Broad-based student loan forgiveness has gained support among Democratic leaders like Senate Majority Leader Charles Schumer (D-N.Y.), who are looking to Biden for support on the issue as the party prepares for a critical election year.
“Pressure is mounting from all fronts. It’s mounting from grassroots, it’s mounting from the public, and it’s mounting from members of Congress. And the reality of the economy, the midterms, there are several pressures that are aligning. They really have to deliver,” said Thomas Gokey, an organizer with the Debt Collective.
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“If he has the authority to pause student loan payments, he has the authority to cancel, and he ran on canceling at least $10,000,” Rep. Jamaal Bowman (D-N.Y.) told The Hill. “We're pushing him to completely cancel it, and that's what we hope he decides to do.”
Natalia Abrams, president and founder of the Student Debt Crisis Center, warned of the political implications of Biden resuming loan payments in an election year.
“It’s definitely been this weird middle ground by extending this pause. If he continues to extend the payment pause until they’re ready to cancel the student debt, we’ll be OK. Rather than turning payments on in a midterm year when borrowers aren’t ready,” she said.
During his 2020 presidential run, Biden campaigned on forgiving at least $10,000 in federal student loans per person.
The Debt Collective warned that if Biden doesn’t forgive up to $50,000 in federally held student debt per borrower, which progressives have called for, he will lose voters, citing conversations with borrowers on a grassroots level.
This isn’t just the midterms, this is about the rest of their lives,” Gokey said. “A Democrat couldn’t be elected dog catcher if they turn student loan payments back on.”