The growing student loan debate, what you need to know

Education

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

The amount is $40,000 short of what members of his own party including Senate Majority Leader Chuck Schumer and Sen. Elizabeth Warren are proposing.

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

In addition to cancelling $10,000 in federal student loan debt, qualifying will depend on if you attended a public or private university.

The President says he doesn’t want to forgive debts of people who attended elite schools who will often earn higher salaries after graduating.

“Other presidents have done it,” said Sen. Schumer during a news conference on Feb. 4. “There is legal authority.”

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

“Cancelling student loan debt is the single most effective executive action that President Biden can take to help close the racial wealth gap,” said Sen. Elizabeth Warren said on Feb. 4.

Republicans and even some democrats say loan forgiveness is unfair for those who don’t owe.

Some other factors in the President’s plan include prioritizing childhood education for marginalized communities, making community college free for everyone, as well as making state university free for families making less than $125,000 a year.

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