There's mixed reaction from some in New York's Congressional delegation to President Biden’s plan to cancel certain amounts of student loan debt.
Senator Chuck Schumer applauds the move. The majority leader has been calling for broad student loan debt cancellation for nearly two years.
Biden’s plan cancels up to $10,000 for qualifying borrowers, and up to $20,000 for recipients of Pell grants. Plans would apply to individuals earning under $125,000, or $250,000 for married couples.
In a statement, Schumer calls the move a giant step forward for millions of borrowers, especially minorities struggling to pay student loans. He says the action, along with the extended pause on federal student loan payments until year’s end will improve economic security, allow borrowers to invest in their families, and save for emergencies.
Meanwhile, Congressmember Claudia Tenney is blasting Biden’s plan. In a release, she says the president has caved to far-left special interests. She also questions if it’s legal.
“Joe Biden’s announcement that he will try to ‘cancel’ federal student loan debt for high earners not only bypasses Congress, it is a blatantly partisan effort to appease his far-left critics amid his record-low poll numbers. It is not only bad policy, it is wholly illegal and if the rule of law still matters in America the decision should be stopped by the Courts.”
Tenney says the “disastrous” policy is “sure to fuel more inflation” and gives colleges and universities no incentive to lower skyrocketing tuition.
