Rep. Alexandria Ocasio-Cortez (D-NY) and other “Squad” members might benefit financially if President Joe Biden eliminates federal student debt.
Ocasio-Cortez, who earns $174,000 a year, asked Biden to eliminate all student loan debt without Congress.
Ocasio-Cortez owes around $15,001 and $50,000 in federal student loan debt, which Biden will forgive if she gets her way.
In December, the legislator said Biden should use executive authority. She said he’s delayed and underused it thus far. Biden can do a lot on climate, student loan debt, immigration, drugs, health care, and more.
AOC. Pay your taxes, like all Americans🇺🇸have to. Oh yeah, Pay your own damn student loans to, you phony biatch. https://t.co/4mBHWGAU6t
— Larry Andress #justheretolaughpatriot (@LarryAndress2) July 7, 2022
Biden stated in April he was contemplating using his executive authority to cancel $10,000 of federal student loan debt per borrower. This is significantly less than the $50,000 Schumer suggested in September 2021.
Since the COVID-19 outbreak began in early 2020, federal student loan debt has been stopped. Since becoming president, Biden has prolonged the freeze three times, most recently in April.
Ilhan Omar (D-MN) also owes $15,001 to $50,000 in school debt. Omar has repeatedly demanded the Biden administration forgive student debt.
Omar wrote to Biden in October 2021 that he could abolish federal student debt with a pen. This provision is already being utilized to eliminate all federal student loan interest.
Biden should follow through on his campaign promise and eliminate student debt, she thinks.
In less than 50 days, the average student loan borrower will face a $400/month payment again.
We can’t let this happen. It’s time to cancel student debt and relieve this burden.
— Pramila Jayapal (@PramilaJayapal) July 14, 2022
Rep. Rashida Tlaib (D-MI) declared around $50,001 and $100,000 in law school debt.
In a blog post from December 2021 on her campaign site, Tlaib said getting rid of student debt is a “racial justice issue.”
The federal government owns almost all student loans. President Biden could relieve millions of our fellow citizens from student loan debt, Tlaib’s blog post said.
The 13 Democratic lawmakers who called on Biden to eliminate student debt owe a collective $1.5 million, the Daily Caller found.
Kendra Arnold, who runs a conservative watchdog group called the Foundation for Accountability and Civic Trust, said it’s okay to wonder if politicians only look out for themselves.
Arnold told the Daily Caller when members have links to subjects they actively advocate for, voters question if they are pushing for the public good or their own interests.
At a July 2021 press conference, House Speaker Nancy Pelosi (D-CA) rejected requests from her party’s progressive wing to eliminate student loan debt.
She said it wouldn’t be fair to compel the 62% of those over 25 without a college education to pay for those who do.
Per the Washington Post, 53% of borrowers owe less than $20,000. Federal Reserve data reveals that debtors with the highest deficit have minor trouble repaying it, due to their better earning ability.
College graduates generally earn more than high school graduates during their lifetimes.
According to the Social Security Administration, males with bachelor’s degrees make $900,000 more in typical lifetime earnings than those with only a high school diploma.
In contrast, women with graduate degrees make $630,000 more in median lifetime income.