The 13 Democratic members reported their individual debts in 2021 and 2020, in amounts that range from as little as $15,000 to as much as $300,000. This includes "The Squad" members New York Rep. Alexandria Ocasio-Cortez, who owes up to $50,000, and further Michigan Rep. Rashida Tlaib, who owes up to $100,000. Both congresswomen have been very vocal on the issue, with Ocasio-Cortez calling the lack of loan forgiveness a "moral hazard," and Tlaib arguing that revoking student debt is “a racial justice issue.”
Ocasio-Cortez, who makes $174,000 a year from sitting in Congress, tweeted out some denouncement of wealthy people who can afford to pay for college.
Another "Squad" member, Minnesota Rep. Ilhan Omar, reported in 2021 up to $50,000 in student debt for herself, according to the DCNF's report. Omar spearheaded many letters in the last two years to Biden and Education Secretary Miguel Cardona, demanding federal student loan forgiveness. She further called for the government to “abolish student loan debt” in 2020.
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Rep. Jamaal Bowman, who holds the highest amount of student debt out of any New York representative at a number between $100,001 and $250,000, has called on the president to forgive all educational loans.
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"When Members have these type of connections to issues they are directly advocating for, it leads to citizens fairly questioning whether members are advocating for the public good or their own personal interests," announced Kendra Arnold, executive director of the Foundation for Accountability and Civic Trust, a watchdog group aiming to uphold ethics in government, to the DCNF.
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The Biden administration has reportedly been considering debt cancellation of $10,000 for people who make less than $150,000 per year, yet the actual plan for implementation is unclear.
Senate Majority Leader Chuck Schumer has called on the president to cancel $50,000 of debt, though Biden argued in April he is “not considering” an amount that high.
The U.S. Department of Education has released proposed regulations to improve some federal student loan programs—but many people may be confused about how they’ll help.
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How you’re affected depends on the loans you have and your repayment plan. Your loans aren’t likely to disappear, yet you may find you owe less in the long run.
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“I think the proposed student loan regulations by the U.S. Department of Education are a meaningful step in the right direction and will provide help and economic relief for those dealing with student loans,” states Leslie Tayne, a debt relief attorney who owns the Tayne Law Group, P.C., in New York City.
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