Updated Apr 28, 2022 - Politics & Policy

Biden rules out forgiving $50,000 of student loan debt per borrower

President Biden said Thursday that his administration is looking at ways to reduce "some" federal student loan debt.

Why it matters: However, he said specifically his administration is not planning to forgive up to $50,000 per borrower, a figure repeatedly proposed by Senate Majority Leader Chuck Schumer (D-N.Y.) and other Democrats.

What they're saying: "I'm in the process of taking a hard look at whether or not there will be additional debt forgiveness," Biden said.

  • "I'll have an answer on that in the next couple of weeks," he added.
  • Though Biden shot down the $50,000 figure, Press Secretary Jen Psaki said at Thursday's White House briefing that the president previously said he'd be "happy to sign a piece of legislation that came to his desk that canceled $10,000 in student loans. It could be more than that."

"It’s now clear President Biden knows that he has the existing legal authority to act on student debt," Schumer tweeted shortly after Biden's comments. "He should #CancelStudentDebt today!"

The big picture: The Biden administration this month extended the federal student loan repayment pause in response to the coronavirus pandemic until the end of August.

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