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Graduation. we are talking to students in durham, north carolina, with tremaine. when you consider $1.75 trillion that americans owe for student loan debt and the amount that million that millennials o, it is more acute for the black students who are under the racial wealth gap. and we talk about $8,000 more than that the black owe, and in four years that triples. so we came down here to north carolina central university and had a conversation with current and former students about how they are wrestling with the debt. take a listen. growing up, jonah always knew he was going to college. everyone in my family, on my mom s side, they all went to sutton. my dad went to college, my uncles all went to college. reporter: it is family tradition. but also so much more. for african-americans, higher ....
Because he needs to keep himself at such a distance from these events. so what democrats and what white house strategists say is that the president will instead go after what he calls the extreme maga agenda, framing republicans as extremists and democrats as looking out for the american people, and american families through this new piece of legislation. we will see if that messaging works. kevin liptak, great to see you this morning. thank you. but there is one issue that millions of americans are waiting for president biden to take action on. and that is student debt. an estimated 45 million americans owe a staggering $1.75 trillion in federal and private student loan debt. the average amount comes in at just under $29,000 per borrower. right now, repayments of those loans remain on pause, but only for a few more weeks as a pandemic freeze is set to expire at the end of august. what the president will do next is still unknown, even as the ....
Largely is starting around the 1970s, we gave up on the idea that college is a public good, that we re responsible for it, and our tax dollars will help keep it open for everybody. instead, it became privatized, right at the time tuition started to rise and at the time employers really demanded a diploma for most job categories. that s done a couple thing. one, it s created this huge college debt bomb that is now $1.75 trillion and counting. which is really, you know, a sword hanging over our young people who are putting off marriage, putting off buying a home, living in their parents basement in too many cases because they can t afford this debt. but i think what s really driving the division is, you know, you have to remember 63% ....
It s not an appropriate way to negotiate. 50/50 senate sucks. so that s it. reporter: biden initially wanted a $3.5 trillion bill to expand the social safety net. the agenda in these bills is what 81 million americans voted for. reporter: for months, manchin and the president negotiated with manchin even secretly p proposing to chuck schumer he would agree to a bill half its size. after the white house came down to $1.75 trillion, mansion derailed the effort saying he was filled with budget gimmicks. no on this legislation. reporter: schumer has been quietly in tax with manchin on a plan. after believe they were close to a deal along with tax hikes to may for it, manchin indicated he favored a narrower bill focused on prescription drug prices and health care subsidies. how do you respond to the ....
a 50/50 senate sucks. so that it. reporter: biden initially wanted a $3.5 trillion bill to expand the social safety net. the agendas in these bills is what 81 million americans voted for. reporter: for months manchin and the president negotiated, with manchin even secretly proposing to senate majority leader chuck schumer he would only agree to a bill about half its size. after the white house came down to $1.75 trillion, manchin derailed the effort by saying that he was filled with budget gimmicks. it is a no. reporter: but schumer quietly in talks with manchin on a scaled back plan and after believing that they were close to a $350 billion climate and energy deal along with tax hikes to pay for it, manchin indicated that he favored a narrower bill focused on prescription drug prices and health care subsidies. how do you respond to the criticism from your colleagues that you strung them along for an entire year and at the end of the day you pulled the plug? ....