President Biden considers cancelling some student loan debt

WASHINGTON (NEXSTAR) – President Joe Biden is considering forgiving some student loan debt, which is something he promised to do during his campaign.

With millions of Americans stuck in limbo and billions of dollars on the line, President Biden signaled Thursday that he could be close to making a move on student loans.

“I’m in the process of taking a hard look at whether or not there will be additional debt forgiveness,” Biden said.

But there is a limit to what he will do.

“I am not considering $50,000 debt reduction,” Biden said.

Advocates like Akosua Ali, president of NAACP DC, say that’s just not good enough, especially for borrowers of color.

“Being able to achieve homeownership, being able to start businesses and being able to create jobs – it has a significant impact,” Ali said.

The White House has publicly called on Congress to do something about it, rather than waiting for executive action.

Many Republicans are against erasing student debt across the board. Sen. John Cornyn of Texas says blanket forgiveness ignores that some people can afford to pay their loans.

“Makes no sense and casts that financial burden on taxpayers,” Cornyn said. “Throwing a bone to a political constituency that doesn’t want to accept their personal responsibility.”

Sen. Josh Hawley, R-Mo., says he’s waiting to see what action President Biden will take on the issue.

“I am not in favor of prioritizing people who have a lot of advantages when there are other people who can’t afford to go to college,” Hawley said.

Many Democrats, including Sen. Tim Kaine, want to see the president use his power to wipe out at least some of the debt.

“Ten thousand dollars of loan forgiveness is the most targeted way to meet the needs of those who are most in need,” Kaine, D-Va., said.

That could happen soon with President Biden saying he should have a plan to announce within a couple of weeks.