Joe Biden says he’s “not considering” forgiving $50,000 student loans per borrower but that he will be taking a “hard look” at student loan debt.
Many of us could be a few steps closer to accessing financial freedom if only the weight of our student loan debt was lifted. As the conversation around whether or not more student loan debt will be forgiven, Biden is making it clear that the idea that he would forgiving $50,000 in student loan debt per borrower is false.
“I am considering dealing with some debt reduction. I am not considering a $50,000 debt reduction,” said Biden while discussing the $33 billion in funds he has requested from Congress to send to Ukraine. “But I’m in the process of taking a hard look at whether or not there are going — there will be additional debt forgiveness, and I’ll have an answer on that in the next couple of weeks.”
Biden has been pressed about his promise to forgive billions in student loans ever since he mentioned the move as part of his campaign. On Thursday, Biden says that he’ll have an answer on student loan debt forgiveness in the “next couple of weeks,” CNN reports.
Right now, student loan debt in the U.S. has exceeded $1.7 trillion and is breaking down families across the country harder financially than credit card or automotive debt, CNBC reports.
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