ROCHESTER, N.Y. (WROC) — Sen. Chuck Schumer called student debt a huge burden on the shoulders of tens of millions of Americans who are now struggling financially because of the pandemic.
Sen. Schumer, along with Mass. Sen. Elizabeth Warren, introduced a resolution for President-Elect Joe Biden to cancel up to $50,000 in federal student loan debt.
Sen. Schumer said college should be a path to opportunity, not a forever burden.
“The bottom line is that college should be a ladder up but student loan debt makes it an anchor down. Far too many students and graduates, some years out of school, student loans and federal student loans are becoming a forever burden. They stand in the way of people getting the job they want, they stand in the way of buying a home, starting a family, of buying a car—and they hurt the economy dramatically.”
Sen. Schumer wants the president-elect to forgive student debt on his first day of presidency. The funding would come from the Higher Education Act.