Biden May Cancel ‘Some’ Student Debt—But Rules Out Canceling $50,000 Per Borrower

There was an update on April 28, 2022, 12:29pm.

President Joe Biden said Thursday he is considering canceling some student loan debt, but he is not looking to cancel $50,000 in debt per student.

Biden did not say how much debt he was considering canceling, but he did say that he wanted to eliminate $10,000 in debt per borrower.

Senate Majority Leader Chuck Schumer has been pushing for the president to forgive $50,000 in student loan debt in order to eliminate it for 36 million Americans.

The Congressional Hispanic Caucus was told by Biden that he might issue an executive order to eliminate student debt.

I am not considering $50,000 in debt reduction, but I will have an answer in the next couple weeks.

Since March 2020, a moratorium on federal student loan payments has been in place, and is set to remain until at least August 31 under the latest extension signed by Biden. The president has been urged by left-leaning advocates to take action on student loan forgiveness. Biden's stance so far has brought frustration across the political spectrum, with Democrats questioning the timing of letting the moratorium expire just before the elections. Republicans think the timing of forgiveness or another moratorium extension is a desperate attempt from Biden to boost sagging approval ratings and help Democrats in the upcoming elections.

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