April 12, 2021

Sen. Padilla on canceling student loan debt: ‘The more the better’

Sen. Padilla on canceling student loan debt: ‘The more the better’


(Inside California Politics) — President Joe Biden has said he supports canceling up to $10,000 in student loan debt, but some Democrats are encouraging to do more through executive action.

“The more, the better,” Sen. Alex Padilla told Inside California Politics.

Padilla says the debt presents a significant obstacle in a young person’s life.

“If you have student debt, it’s because you qualify for financial aid to begin with. We know that higher education is something that we encourage all young people to consider and to pursue and it has its economic benefits for all of us further down the road,” he said. “But between coming out of college with enormous amounts of debt in a down economy, it’s harder to land a job, and the devastating consequences of prolonged debt early in your career and early in your professional life, we can eliminate that and getting young people to start their career and be more, not just productive in their individual lives, but be contributors to our overall economy.”

Senate Majority Leader Chuck Schumer and Sen. Elizabeth Warren sent President Biden a letter in February encouraging him to cancel $50,000 in federal student loan debt. White House Press Secretary Jen Psaki has said Biden doesn’t support that move.“An ocean of student loan debt is holding back 43 million borrowers and disproportionately weighing down Black and Brown Americans. Canceling $50,000 in federal student loan debt will help close the racial wealth gap, benefit the 40% of borrowers who do not have a college degree, and help stimulate the economy,” the lawmakers said in a statement.



Click here to read original article