On Tuesday, President Joe Biden said he would not remove $50,000 in student debt, shooting down a measure proposed this month by Democrats. He did state that he is open to some form of loan forgiveness.
“I will not make that happen,” Biden said at a CNN town hall in Milwaukee in response to a member of the audience who called on him to pledge the removal of at least $50,000 in student debt.
Biden, listing the debts that his own children obtained after attending private universities, said that he understood the burden of the student loan crisis but that without Congressional action, he did not believe he could eliminate $50,000 on his own.
“My point is: I understand the impact of debt, and it can be debilitating,” Biden said. “I am prepared to write off the $10,000 debt but not $50 thousand because I don’t think I have the authority to do it.”
In early February, Senate Majority Leader Chuck Schumer, D-N.Y., Sen. Elizabeth Warren, D-Mass., and other legislators issued a resolution calling on Biden to use executive action to wipe out federal student loan debt up to $50,000 for all borrowers, arguing that the secretary of education has the authority to cancel the debt.
At the time, White House Press Secretary Jen Psaki said Biden was “reviewing whether there are any steps he can take through executive action, and he would welcome the opportunity to sign a bill sent to him by Congress.”
Tuesday, Biden expressed his support for making community college free and allowing families earning less than $125,000 to send their kids free of charge to state schools. Biden said he also favored extending debt forgiveness initiatives, such as teaching, for those going into public service work.
He said that interest should be removed during “this moment of economic pain and strain” caused by the coronavirus pandemic.
Biden also indicated that it could be a choice for states to make up for the interrupted academic year to extend school into the summer.
He said, “My guess is they’re going to probably be pushing to open all summer, to continue like it’s a different semester.”
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