Biden Supports Canceling up To $10K in Student Loan Debt, but Believes Congress Needs To Act: WH
President Joe Biden is supportive of the push to cancel thousands of dollars of federal student loan debt to help Americans financially as the COVID-19 pandemic continues to send ripples through the economy. However, he…
President Joe Biden is supportive of the push to cancel thousands of dollars of federal student loan debt to help Americans financially as the COVID-19 pandemic continues to send ripples through the economy.
However, he is asking Congress to pass a bill to cancel federal student loan debt instead of unilaterally canceling the debt through an executive order.
White House Press Secretary Jen Psaki told reporters on Thursday that Biden is supportive of the push, “The president has and continues to support canceling $10,000 of student loan debt per person as a response to the Covid crisis.”
“He’s calling on Congress to draft the proposal, and if it is passed and sent to his desk, he will look forward to signing,” she added.
She also noted that on Biden’s first day in office, he ordered the Department of Education to extend a pause on student loan payments and interest.
“But he certainly supports efforts by members in Congress to take additional steps, and he would look forward to signing it,” she said.
When asked if Biden would seek to cancel student debt through an executive order or legislation, Psaki said, “I think he already took a step through executive action on the first day, and he would look to Congress to take the next step.”
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Sen. Elizabeth Warren (D-Mass.) argued during a hearing in December that Biden could cancel up to $10,000 in federal student loans through executive action, as IJR reported.
“All on his own, President-elect Biden will have the ability to administratively cancel billions of dollars in student loan debt using the authority that Congress has already given to the secretary of education,” Warren said.
She argued that such a move would be the “single most effective economic stimulus that is available through executive action.”
Senate Majority Leader Chuck Schumer (D-N.Y.) has also called for Biden to cancel up to $50,000 of student loan debt per person with just “the flick of a pen.”