The new date is April 26, 2022, 03:50pm.
According to multiple reports, President Joe Biden told lawmakers this week that he is likely to cancel some federal student debt for millions of Americans, after White House Press Secretary Jen Psaki said Monday the president is set to decide by August whether to take action on student loan forgiveness.
Activists protested outside of the White House on March 15.
According to the Washington Post and CBS News, Biden told members of the Congressional Hispanic Caucus that he was considering taking action to relieve student loan debt.
One lawmaker told CBS that the White House is looking at different options on what to do with the debt.
According to the Post, the president was "incredibly positive" about the idea of using an executive order to relieve at least $10,000 in debt per person.
The congressman said that the timing was sensitive so that the move wouldn't happen.
The reports come after Psaki told reporters Monday that Biden would make a decision about any cancellation of student debt before the government's pause on student loan repayments ends.
I feel very confident that he is pushing on his team to do something, and to do something significant on student loan cancellation, said Rep. Tony Cardenas (D-Calif.).
Exactly what the cancellation of student debt will look like. According to CBS, Biden gave lawmakers the impression that his administration is looking at options if they could go even further. She said Monday that she didn't.
Legal experts have questioned the president's authority to wipe out federal debt through executive action if Biden passes an executive order.
A total of 43.4 million. The number of Americans with outstanding federal student loans as of the first quarter of 2021, according to the U.S. Department of Education. A recent analysis by the Federal Reserve found that student debt forgiveness of $10,000 would eliminate debt for 31.1% of borrowers and debt cancellation of $50,000 would wipe out debt for 29% of borrowers.
Biden is open to canceling student loans.
Biden told the Congressional Hispanic Caucus that he was looking at forgiveness of federal student loan debt.
Young Americans want the government to help student debt, but they're split on whether to do so.
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