If Democrat Joe Biden does go on to become the next U.S. president, it seems that an attempt will be made to cancel some amount of student loan debt, Fox Business reports.
There are two different plans that have been suggested. One has come from Biden himself and the other has come from the far-left.
Biden’s plan . . .
. . . would come as part of a coronavirus relief package that he is calling “The Biden Emergency Action Plan to Save the Economy.”
As part of this plan, Biden would look to “forgive a minimum of $10,000 per person of federal student loans.” Biden, according to Fox, would also look to have the government “cover monthly loan payments for people with private student loans until September 2021 and forgive $10,000 of their debt.”
This is only one of a number of proposals that Biden has made that would radically change education. The difference between this proposal and others is that this one is unconditional.
Biden, for example, has also proposed a program that would reduce a borrower’s student loan debt by $10,000 a year for up to five years. But it requires either that you participate in national or community service, or that you work for the government, for a school, or for a nonprofit.
The far-left’s plan
Biden’s plan pales in comparison to the one that the far-left is trying to push upon him. This plan is the product of Senate Minority Leader Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA), and a number of others have endorsed it, including Sen. Bernie Sanders (I-VT).
In recent weeks, Schumer and Warren have been publicly urging Biden to cancel $50,000 of student loan debt per borrower during his first day in office.
“We have come to the conclusion that President Biden can undo this debt, can forgive $50,000 of debt the first day he becomes president,” Schumer said on Monday. “You don’t need Congress. All you need is the flick of a pen.”
In other words, Schumer, Warren, and some others believe that Biden can “forgive” this debt through executive action only, using, in their words, “existing authority under the Higher Education Act.”
Whether or not this is actually the case is unclear, and a legal challenge would be sure to follow if it were to be attempted. It is also unclear whether Biden would go this route. It might depend, like so many things, on the outcome of the Senate runoff races that will take place in Georgia next month.
More important, though, is the question that ought to be asked of Biden and the Democrats, that is, “where will you get the money to carry these plans out?” It’s the key question here. And, it’s a question that Biden and the Democrats are unlikely to answer directly because chances are that most Americans will not like the answer.