White House Chief of Staff Ron Klain (Ron Klain) said on Thursday that President Joe Biden (Joe Biden) asked the Secretary of Education Miguel Kaldo to face the growing pressure of the Obama administration to respond to the student loan crisis. Miguel Cardona prepares a memorandum of legal authorization for cancellation of student debts.American
In an interview with Politico, Klein said that Biden will decide how to proceed after reviewing the memo, which can be sent to his desk in the next few weeks.
Klein said: “He will study legal authority, study relevant policy issues, and then make a decision.” “In any case, he has not made a decision. In fact, he has not yet received the memo that he needs to start focusing on the decision. “
Crane’s remarks came as Senate Majority Leader Chuck Schumer (DN.Y.), Senator Elizabeth Warren and D-Mass, and other Democrats on Capitol Hill were all urging Biden. Cancel up to $50,000 in student debt through administrative action. The lawmakers admitted that they lack the necessary Republican support to pass a bill that will serve the same purpose.
Biden expressed support for the cancellation of up to $1
Biden said at a city hall event in February: “I understand the impact of debt, which may be disappointing.” “I am going to write off $10,000 of debt, but not $50. [thousand]Because I don’t think I have the right to do this. “
The memorandum of the Ministry of Education is being jointly conducted with the Ministry of Justice, led by the Ministry of Education.
It is estimated that more than 40 million Americans have student loan debt, and the Federal Reserve (Fed) estimates that by the third quarter of 2020, Americans owe more than $1.7 trillion in student loans. Studies have shown that students of color are more likely to take on student debts and to repay the debts vigorously.
Supporters of the cancellation of student debt believe that under the Higher Education Act of 1965, the President has the power to cancel student loans, which first granted the Minister of Education the power to support student loans. Supporters of debt cancellation believe that Biden has exercised this power by suspending student loan payments during the coronavirus pandemic.
White House Press Secretary Jen Psaki told reporters in February that while reviewing his executive power, Biden would be “eager” to sign a bill passed by Congress that would provide $10,000 in debt relief.