President Joe Biden looking into canceling $50,000 per borrower in student loan debt
President Joe Biden has asked his Education Secretary to put together a report on his legal authority to cancel up to $50,000 in student loan debt.
According to Biden’s White House Chief of Staff, the President will use the information in the report to look at both his legal authority and the policy issues around that authority, he will then make a decision on whether or not to move ahead with the cancellation of the debt.
Biden previously said he was open to forgiving $10,000 in student loan debt per borrower but his party is putting the pressure on the President to increase that amount to $50,000 per borrower – and they want him to do it through executive action.
If the President has the authority to cancel student debt without going through congress, balances could disappear overnight.
Currently there are more than 44 million student loan borrowers in the U.S., their outstanding balance is expected to be more than $2 trillion by 2022.