does not want to forgive debts from people who have attended elite schools who will often earn higher salaries after graduation.

“Other presidents have done it,” Senator Schumer said at a press conference on Feb. 4. “There is legal authority.”

Biden’s plan is not going well with some members of his own party.

“Forgetting student loan debt is the most effective measure President Biden can take to close the racial wealth gap,” Senator Elizabeth Warren said on Feb. 4.

Republicans and even some Democrats say loan forgiveness is unfair to those who owe nothing.

Some other factors in the president’s plan include prioritizing children’s education for marginalized communities, making community college free for all, and making state university free for families earning less than $ 125,000 per year .

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