US President Joe Biden announces additional military and humanitarian aid for Ukraine, as well as new sanctions against Russia, during a speech in the Roosevelt Room of the White House in Washington, on April 28, 2022.
Evelyn Hockstein | Reuters
President Joe Biden said Thursday that he will have his answer on student loan forgiveness within a couple of weeks.
“I am not considering $50,000 in debt reduction,” Biden said during a speech in the Roosevelt Room of the White House. “But I am in the process of taking a hard look at whether or not there will be additional debt forgiveness.
“I will have an answer on that in the next two weeks.”
The president’s comments are likely to disappoint advocates and some Democrats, including Senate Majority Leader Chuck Schumer of New York, who has been pushing him to write off $50,000 or more per borrower.
The outstanding balance of the nation’s education debt exceeds $1.7 trillion and represents a greater burden on households than credit card or car debt. It is estimated that about a quarter of student loan borrowers, or 10 million people, are in default or delinquent.
Biden did not say how much of the debt he was considering erasing, though on the campaign trail he expressed support for $10,000 in relief.
Paying off $10,000 per borrower would eliminate $321 billion of federal student loans, and eliminate the entire balance of almost 12 million people. About 70% of student loan borrowers would still be left with the debt.
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