Biden officials to consider action on student debt relief
(KYMA, KECY) - The Biden administration is looking to see if it can take steps to provide student debt relief through executive action.
Los Angeles Times reported the administration continues to call on Congress to pass legislation to help borrowers and their families.
On Thursday, White House press secretary Jen Psaki tweeted, " The President continues to support the cancelling of student debt to bring relief to students and families. Our team is reviewing whether there are any steps he can take through executive action, and he would welcome the opportunity to sign a bill sent to him by Congress.”
The President continues to support the cancelling of student debt to bring relief to students and families. Our team is reviewing whether there are any steps he can take through executive action and he would welcome the opportunity to sign a bill sent to him by Congress.
— Jen Psaki (@PressSec) February 4, 2021
In the past, Biden said he supports up to $10,000 in student loan forgiveness per borrower. However, a group of Democrats urged Biden to use executive action and forgive $50,000 in federal student debt for all borrowers.
The L.A. Times says forgiving $50,000 in student debt would cost an estimated $650 billion. Sen. Elizabeth Warren of Massachusetts says this would create a "big positive" change for the economy by allowing Americans to buy homes and start businesses.
