Biden says he won't forgive $50000 of student loan debt for borrowers

President Joe Biden participates in a CNN town hall at the Pabst Theater in Milwaukee Wisconsin

But legal experts have said the president clearly has the authority to direct the secretary of education to cancel $50,000 in student loan debt without congressional approval, a move that a majority of Americans support.

People like my mother, who even after 5 kids is still paying off her loans.

Mrs. Psaki said Mr. If you only get three sentences to talk about debt forgiveness, she says, "why not acknowledge that a 1.7 trillion dollar debt is an indication of a serious problem".

The federal government owns 92 percent of student debt, but President Joe Biden is refusing to cancel that debt up to $50,000 per debtor using executive action.

When asked about the matter during his first presidential town hall with CNN, Biden said, "I will not make that happen". "I am prepared to write off the $10,000 debt but not $50 thousand because I don't think I have the authority to do it". Chuck Schumer of New York, and Sen.

White House officials said Wednesday that Biden's reference to writing off $10,000 of loan forgiveness was not meant as a descriptor for executive action but to reflect his endorsement of achieving that goal through legislation, which he has not yet proposed.

She added that early childhood education doesn't have to come as a trade-off to student loan forgiveness.

However, an ample body of evidence exists that shows that student loan forgiveness primarily benefits wealthier individuals who have acquired degrees in high-paying fields such as medicine or engineering.

"Presidents Obama and Trump used their executive authority to cancel student loan debt", the senators noted. "The sums involved in loan-forgiveness proposals under discussion would exceed cumulative spending on numerous nation's major anti-poverty programs over the last several decades".

Democrats set to unveil Biden’s immigration Bill
It also would provide resources for more judges, support staff and technology to address the backlog in processing asylum seekers. Sanchez, whose parents are immigrants, said she anticipates discussion with Republicans over border security.

Elsewhere in the town hall event, Biden spoke extensively about America's plans for tackling the COVID-19 pandemic in 2021.

"Biden gives the middle finger to people drowning in student debt".

"It throws cold water on activists' enthusiasm for no reason whatsoever", Greene said, calling it a "distraction" for other parts of his agenda, such as Covid relief, where progressives have largely been pleased with his approach. It may also create a risky incentive for students who otherwise wouldn't have taken out loans to do so, with the hope the government would step in and forgive them, creating a downward spiral, Flores-Lagunes said. Biden's holding back, but numerous arguments against it just don't hold water on close inspection. "We will keep fighting". An ocean of student loan debt is holding back 43 million borrowers and disproportionately weighing down Black and Brown Americans.

Color of Change, a racial justice group, released a poll this week showing that two-thirds of Black voters "strongly support" canceling student loan debt.

Advocates for debt cancelation argue it would stimulate the economy, and could help address the racial wealth gap.

Throughout his first month in office as the latest President of the United States, Joe Biden has been hard at work to deliver upon the many promises that he made during his presidential run a year ago. Many offer financial aid packages aimed at keeping students free from federal student loans.

The Democrats' plan would fully eliminate student debt for about 36 million borrowers, according to CNBC, and reduce the total national student debt from $1.7 trillion to $700 billion.

Among college students who borrow money to attend college, the average student graduates with an average of almost $29,000, according to the most recent analysis by the Institute for College Access & Success. Households with student debt tend to have the least amount of wealth, federal data shows.

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