Wilson Montoya’s last student loan payment was $ 600 a month. But out of curiosity, he said, those payments did not affect his current debt.

“I started with a $ 70,000 loan and now it’s $ 89,000,” he said. And I pay religiously every month for six years.

As Long Island, a social worker with NNN, repaying loans became a balance between student debt, mortgage and car payments.

“It was a monthly struggle,” says Montoya. “Where do I get the money, you know?”

New York Student Loan Wilson Montoya says repaying student loans is always a big step, and the flu has given him some relief. (Courtesy Wilson Montoya)

Millions of borrowers, such as Montreal, are waiting to see if President Joe Biden will cancel part of their federal debt, after promising to immediately “forgive” $ 10,000 to one borrower along the way.

That hope is now more urgent for some Americans, given the stagnation of student loans and interest rates that sanctioned by former President Trump at the end of September 30.

Proponents of her case have been working to make the actual transcript of this statement available online.

“Borrowers are being abused both personally and economically,” said Sete Freman, executive director of the Student Debt Protection Center. If we exclude them from the debt burden of student debt, you will see this far-reaching effect on the huge US economy.

The cancellation will affect 45 million Americans with a total debt of $ 1.6 trillion. Each $ 10,000 of cancer costs $ 380 billion.

Does Beden have the power to forgive student debts?

For now, the White House has referred the matter to the Department of Education and the Justice Department, which is reviewing President Biden’s authorization for debt relief by executive order, as the move could be met with legal challenges.

“This is a legal authority,” said Freman, who oversees federal student aid at the Consumer Protection Bureau. Borrowers are entitled to many of the forgiveness programs we have discussed.

On Capitol Hill, Democrats, Chuck Schumer, DNI, and Sen. Elizabeth Warren, De-Kedassie, called on the president to “swing his pen.”

The group, which introduced the law to forgive $ 50,000 in student debt, includes New York-based elementary school representative Mondayer Jones.

Jones acknowledged that debt relief through an evenly distributed Senate was unthinkable.

“For example, the idea of ​​getting rid of student debt and freeing the whole generation of young people to get some bilateral support to win the filibuster? [It’s] It’s just not true. ”

Council Speaker Nancy Pelosi, from California, denied the idea on Wednesday, saying it should be pardoned by Congress.

“[The president] That has no power, ”he said in a statement.

The $ 50,000 pardon is worth about $ 1 trillion.

President Biden will speak to young Americans in a town hall in June 2020 during his presidential campaign. If promised, he promised to “immediately forgive” $ 10,000 in student loans.

When President Biden spoke in the previous article in February, he did not believe that $ 50,000 was worth the apology.

“I am willing to pay the $ 10,000 debt, but not 50,” said CNN Municipality.

That’s why federal agencies are keeping a close eye on what he can do, and a spokesman for the Department of Education said the assessment was “continuing.”

How will debt relief affect the economy?

Critics of the debt forgiveness say it could lead to significant losses in federal revenue or other significant government assistance.

“Debt forgiveness is not the answer,” Democrats said in a statement. I hope President Biden opposes democratic calls to put taxpayers on billions of dollars in student loans.

“If the government has a low income, the government has to increase or decrease revenue. That means either tax increases or other programs will be cut, ”said Constantine Janenis, an economist at the University of Chicago, who will soon publish an analysis of student debt relief.

“There are other policies that target debt forgiveness for low-income individuals,” he said, referring to the expansion of income-based return plans.

Proponents of her case have been working to make the actual transcript of this statement available online.

Record Jones: We want people to buy houses for Spectrum News, for example, the only major producer in this country.

Count until September

At the end of July, payments and interest due to the epidemic remained suspended until September 30.

Recent Elections Most borrowers are not ready to start repaying payments. Two-thirds of the 1,500 borrowers said it would be difficult to repay their loans.

And apart from the advocacy group, 86% of borrowers surveyed say they are more likely to support permanent cancellation as the flu slows down.

Lawyers and lawmakers are calling for an extension as the clock nears.

Majority Leader Chuck Schumer (DNA), Senator Elizabeth Warren (D-Mass) and Representative Ayana Presley (D-Massie) called on President Biden to end the epidemic on student debt this week. Part of Student Loans.

“We have two months left,” Sen. Warren told reporters on Tuesday. “That is the real impact on the world.”

“From September onwards, there will be a struggle every month,” says Montoya.

A spokesman for the Department of Education did not comment on the possible extension, but told Spectrum News that it was “closely reviewing information related to refunds” and was committed to assisting borrowers.