WASHINGTON (Fwrd Axis) — President Joe Biden appeared “positive” about leaning towards canceling at least some federal student debt for millions of Americans during a meeting with members of the Congressional Hispanic Caucus on Monday.Thank you for reading this post, don't forget to subscribe!
Biden has supported canceling $10,000 in debt per person going back to his days on the campaign trail but reports suggest the President has told his administration to explore if they could go even further. However, it remains unclear what his actions for student debt cancellation will look like.
“I feel very confident that he is pushing on his team to do something, and to do something significant on student loan cancellation,” Rep. Tony Cardenas (D-Calif.) told The Washington Post.
If Biden does decide to issue an executive order canceling the debt, the courts will likely take up the issue and overturn it, according to legal experts.
Biden has faced pressure from Democrats to deliver on his campaign promise to eliminate student debt, including Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Elizabeth Warren (D-MA), who have called on the President to cancel up to $50,000 of student loan debt per borrower.
White House press secretary Jen Psaki said Wednesday that Biden “would make a decision about any cancellation of student loans before” the government’s pause on student loan repayments ends in August.
“Right now, it’s been extended through August … he is looking at other executive authority options he has to bring relief to people who have student loans. So, that’s what he conveyed during the meeting yesterday,” she said.
The Biden administration has already provided other forms of relief to student borrowers.
43.4 million Americans are currently in debt following college with outstanding federal student loans as of the first quarter of 2021, according to the U.S. Department of Education. Analysis by the Federal Reserve found that $10,000 in debt forgiveness would help eliminate debt for 11.8 million Americans.