Student debt forgiveness advocate Sen. Elizabeth Warren (D-Massachusetts) criticized Republicans on Monday for the party’s lawsuit to stop millions of debtors from receiving what they say is direly needed student loan forgiveness. Even if it fails, the lawsuit exposes the loyalties of the Republican Party, the senator said. “Republican officials are so angry about [President Joe Biden] helping working people that they’re suing to stop student debt cancellation,” Warren wrote on Twitter. “It won’t work, but it shows their priorities: putting the profits of corporate loan servicers over relief for working-class & middle-class Americans.” On Thursday, six Republican-led states filed…
debt cancellation
46 Percent of Voters Are More Likely to Vote Thanks to Student Debt Relief Plan
President Joe Biden’s highly anticipated move to cancel student debt for tens of millions of borrowers is widely popular and will help to motivate a large swath of voters to cast a ballot this fall, new polling finds. Voters across the ideological spectrum say they’re more likely to vote in this year’s midterm elections due to Biden’s student debt plan. Forty-six percent of likely voters surveyed by Data for Progress say they’re more likely to vote this fall, with 52 percent of Democrats, 38 percent of independents and 49 percent of Republicans saying as such. People with outstanding student loans…
Biden Administration Sends Signal That It May Be Extending Student Loan Pause
The Biden administration has told student loan servicers not to send out billing statements to borrowers ahead of the scheduled end date of the current payment pause, signaling that officials may be preparing to extend the student loan payment pause yet again. The current student loan payment pause ends on August 31, meaning that borrowers will have to start repaying student loans for the first time since March 2020 in September, or face default if the pause expires. Servicers typically send out billing notices about a month before the payment is starting. President Joe Biden had last extended the pause…
7 in 10 Young Voters Support Canceling Student Debt, Poll Finds
New polling finds that a comfortable majority of young likely voters say that some or all student debt should be canceled, adding to a small mountain of polls conducted in recent months that nearly uniformly show that the issue is popular among Americans. The Student Borrower Protection Center/Data for Progress polling, released Wednesday, finds majority support for the issue among several groups. Overall, 71 percent of voters aged 18 to 34 support canceling some amount of student debt for all borrowers; even among those who have no student debt, 66 percent still favor cancellation, while a commanding 81 percent of…
Canceling Student Debt Is Morally Right. It’s Also Good Politics for Democrats.
American indebtedness has never been higher than it is today — and now functioning as the nation’s largest consumer bank, the Department of Education is the clearest culprit of the creditors. Uniquely situated as the lender, regulator and debt collector, the federal government has a $1.6 trillion federal student loan portfolio. Needlessly extracting wealth from 47 million people, this cloud of debt is systemically preventing communities from the opportunity to buy a home, start a family or save for retirement. But with a simple executive order, Biden can switch the reality of predatory loans that burden families into liberating financial…