I will not cancel a US $ 50,000 student loan

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This story is evolving.

President Joe Biden says he won’t forgive $ 50,000 student loans

Here’s what you need to know.

Student loans

On the CNN Tonight at City Hall in Milwaukee, Wisconsin, one of those in attendance said there should be $ 50,000 student loan debt cancellation for borrowers, not $ 10,000 in student loans, as Biden suggested. When a member of the audience asked the president what he would do to cancel the $ 50,000 student loans, Biden replied, “I won’t let that happen.”

Biden’s position today is clear: the president will not act unilaterally to write off student loan arrears. Biden’s direct response – and the rejection of a Democratic congressional proposal to cancel up to $ 50,000 student loan arrears for borrowers – comes as no surprise. For several months, Biden was consistent in his position that he wants Congress to abolish student loans immediately… Biden believes that Congress, not the president through the executive branch, is the arm of government that controls federal spending, including any plans to abolish student loans.

“I don’t think I have the authority to make this happen,” Biden said.


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