According to reports, President Biden’s Secretary of Education is investigating the government’s legal authorization to cancel some of the $1.7 trillion in student loan debt, but the White House said the president still does not support providing debt relief of more than $10,000 for all borrowers.
A White House spokesperson told Fox News on Thursday: “The President will grant $50,000 in student loan relief without restrictions.”
The White House said that any debt relief higher than $10,000 must be targeted, “based on the borrower’s income and the type of debt in question.”
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White House Chief of Staff Ron Klain told Politico on Thursday that Education Secretary Miguel Cardona is preparing a document for the president on his cancellation of student debt. Report authorized by law.
“He asked his Minister of Education. He had just worked for a few weeks and asked his department to ask his department to prepare a memorandum on the president’s legal authorization. I hope we can see this in the next few weeks, Klein. Tell Politico. “Then he will study the legal authorization, he will study the issues surrounding the law, and then he will make a decision. “
The president launched a campaign to cancel student debts of up to $1
D-Mass Rep. Ayanna Pressley said in the news: “All of us are calling on President Biden to do the right thing through the campaign to elect him and use his executive power to cancel the $50,000 federal student loan debt.” Thursday.
Democrats urge Biden to pass enforcement measures to cancel student loan debt up to $50,000
Massachusetts Democratic Senator Elizabeth Warren argued that under the Higher Education Act of 1965, the Secretary of Education has the right to cancel student loan debts, which stipulates that the Secretary of Education can modify, “…compromise, Give up or release any right, title, claim, lien or demand, whether acquired, including any equity or any right of redemption.”
White House Press Secretary Jen Psaki said on Tuesday that Biden hopes to cooperate with Congress on this issue.
She said in the briefing: “The President continues to call on Congress to cancel the $10,000 debt for student loan borrowers.” “This is an action that Congress can take, and he is happy to sign it. We are still carefully studying our options for student loans.”
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In January, Biden extended the suspension period for federal student loan payments and set the interest rate to 0% at least until September.
The Ministry of Education also announced this week that the suspension of federal student loans will be extended to more than 1 million private borrowers who default on their loans.
According to data from the Federal Reserve Bank of St. Louis, by the end of 2020, national student loan debt has surged to more than $1.7 trillion.
The Associated Press contributed to this report.