Biden says he is considering the fact that student loan debt forgiveness, but no longer $50,000 per borrower - CBS information

Washington — President Biden mentioned he's "taking a hard seem to be" into forgiving some federal scholar personal loan debt on Thursday, however the quantity he is on account that is lower than $50,000 per borrower, lessen than some top Democrats had been in search of when you consider that he took workplace. 

"i'm when you consider that coping with some debt reduction," Mr. Biden observed in response to a question on the White condo. "i'm not because $50,000 debt discount. but i'm within the manner of taking a tough look at even if or now not there might be further debt forgiveness." 

The president observed he would have a solution on forgiving further debt within the "next couple of weeks."

Mr. Biden's comments came days after he gave one in every of his strongest indicators yet that he's looking to cancel student loan debt all the way through a meeting with the Congressional Hispanic Caucus on Monday.

Democratic Rep. Tony Cardenas of California, who attended the assembly, observed the president not ever mentioned a certain quantity he was looking to cancel, but talked about he became open to forgiving debt for borrowers in spite of whether or not they attended deepest or public associations. When the lawmaker reiterated that the caucus helps canceling $10,000 in scholar personal loan debt, the president noted, "you're going to love what I do," in line with Cardenas.

in keeping with the president's assembly on Monday, some Republican lawmakers blasted Mr. Biden for forgiving scholar loan debt. Sen. Mitt Romney of Utah tweeted that "desperate polls demand determined measures," and sarcastically counseled Mr. Biden changed into making an attempt to "bribe" voters.

all the way through his presidential crusade, Mr. Biden stated he would cancel $10,000 in scholar mortgage debt and called for Congress to behave. He has extended the pandemic-related pause on federal pupil mortgage compensation a couple of instances, most lately via August 31. The White residence has previously raised concerns that common federal scholar debt cancellation may face criminal challenges if completed via government motion, and the president final 12 months requested his group to consider his felony alternatives.

drive on Mr. Biden to act has been mounting as the midterm elections strategy. Some Democrats, like Senate Majority leader Chuck Schumer and Sen. Elizabeth Warren of Massachusetts, have reiterated their requires the president to cancel $50,000 in student personal loan debt, an quantity that looks to be off the desk for now.

White condominium press secretary Jen Psaki has said a decision on canceling pupil personal loan debt would be made between now and August 31, when loan payments are set to renew. Some Republican lawmakers and organizations oppose extending the pandemic-period pause, which saves some 41 million borrowers an estimated $5 billion a month in scholar mortgage pastime funds. The pause become in the past set to run out at the beginning of may also.

in the meantime, the education department has made some adjustments to current mortgage forgiveness programs. for the reason that taking workplace, the Biden administration has forgiven more than $17 billion in pupil mortgage debt, including for borrowers who had been defrauded by using their schools, those with permanent disabilities and people in earnings-pushed repayment plans or the general public service mortgage Forgiveness software.

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Sarah Ewall-Wice

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