President Joe Biden said at a press conference Thursday that he is considering a plan to cancel “some” federal student loan debt, and would make a decision in the next few weeks.
“I am not considering $50,000 debt reduction, but I am in the process of taking a hard look at whether or not there will be additional debt forgiveness,” Biden said.
Student debt forgiveness could be coming soon. President Biden says he's "considering" a plan to wipe out some student loans, but says it won't be the $50,000 debt relief plan that advocates have been pushing for. #NexstarDC pic.twitter.com/n1FJGvR04R
— Hannah Brandt (@HannahBrandt_TV) April 28, 2022
The Biden administration has thus far canceled loans for select groups of borrowers, like those who were misled by for-profit schools. Earlier on Thursday, for instance, the Department of Education announced it would cancel the loans of 28,000 former attendees of a now-defunct chain of cosmetology schools.
Some Democrats and interest groups to Biden’s left have long urged the president to initiate one sweeping debt cancellation in the amount of $50,000 per borrower. But Biden has never signaled his support for that amount, and on Thursday made that clear once again.
As a candidate for president, though, Biden pledged to cancel “a minimum of $10,000 of student debt per person.” Since taking office, he has extended several times the pause on federal loan payments that has been in place since the early days of the Covid-19 pandemic.