Biden Takes Closer Look at Student Loan Debt But ‘Not Thinking’ of Giving Up $50,000 to Each Borrower 2022-04-28 11:04:19


“I’m thinking about dealing with some debt relief,” Biden said at the White House after unveiling new funding for Ukraine. “I’m not thinking about $50,000 debt relief.” “But I’m in the process of taking a closer look at whether or not there is anything there — there’s going to be additional debt forgiveness, and I’ll have an answer to that in the next couple of weeks.”

Biden has been pressured to make good on his campaign promise to deal with student loan debt. He told lawmakers at a White House meeting this week that he would take steps to address the problem.

Since taking office, Biden has taken many measures to provide student loan forgiveness. He has repeatedly extended a moratorium on federal student loan payments, a measure initially enacted during the Trump administration to help borrowers struggling economically due to the pandemic. Recently, the White House announced that the pause would be extended until August 31.

During a meeting with Hispanic lawmakers in Congress on Monday, Biden sounded “positive” about the idea of ​​waiving at least $10,000 in US student loan debt, but did not make a specific commitment on the issue, according to the California Democrat. Nanette Baraghan.

Barragan told CNN on Tuesday That Biden and Democrats discussed the scope of this plan — including whether it would include public and private institutions — but the White House did not commit to or set a timeframe for taking such a step. Her comments on the discussion followed reports that Biden had strongly indicated during the meeting that he would take action on the issue through the executive branch. Barragan said the report that Biden conveyed a decision at the CHC meeting “was news to me.”

Some key Democratic lawmakers, including Senate Majority Leader Chuck Schumer of New York and Senator Elizabeth Warren of Massachusetts, have called on Biden to cancel up to $50,000 in student loan debt for each borrower.

The White House has long indicated that the president will support Congress’ action to cancel $10,000 in student loan debt for borrowers, but Biden hasn’t made clear whether he would use executive powers to provide this collective debt relief immediately. But Congress, where Democrats have a slim margin, is unlikely to have the votes to pass large-scale debt-repealing legislation.

Biden on Thursday touted steps he has already taken that have eased debt for public sector employees.

“The first thing we did was reform the system in place that doesn’t work with anyone that allows people to write off debts if they participate in public service,” he said.