Biden says he’s not considering $50,000 in student loan forgiveness

U.S. President Joe Biden announces additional military and humanitarian aid for Ukraine as well as fresh sanctions against Russia, during a speech in the Roosevelt Room at the White House in Washington, April 28, 2022.

President Joe Biden said on Thursday that he will have his answer on student loan forgiveness within a couple of weeks.

Biden said during a speech at the White House that he was not considering $50,000 in debt reduction.

I will have an answer on that in the next couple of weeks.

Schumer has been pushing the president to cancel $50,000 or more per borrower, and the president's comments are likely to disappoint him.

The country's outstanding education debt is larger than credit card or auto debt and poses a bigger burden to households. Ten million people are estimated to be in student loan default or delinquency.

On the campaign trail, Biden expressed support for $10,000 in relief, but he didn't say how much of the debt he was considering wiping out.

The $321 billion of federal student loans would be wiped out if $10,000 per borrower were canceled. Around 70% of student loan borrowers would still owe the debt.

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