Biden Explores Mass Student Loan Debt Payoff, Tells House Democrat ‘You’re Gonna Like What I Do’

President Joe Biden reportedly told a group of House Democrats this week that he was studying how all outstanding student loan debt could be canceled.

As a presidential candidate, Biden pledged to forgive every borrower $10,000 in student loan debt. He hasn’t kept that promise yet. However, he has repeatedly extended the COVID-related moratorium on student loan payments.

The outstanding federal debt for student loans is currently $1.6 trillion.

what are the details

During a private meeting with the congressional Hispanic Caucus on Monday, Biden confirmed that he is considering what executive action he can take to erase student loan debt.

Rep. Tony Cardenas (D-Calif.) announced to CBS News that he told Biden at the meeting that his caucus supports canceling $10,000 in student loan debt per borrower. In response, Cardenas explained the president “smiled and said, ‘You’re going to like what I’m doing with it, I want to do something about it, and I think you’re going to like what I’m doing.'”

Another lawmaker who attended the meeting anonymously told CBS News the White House is even considering canceling it everything Student loan debt.

“They are looking at different possibilities of what they can do. to forgive you completely. That was our request,” said lawmakers.

While moderate lawmakers support cancellation something Student loan debt, progressive Democrats want to call it quits all of it as an act of social justice.

“Student debt relief is racial justice. Student debt relief is gender justice. Student debt relief is economic justice,” MP Pramila Jayapal (D-Wash.) said earlier this month.

What does the WH say?

White House Press Secretary Jen Psaki told reporters Monday that while the White House has yet to make a decision on the president’s power to unilaterally cancel student loan debt, the White House will announce a decision on the debt cancellation before the moratorium on payments ends on Monday 31 August expires.

So far, the Biden administration has issued $17 billion in student loans, according to Forbes reported.

However, eliminating all student loan debt through executive action would pose a whole new set of problems. Critics would immediately challenge Biden’s actions in court, leaving borrowers in limbo for an unknown amount of time. On the other hand, legislation passed by Congress with bipartisan support would be less susceptible to legal challenge. However, it is unlikely that Congress will pass such a law in the near future. Biden Explores Mass Student Loan Debt Payoff, Tells House Democrat ‘You’re Gonna Like What I Do’

Laura Coffey

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