Joe Biden Will Consider forgiving student loan debt, but not $50,000 per borrower.
President Biden stated on Thursday that he is “taking a good look” at canceling some federal student loan debt.
Still, the amount he is considering is less than $50,000 per borrower, which is less than other senior Democrats have sought since he took office.
In answer to a query at the White House, Mr. Biden remarked, “I am considering dealing with some debt reduction.”
“I’m not thinking about lowering my debt by $50,000. However, I’m currently examining whether or not there will be extra debt forgiveness.”
In the “coming couple of weeks,” the president stated he would have an answer on greater debt forgiveness.
Mr. Biden’s remarks come only days after providing one of his most muscular hints yet at a meeting with the Congressional Hispanic Caucus on Monday. He said he wanted to cancel his student loan debt.
At the discussion, Democratic Rep. Tony Cardenas of California said the president never specified a specific sum he wanted to cancel.
But that he was open to forgiving debt for borrowers whether they went to private or public schools.
According to Cardenas, when the member restated the caucus’ support for eliminating $10,000 in student loan debt, the president remarked, “You’re going to like what I do.”
Some Republican senators attacked Vice President Joe Biden for considering erasing student loan debt during the president’s meeting on Monday.
“Desperate polls call for desperate means,” Utah Senator Mitt Romney tweeted, mockingly suggesting Mr. Biden attempted to “bribe” supporters.
Mr. Biden promised to cancel $10,000 in student loan debt during his presidential campaign and called on Congress to act.
Instead, he has repeatedly extended the pandemic-related moratorium on federal student loan repayment until August 31.
The White House has previously expressed concerns that canceling federal student debt on a large scale by executive order could meet legal hurdles.
President Trump instructed his legal team to assess his legal options last year.
As the November elections near, pressure on Mr. Biden to act has grown. Senate Majority Leader Chuck Schumer and Massachusetts Senator Elizabeth Warren have renewed their requests for the president to forgive $50,000 in student loan debt.
Unfortunately, this number appears to be off the table for the time being.
Jen Psaki, the White House press secretary, has stated that a decision on eliminating student loan debt will be made between now and August 31, when loan payments will start.
However, some Republican politicians and groups are opposed to prolonging the pandemic-era moratorium.
It saves 41 million borrowers an estimated $5 billion each month in student loan interest payments.
The break was supposed to end in the first week of May.
The Department of Education has tweaked existing loan forgiveness programs in the interim.
Since taking office, the Biden administration has forgiven almost $17 billion in student loan debt.
It includes students deceived by their schools, those with permanent impairments, and those enrolled in income-driven repayment programs or the Public Service Loan Forgiveness Program.
Eric is a professional news editor, writer, and blogger for the last 10 years. He is working with NewsGater as an off-beat news editor cum writer.