Democrats Want Student Loans Cancelled, But Twitter Claps Back


Source-site

Democrats tweet that student loans should be cancelled, but opponents say student loan forgiveness has major problems.

Here’s what you need to know.

Student Loans

Another week and another day in which a progressive member of Congress tweets at President Joe Biden to cancel student loans. This has played out before over many tweets, with the same message. This time, it’s Rep. Ayanna Pressley (D-MA). In previous weeks, it’s been Senate Majority Leader Chuck Schumer (D-NY), Sen. Elizabeth Warren (D-MA), Rep. Ilhan Omar (D-MN) or Rep. Alexandria Ocasio-Cortez (D-NY). These members of Congress are sincere and want to alleviate the crushing burden of student loan debt for millions of Americans so they can get married, start a family, buy a home and save for retirement. While Pressley’s tweet received plenty of likes, retweets and positive comments, there was a fair share of push back. Here’s a snapshot of some of the critical comments on Twitter:


1. Congress wants student loans cancelled, but Congress hasn’t passed any legislation

Tweets can do only do so much for wide-scale student loan cancellation. Sure, they motivate the base and spread the message. (Shock Poll: Student loan borrowers think all student loans will be cancelled before May). However, while progressive members of Congress want student loans cancelled, social media is a sub-optimal way to achieve a positive outcome. It’s important to make your voice heard, but without concrete action to support an online campaign, the efforts are relatively futile. The issue is that while Congress wants student loans cancelled, Congress hasn’t passed any legislation. Democrats can blame obstructionist Republicans, but Democrats control Congress. There must be some higher education reform that Congress can pass to make college more affordable. (This lawmaker thinks student loan forgiveness is a terrible idea).

As one person tweeted in response, “We need someone in Congress – like from YOUR district – who will do more than tweet about it.”

2. If Biden wanted to enact wide-scale student loan cancellation, he would have done so already

Another Twitter user notes: “If it was going to happen, it would have happened already.” The tweets refers to Biden, who has not enacted wide-scale student loan cancellation despite calls from progressive members of Congress to do so. (Here’s where President Joe Biden stands on student loan cancellation). Biden has focused on targeted student loan cancellation rather than wide-scale student loan cancellation. Since becoming president, for example, Biden has cancelled $15 billion of student loans. However, he has called upon Congress to cancel $10,000 of student loans for borrowers. If Biden planned to enact wide-scale student loan cancellation through an executive order, he would have so already. (Student loan forgiveness could be the reason that Democrats lose the midterm elections). He has expressed doubt that he has executive authority to cancel student loans for all borrowers. Here’s what he said when asked at a White House press conference whether he will cancel student loans. This comes at a time when 80 members of Congress want Biden to release a memo on student loan forgiveness that could state whether Biden has legal authority to enact wide-scale student loan cancellation. (Do you qualify for $5 billion of student loan forgiveness?)

3. If Biden cancels student loans, past student loan borrowers will want compensation

Supporters of wide-scale student loan cancellation want one-time student loan forgiveness. In a perfect world, Biden (or Congress) would cancel all, or most, of the $1.7 trillion of outstanding student loan debt. (5 ways to get student loan forgiveness). That would be a major financial relief for current student loan borrowers. However, it wouldn’t help future student loan borrowers or student loan borrowers who already paid off their student loans. (Here’s who won’t get student loan forgiveness). That doesn’t sit well with some in the latter group. “When and if Biden does cancel student loan debt don’t forget to send a refund to past federal student loan borrowers who worked hard to pay off their loans and delayed the same things you say current borrowers are delaying because they are paying off their loans.” Student loan borrowers who paid off student loans want their student loans paid for too. Many worked two or three jobs and made other financial sacrifices to pay student loans. Will they be included in any wide-scale student loan cancellation?

Student loans: student loan cancellation or no student loan cancellation

Student loan cancellation is a hot topic, with passionate supporters on each side of the argument. Supporters say wide-scale student loan cancellation is long overdue and needed more than ever. Opponents say student loans are like any other debt and it’s the borrower’s personal responsibility to repay debt. Some want the president to act. Some want Congress to act. Others assume Biden would have cancelled everyone’s student loans already if he wanted to. (Here are 7 ways to get a lower student loan payment). Some borrowers who paid off student loans want to be reimbursed if there’s wide-scale student loan cancellation. No matter where you stand on wide-scale student loan cancellation, it’s challenging to satisfy all constituents, which makes it difficult to implement this policy without alienating some portion of the population. As borrowers wait for any news on student loan cancellation, the next catalyst is the end of student loan relief. Prepare now for the restart of student loan repayment.

Here are some smart options to pay off student loans faster: