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WATCH: Dems push Biden to cancel $50,000 in student loan debt

Senate Majority Leader Chuck Schumer joined Sen. Elizabeth Warren and other progressive Democrats in pushing for President Joe Biden to cancel $50,000 per borrower in federal student loan debt.

Watch the announcement in the player above.

“College should be a ladder up,” Schumer said. “Debt is the anchor that weighs them down and they rarely overcome it.”

Sen. Elizabeth Warren says data shows that canceling federal student debt would result in higher incomes, more jobs, greater homeownership rates and more small business formation.

“Canceling student loan debt is good for you, whether you have student loan debt or not, because it is good for our economy,” Warren said.

“Counseling student debt by executive action is one of the most effective ways, with the stroke of a pen, that we can provide sweeping relief to millions of families, help reduce the racial wealth gap and begin to build the groundwork for an equitable and just long term recovery to truly build back better,” said Rep. Ayanna Pressley of Massachusetts.

Biden has extended federal student loan forbearance until October due to the pandemic. As a candidate, he also proposed canceling $10,000 in federal student loan debt per borrower.

White House spokeswoman Jen Psaki reiterated President Biden’s support for canceling $10,000 in federal student loan debt per borrower at a White House briefing Thursday.