Elizabeth Warren says $20,000 in student loan debt 'might as well be $20 million' for people who are working at minimum wage

The senator from Massachusetts said that people working at minimum wage don't have enough money to pay their student loan debt.

She continued to push for student loan forgiveness in an interview with Teen Vogue.

She made her comments after the Biden White House did not mention President Joe Biden's promise to wipe out at least $10,000 in college debt. The student-loan payment pause was extended by Biden until May 1, 2022.

The student loan forbearance shows how important it is to millions of Americans.

Warren told Teen Vogue that the pause gave people a chance. It's a reminder of how student loan debt affects our economy.

She said that people who are struggling with student loan debt don't move out of mom's house, don't buy cars, or start small businesses. Our economy is held back by all of that.

The senator said that people are struggling with paying off their debt because of the interest rates, calling the federal government a tough debt collector.

Warren said that when people get into trouble, the government compounds the interest and stays on them forever. Some people say that they went to school for a couple of years but it didn't work out and they owe over $100,000. I meet people who say they have paid $60,000 but still owe a hundred dollars.

When people fall behind, the combination of compound interest and penalties is what happens.

During a press conference last week, Biden ignored a question on whether or not he will fulfill his campaign pledge to cancel student debt. Congress has yet to draft legislation to cancel college debt forgiveness.

The White House has not sent a bill to him yet.

Should student loan forgiveness continue to be put on the back burner, Warren supports people to organize protests or even a debt strike.

She said she was all in for young people to find ways to raise their voices. The White House is making a decision. All of us need to be heard.