U.S. President Joe Biden announces additional military and humanitarian aid to Ukraine as well as new sanctions against Russia, during a speech in the Roosevelt Room at the White House in Washington, April 28, 2022.
Evelyn Hockstein | Reuters
President Joe Biden said Thursday that he will have an answer on student loan forgiveness within weeks.
“I’m not looking at debt relief by $50,000,” Biden said during a speech in the Roosevelt Room at the White House. “But I’m in the process of scrutinizing whether or not additional debt forgiveness is available.
“I’ll have an answer on that in the next few weeks.”
The president’s comments are likely to disappoint supporters and some Democrats, including Senate Majority Leader Chuck Schumer of New York, who pushed him to rescind $50,000. la or more per borrower.
The country’s outstanding education debt exceeds $1.7 trillion and imposes a larger burden on households than credit card debt or auto debt. About a quarter of student loan borrowers – or 10 million people – are estimated to be in a state of delinquency or default.
Biden did not say how much debt he is considering writing off, although on the campaign trail he has expressed support for a $10,000 bailout.
Cancellation of $10,000 per borrower will be wiped out $321 billion in federal student loansand eliminated the entire balance for nearly 12 million people. About 70% of student loan borrowers will still be in debt.
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