Elizabeth Warren and Chuck Schumer were dissatisfied and urged cancellation after Biden extended the student debt freeze

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Chuck Schumer cancels student debt

Senate leader Chuck Schumer (D-NY) will speak at a press conference on student debt outside the Houses of Parliament on February 4, 2021 in Washington, DC. Also, LR, Congressman Mondea Jones (D-NY), Congressman Alma Adams (D-NC), Congressman Ilhan Omar (D-MN), Senator Elizabeth Warren (D-MA), Congressman Ayanna Pressley ( D-MA). A Democratic group has reintroduced a resolution calling on President Joe Biden to take administrative steps to cancel up to $ 50,000 in debt to federal student loan borrowers. Drew Angeler / Getty Images

  • Biden extended the suspension of student loan payments for another four months on Friday.

  • Senators Elizabeth Warren, Chuck Schumer, and Ayanna Pressley said they were “not advanced enough.”

  • They want Biden to go beyond temporary relief and cancel the $ 50,000 student debt per borrower.

  • See other articles on Insider’s business page..

Many for months Democratic Party When Supporter Given that borrowers are still financially upset from the pandemic, they are urging President Joe Biden to extend the suspension of student loan payments beyond the expiration of October.

Biden Answered their phone By giving the borrower another four months of bailouts on Friday, but the Democrats who lead the student’s call for debt reform say it leaves the job unfinished.

Senator Chuck Schumer, Senator Elizabeth Warren, and Senator Ayanna Presley of Massachusetts said in a statement.

But that’s welcome news, they said, “it’s not advanced enough.”

Schumer, Warren, Presley Leading initiative To extend Biden’s payment suspension-they originally wanted to extend it until at least March-but they also prompt The president uses his executive branch to revoke a $ 50,000 student debt per borrower.

Another debt reform advocated among Democrats, Congressman Mondea Jones of New York, I have written On Twitter after the extension was announced, Biden announced that he would have to use “the same authority” to cancel the student’s debt. voiced Same feelings on Twitter.

Even though it’s Biden promised During a campaign to “immediately” cancel a student’s debt of $ 10,000, he said he hadn’t done so yet and didn’t think he had the legal authority to cancel the $ 50,000 debt per borrower.He has Asked The education and judiciary department will consider his legal ability to do so, No words Where those reviews stand.

Warren Said Insiders in an interview last month said that canceling student debt would boost the economy and close the racial wealth gap, and what Biden had to do was executive order to achieve it. Just sign it.

“The president now has the authority to cancel a $ 50,000 student loan,” Warren said. “Senator Schumer and I will continue to promote this, but Biden does not need permission from Congress. He has to pick up the pen and do it himself.”

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