Biden Will Not Support Progressive Student Loan Forgiveness Plan, He Says

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Top line

President Joe Biden spoke out against plans to write off student loans by his party’s progressive wing in an interview published Friday, suggesting Democrats still disagree on how far school debt cancellation plans should go.

Key facts

IN interview with The newspaper “New York Times columnist David Brooks, Biden said he “disagrees” that the government should pay “$ 70,000 a year” to a student at the University of Pennsylvania to go to college. (Biden estimated the figure is almost exactly correct).

His comments followed days after progressive Senator Elizabeth Warren (Massachusetts) and Senate Majority Leader Chuck Schumer (DN.Y.) called on Biden will cancel federal student loans up to $ 50,000 per borrower.

In the past, Biden has offered to write off college debt of up to $ 10,000 — and all debts — for those attending a public college or Historically Black College and University (HBCU), which the University of Pennsylvania is not.

What to look for

Biden has expressed skepticism about whether he can legally cancel student debt by decree, and asked The Minister of Education, Miguel Cardone, will draw up a memorandum of authority to do so.

Key background

During the Biden campaign promised cancel up to $ 10,000 in college debt for all students under the Covid-19 relief program, but that was not included in the $ 1.9 trillion aid package passed earlier this year. He also offered to write off all debts for anyone earning less than $ 125,000 who graduated from a public college or university or HBCU. On his first day in office, Biden extended President Trump’s pause on federal student loans until September 30. Biden is also already canceled at least $ 2.3 billion in loans for students with certain disabilities or those who were defrauded by commercial schools. Last month, Biden also promulgated an extensive $ 1.8 trillion childcare and education package that will, among other things, provide Americans with two free years of community college education and increase the number of Pell grants.

Main critic

Advocates of progress argue that Biden has the right to unilaterally cancel student debt, and they force him to do so. “This is what the president can do, and Leader Sumer and I are working hard to try to do it,” Warren said during Washington Post event earlier this month.

Tangent

During the 2020 presidential primaries, Biden was more conservative than other candidates when it comes to student loan forgiveness. Senator Bernie Sanders (I-Vt.), In particular, has proposed writing off all student debts. When Sanders dropped out, Biden adopted parts of the Sanders platform, including a broader student loan forgiveness plan.

Further reading

Are you eligible for a $ 2.3 billion student loan forgiveness? (Forbes)

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