'Now let's help everyone and cancel at least $50,000 in student loan debt for everyone,' said Rep. Pramila Jayapal.
The Democratic-controlled House passed the $1.7 trillion social safety net and climate bill Friday, which includes $555 billion in climate initiatives, child care funding, universal pre-K and extension of health care subsidies.
The absence of student loan forgiveness in the sweeping bill has frustrated activists and borrowers, who want Biden to honor his campaign promise of canceling up to $10,000 in debt. Biden has already forgiven $9.5 billion for borrowers with disabilities and individuals who were deceived into attending now-defunct colleges.In 2019, 10 percent of student loan borrowers were in default, according to data from the National Center for Education Statistics.
Advocates of student loan forgiveness have also stressed that the cost of living has been rising at a much faster rate in recent years than the salaries of college graduates. Critics, however, say it's unfair to cancel student loan debt for wealthier borrowers who graduated from elite colleges, such as Yale and Harvard.
In August, the Department of Education announced a final extension of the pandemic-related pause on student loan repayment, interest, and collections until January 31, 2022.in April to produce a memo outlining the president's legal authority to eliminate student debt. Seven months later, the results have not yet been released to the public despite pressure from progressives.
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