Biden said he will not cancel $50,000 in student debt

Two weeks ago, Senate Majority Leader Chuck Schumer of New York, along with other Democratic legislators reintroduced a resolution calling on the White House to forgive $50,000 in student debt for all borrowers by executive action, but Biden has ruled it out. Is this the end of the matter?

Senate Majority Leader Chuck Schumer of New York, together with Sen. Elizabeth Warren, and other Democrats put forward a resolution calling on President Joe Biden to forgive $50,000 in student debt for all borrowers but, on Tuesday, the president shot down his fellow Democrats’ push.

“I will not make that happen,” Biden answered when an attendee at a CNN town hall Tuesday night asked him.

“I don’t think I have the authority” to forgive such a large debt burden through executive action, he added but said he is “prepared to write off $10,000 in debt” which is the amount he promised to forgive during his presidential campaign.

The answer will surely be a disappointment for student loan holders and congressional Democrats who have urged the president to take action to ease the financial strain on borrowers, and who have argued he had the power to do so without Congress.

Biden, however, has said he would sign legislation forgiving up to $10,000 in student loans if Congress passes it, and the White House is also reviewing his legal authority on the issue.

In a joint statement made on Wednesday, Schumer and Warren again called on Biden to cancel $50,000 in debt and said they are confident the Biden administration will agree with legal experts “who have concluded that the administration has broad authority to immediately deliver much-needed relief to millions of Americans.”

Biden, regarding his decision to rule out the resolution, said he is worried about disproportionately helping people who went to prestigious colleges and said he would rather use the money to pay for early childhood education.

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