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Biden Rules Out Canceling $50,000 of Debt Per Student Borrower

HeadlineApr 29, 2022

President Biden on Thursday confirmed he is looking into taking executive action to cancel an unspecified amount of federal student debt in the coming weeks.

President Joe Biden: “I am considering dealing with some debt reduction. I am not considering $50,000 debt reduction. But I’m in the process of taking a hard look at whether or not there are going to — there will be additional debt forgiveness.”

In response, the Debt Collective demanded the White House cancel more student loan debt, writing in a statement, “For millions of borrowers, many of whom owe six figures, $10,000 or $50,000 of relief barely provides a dent in the amount of debt they hold. … If Biden were to cancel $10,000 for all 45 million borrowers we’d still have a massive student debt crisis on our hands.” Some Democrats and progressive lawmakers have also been pressuring Biden to cancel at least $50,000 in student debt — if not more. This is Senate Majority Leader Chuck Schumer speaking Thursday.

Majority Leader Chuck Schumer: “I again call on the president to take action, which he can do on his own, and hit the financial reset button for millions and millions of Americans. President Biden has done the right thing by continuing the moratorium on student loan payments. His actions have saved millions from financial ruin during the COVID crisis. But borrowers don’t just need their debts paused; they need them erased.”

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