UPDATED 2:17 PM PT – Tuesday, March 30, 2021
Joe Biden is advancing the controversial idea of “loan forgiveness,” with his latest plan to freeze the collections of student loans.
On Tuesday, the White House said 1.14 million borrowers who defaulted on their student loans will be protected from collections if their loan was guaranteed by the government.
WH Press Sec. Jen Psaki announces the Biden admin is expanding a pause on federal student loan interest and collections for about 800,000 borrowers with defaulted loans.
She adds: “The president continues to call on Congress to cancel $10k in debt for student loan borrowers.” pic.twitter.com/mND5AdHhxl
— The Recount (@therecount) March 30, 2021
Meanwhile, Biden is facing pressure by the far-left to use taxpayer money to pay off most of those debts.
Today would be a great day for President Biden and Vice President Harris to #CancelStudentDebt.
— Chuck Schumer (@SenSchumer) March 30, 2021
“So people, folks listening, whether you have the debt, whether you have the friend who has the debt, believe it’s the right thing,” Sen. Chuck Schumer (D-N.Y.) said. “We’re asking you, email, call, write President Joseph Robinette Biden and tell him you want this done.”
Biden’s plans are facing criticism, with banks saying it may be harder for people to get a loan in the future. Fiscal conservatives have expressed fear of further increases to the national debt.