Biden says he is considering forgiving student loan debt, but not $ 50,000 a year. borrower

Washington President Biden said he “takes a thorough look” at forgiving some federal student loan debt on Thursday, but the amount he is considering is less than $ 50,000 per borrower, lower than some top Democrats have been looking for since taking office.

“I am considering dealing with some debt reduction,” Mr. Bite in response to a question in the White House. “I’m not considering a $ 50,000 debt reduction. But I’m in the process of looking closely at whether there will be further debt forgiveness.”

The president said he would have an answer on forgiving additional debt in “the next few weeks.”

Mr. The bite’s comments came a few days after he gave one of his strongest signals to date that he is wants to cancel student loan debt during a meeting with the Congressional Hispanic Caucus on Monday.

California Democratic Representative Tony Cardenas, who attended the meeting, said the president never mentioned a specific amount he wanted to cancel, but said he was open to forgiving borrowers’ debts, whether they attended privately or publicly. institutions. When the legislature reiterated that the caucus supports the cancellation of $ 10,000 in student loan debt, the president said, “You will like what I do,” according to Cardenas.

In response to the president’s meeting Monday, some Republican lawmakers blew up Mr. Biden to look at forgiveness of student loan debt. Late. My Romney from Utah tweeted that “Desperate polls require desperate measures,” and scornfully hinted that Mr. Biden was trying to “bribe” voters.

During his presidential campaign, Mr. Biden that he would cancel $ 10,000 in student loan debt and urged Congress to act. He has expanded the pandemic-related break with repayment of federal student loans several times, no later than 31 August. The White House has previously raised concerns that widespread cancellation of federal student debt could face legal challenges if done through executive action, and last year the president asked his team to evaluate his legal options.

The pressure on Mr Biden to act has been mounting as midterm elections approach. Some Democrats, such as Senate Majority Leader Chuck Schumer and Senator Elizabeth Warren of Massachusetts, have reiterated their calls for the president to cancel $ 50,000 in student loan debt, an amount that appears to be off the table for now.

White House Press Secretary Jen Psaki has said a decision to cancel student loan debt would be made between now and August 31, with loan repayments to be resumed. Some Republican lawmakers and organizations are opposed extension of the pandemic break, saving about 41 million borrowers an estimated $ 5 billion a month in interest payments on student loans. The break was previously set to expire in early May.

Meanwhile, the education department has made some changes to existing loan forgiveness programs. Since the Biden administration took office, the Biden administration has forgiven more than $ 17 billion in student loan debt, including for borrowers cheated by their schools, those with permanent disabilities and those on income-driven repayment plans or the Public Service Loan Forgiveness Program.

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