President Biden Refuses to Cancel $50,000 in Federal Student Debt

IBL News | New York

President Joe Biden ruled out yesterday canceling $50,000 in student debt per person. His rejection disappointed student borrowers as well as top Senate Democrats like Senate Majority Leader Chuck Schumer and Democratic senator Elizabeth Warren.

The debate over loan forgiveness emerged during a town hall meeting sponsored by CNN Tuesday night.

Asked by a viewer about what is happening with the debt relief, Biden replied, “I will not make that happen.”

However, Biden did say he would support a smaller amount of $10,000.

One-third of federal student loan borrowers, or 14.4 million people, would see their balances reset to zero if all federal student loan borrowers got $10,000 of their debt forgiven.

If $50,000 of education debt was forgiven, it would wipe away all debt for 80% of borrowers, or roughly 36 million people.