Biden To Consider Canceling Portion Of Federal Student Loan Debt

  • Oops!
    Something went wrong.
    Please try again later.

Could Joe Biden be on the way to canceling out a portion of federal student loan debt?

While meeting with the Congressional Hispanic Caucus (CHC) earlier this week, Biden allegedly offered some vague hope that would positively impact the millions of Americans struggling to pay off their student loans.

Lawmakers who were in attendance have shared that the president is considering wiping out a “significant” portion of federal student debt.

Rep. Tony Cárdenas, D-Calif., who was present at the meeting, revealed that — while Biden never mentioned a specific amount — he allegedly responded favorably to the idea of canceling around $10,000 per person.

“The president never mentioned an amount nor did the president say that he was going to wipe out all student debt,” Cárdenas noted. “He did a dialogue with us about the differential between young people who went to public schools or private schools, and we CHC members said he should focus on both. And he said, ‘Okay, good to know.'”

Cárdenas also shared that, when he mentioned that the CHC supports the cancellation of around $10,000 per borrower, Biden “smiled” and responded “‘You’re going to like what I do on that. I’m looking to do something on that, and I think you’re going to like what I do.'”

“I feel very confident that he is pushing on his team to do something, and to do something significant,” he added. “That’s my feeling.”

With the pause on student loan payments currently set to expire in about 4 months, the news comes as a hopeful signal to many.

However, it’s worth noting that — back before he was president — Biden made partial student loan cancellation a major focus within his campaign, so the matter’s been on the table for quite some time now.

In response to this game-changing news, various GOP senators have started the process of introducing a new bill to limit how long the president can pause student loan payments.

“As Americans continue to return to the workforce more than two years since the pandemic began, it is time for borrowers to resume repayment of student debt obligation,” John Thune, R-S.D., said in a statement. “Taxpayers and working families should not be responsible for continuing to bear the costs associated with this suspension of repayment.”

“This common-sense legislation would protect taxpayers and prevent President Biden from suspending federal student loan repayments in perpetuity,” he added.

On the other end of the spectrum, progressive lawmakers held a rally outside the White House earlier today in order to urge Biden to wipe out all student loan debt, not merely the speculated $10,000 per person.

“The Progressive Caucus has been pushing for a year-and-a-half since this president came into office to say, ‘President Biden, you have the opportunity to make a difference for 45 million Americans across this country by canceling student debt,'” Rep. Pramila Jayapal, D-Wash., told rally-goers. “Let’s go get this done, let’s keep up the organizing, and let’s bring relief to our economy because our economy will grow when we cancel this student debt and bring relief to our families across the country.”

Embed from Getty Images

What do you think about the matter?