- AOC wrote on Instagram that student-loan forgiveness can't just be an "arbitrary number."
- "There are policies where a halfway approach is kind of a waste," she said.
- Biden is considering $10,000 in relief, and Ocasio-Cortez and some of her colleagues want more.
When it comes to student-loan forgiveness, a Democratic lawmaker thinks President Biden isn't considering a large enough amount.
"People get addicted to splitting things down the middle but there are policies where a halfway approach is kind of a waste as it's not much better than nothing, and resources are better spent elsewhere. We push so that people can actually experience the benefits of a policy," New York Rep. Alexandria Ocasio-Cortez wrote on her Instagram story over the weekend, responding to a question about what misperceptions she believes people with more conservative political views have.
"Student loan forgiveness is a good example of this," Ocasio-Cortez added. "We can't just pick an arbitrary number despite so many people wanting to do so. There's an actual level where wealth inequity starts to get reduced."
Ocasio-Cortez isn't the only Democrat to feel this way about broad student-loan relief. The conversation surrounding the matter is picking up, as most recent reports have suggested Biden is considering forgiving $1o,000 in student debt for borrowers making under $150,000 a year. While the Wall Street Journal reported that decision likely will not be announced until July or August — closer to when student-loan payments are set to resume — Democrats are urging the president to make the most out of this opportunity and go big on relief.
Massachusetts Sen. Elizabeth Warren, for example, has long pushed for $50,000 in student-loan forgiveness for all federal borrowers, and she recently told the Philadelphia Inquirer that the amount isn't "a random number."
"It was a number to get the most relief to the most people," Warren said. Insider previously reported on data obtained from Warren's office that found that while Biden's proposed $10,000 in relief would zero out balances for 13 million borrowers, $50,000 in relief would do the same for 30 million, or 76%, of all federal borrowers.
Vermont Sen. Bernie Sanders wants to go even bigger, urging Biden on multiple occasions to cancel all student debt in the country. The White House has yet to confirm any amount of student-loan relief, giving Democrats time to push for an amount of relief they think would be best. Republicans, meanwhile, are pushing against any relief at all, arguing wiping out student debt would exacerbate inflation at the cost of taxpayers.
Still, Education Secretary Miguel Cardona told reporters two weeks ago that while a decision on relief has not yet been made, the Education Department is prepared to implement whatever it might be.
"We are prepared, we're ready to roll up our sleeves... we've been working nonstop," Cardona said. "We're ready to move forward on these policies."