Student loan forgiveness will never happen if this continues to be the best strategy


Student loan cancellation will never happen if that continues to be the best strategy.

Here’s what you need to know.

Student loans

Student loan relief is ending soon, and progressives are still focused on large-scale student loan cancellation. Progressives in Congress – from Senator Elizabeth Warren (D-MA) and Senate Majority Leader Chuck Schumer (D-NY) to Representative Ilhan Omar (D-MN) and Representative Alexandria Ocasio-Cortez (D -NY) – are excited to write off your student loans up to $ 50,000. They want President Joe Biden to immediately sign an executive order to give you student loan relief. All it takes, they argue, is his John Hancock “with the stroke of a pen,” referring to Biden’s signing on an executive order. Schumer even has a pen ready for Biden to use.

To make student loan cancellation a reality, among other efforts, they proposed laws, wrote letters, gave speeches, and rallied student loan borrowers. However, this is where it apparently ended. It now appears that congressional efforts to cancel student loans have boiled down to the frequent tweet, “Today would be a great day to cancel student loans.” The tweet usually collects likes and retweets, but then it stops. Despite several years of this same strategy, there is no large-scale student loan cancellation. There are 45 million student loan borrowers, collectively $ 1.7 trillion in student loan debt. Yet despite all these efforts, there has been no massive cancellation of student loans. If progressives in Congress want student loan cancellation, now is the time to change strategy.

1. Pass a law to cancel student loans

Congress can do 5 things to enact a student loan forgiveness for student loan borrowers. Progressives should try to pass some sort of legislation in Congress to cancel student loans. Relying on Biden to cancel student loans is not a safe bet, as the president has repeatedly indicated he does not have the legal authority to order large-scale student loan cancellation. To date, Schumer has not even held a vote on canceling the student loan. (Don’t expect a student loan discount). How do progressives in Congress expect to get student loans canceled if they haven’t passed comprehensive student loan legislation? Congress will not spend $ 50,000 for student loan cancellations. Congress will not spend $ 10,000 for student loan cancellations. However, Congress should seek an alternative solution that both parties in Congress can support. Schumer and Senator Elizabeth Warren’s student loan cancellation proposal does not cancel everyone’s student loans. (The student loan discount will not be available for these borrowers). It may not be the first choice of progressives, but if it’s student loan relief they are looking for, legislation may be needed. Biden has said he will sign any student loan cancellation legislation Congress sends him.

2. Posting “cancel student loans” on social media is not the most effective strategy

Social networks are an effective medium for disseminating important messages. There is nothing wrong with sharing feelings on policy issues like canceling student loans. The reality is that repeating that Biden should cancel student loans today or tomorrow will not change the policy. He can rally the troops. There can be likes and retweets. However, it can also mislead people into believing that student loan cancellation is near when it is not. (Here’s how to get approved for a student loan forgiveness).

3. Align On Student Loan Cancellation With Biden

Currently, progressives in Congress, although members of the same political party as the president, have chosen to create an “us versus him” mentality when it comes to canceling student loans. Yes, there are different views on how best to approach federal spending and manage the cost of higher education. However, Biden made an aggressive move to focus on targeted student loan cancellation. Biden has now canceled $ 11.5 billion in student loans, which is more than any other president. Biden makes major changes to civil service loan cancellation, including $ 4.5 billion student loan cancellation, and ensures more student loan borrowers have access to cancellation of student loans. It helped provide $ 1.5 billion in student loan cancellations through the borrower’s defense against repayment rule and $ 5.8 billion in student loan cancellations for suffering student loan borrowers. total and permanent disability. This may not be the large-scale student loan cancellation that some members of Congress want. However, it would advance the cause of student loan relief by focusing on policies that Congress and the President can pass.

Student loans: next steps

There are other areas of mutual cooperation that progressives can pursue. There is some bipartisan support for changing bankruptcy laws in Congress, for example. This could help more student loan borrowers get their student loan forgiveness. There are also more targeted student loan forgiveness to come. The president can simplify income-based repayment plans and expand other areas of student loan cancellation. Congress and the president should work together to find areas they can align with. More importantly, can Democrats and Republicans work together to meet the cost of higher education? Student loans are the way education is funded, but it’s the underlying cost – especially the growth in tuition fees – that is the real issue that Congress should assess. Let’s create solutions to make higher education more affordable so that more people have access to better paying jobs and a better quality of life.

The chances of large-scale student loan cancellation are relatively low. Don’t expect large-scale student loan cancellation. Student loan relief from the Covid-19 pandemic will end shortly, so it’s time to plan for your student loan repayment. Make sure you evaluate all of your options for your student loans. Here are some smart ways to save money:

Student loans: related reading

Biden canceled $ 11.5 billion in student loans, but here’s what that means for student loan cancellation

Student loan cancellation will not be available to these borrowers

Major changes to student loan forgiveness could come this week

How to get a student loan forgiveness

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