Biden says he’s not considering $50,000 student loan forgiveness 2022-04-28 11:22:49

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US President Joe Biden announced additional military and humanitarian aid to Ukraine as well as new sanctions against Russia, during a speech in the Roosevelt Room of the White House in Washington, April 28, 2022.

Evelyn Hochstein | Reuters

president Joe Biden He said Thursday that he will have his answer on student loan forgiveness within two weeks.

“I’m not thinking about reducing debt by $50,000,” Biden said during a speech in the Roosevelt Room of the White House. “But I’m in the process of taking a closer look at whether or not there will be additional debt forgiveness.

“I’ll have an answer to that in the next two weeks.”

The president’s comments are likely to disappoint advocates and some Democrats, including Senate Majority Leader Chuck Schumer of New York, who pushed him to write off $50,000 or more per borrower.

The nation’s outstanding education debt balance exceeds $1.7 trillion and places a greater burden on families than credit card or car debt. Nearly a quarter of student loan borrowers — or 10 million people — are estimated to be in arrears or defaults.

Biden did not say how much of the debt he was considering erasing, though during the campaign he voiced support for the $10,000 forgiveness.

Cancellation of $10,000 for each borrower will erase $321 billion in federal student loans, canceling the entire balance of nearly 12 million people. About 70% of student loan borrowers will remain with debt.

Wisdom Cole, the national director of the NAACP’s Department of Youth and College, said all student debt should be written off until the crisis is resolved.

“For the black community, piled in debt through generations of oppression, anything less is unacceptable,” Cole chirp.

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