Biden is considering canceling ‘significant’ student loan debt, lawmakers say

Biden is considering canceling 'significant' student loan debt, lawmakers say

President Joe Biden suggested to lawmakers that he was not only extending the moratorium on federal student loan payments, but may soon announce a broader cancellation of student loan debt.

on one closed room meeting On Monday, along with members of the Congressional Hispanic Caucus, Biden indicated he may soon issue an executive action to cancel some federal student loan debt, lawmakers and aides reported. Washington Post And CBS News,

“I very much believe he is pushing his team to do something and do something important,” representative Tony Cardenas (D-Calif.) told the Post.

However, later on Monday, White House Press Secretary Jen Psaki told reporters only what she had previously said: that Biden “kept watching” Will decide on options and action to cancel student loan before moratorium on payment expires in august,

Nearly 40 million Americans have a total $1.7 trillion in student loan debt,

democratic parliamentarian urging the president To cancel student loans, dozens of members of Congress said they must use their executive powers to eliminate at least $50,000 in debt per borrower.

Biden first indicated that he was “unlikely” To eliminate $50,000 in student loan debt per person; During his presidential campaign, he said he supported legislation that would write off a $10,000 loan per person.

Comprehensive loan forgiveness will have a significant impact on the racial wealth gap, as black graduates are more likely to borrow money to pay for college than any other racial group – and black student graduates are the largest of any group. With student loan debt, As per 2019 report From the American Council on Education.

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