Representative Alexandria Ocasio-Cortez, DN.Y., renewed her demand for the cancellation of student loan debt in a floor speech Thursday, arguing that the financial burden on young Americans “is getting ridiculous.”
Ocasio-Cortez and other progressives have called on President Biden to write off student loan debt by executive order. So far, Biden has resisted the push, arguing that such a move should come through congressional action.
“These are teenagers who take on what often amounts to hundreds of thousands of dollars in debt. We just do that. Our government allows it,” Ocasio-Cortez said. “We are giving 17 year olds the opportunity to enroll and incur a debt of $ 100,000 and we believe that is a responsible policy.”
Total student loan debt was estimated at $ 1.73 trillion in September, according to the Federal Reserve. A long hiatus in federal student loan payments implemented during the COVID-19 pandemic is expected to expire in January.
Ocasio-Cortez also rebuffed claims from critics of his proposal that a cancellation would benefit wealthy Americans. Biden made a similar claim at a CNN town hall last February, noting that it would mean canceling debt “for the people who went to Harvard, Yale and Penn.”
“I eagerly await the Biden administration to write off student loan debt and no longer advance the false accounts that student loan debt is only for the privileged. What a ridiculous claim. Do we really think a child of billionaire takes out student loans? “
CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS
Ocasio-Cortez has consistently claimed that Biden should write off student loan debt entirely during the pandemic. In October, the New York lawmaker reiterated her position amid negotiations over Biden’s welfare spending bill.
At the time, she joked that the president wouldn’t need moderate Senator Joe Manchin, DW.Va.’s âpermissionâ to act. Manchin has clashed with progressives over his cost of Biden signing legislation.