- Joe Biden campaigned on canceling up to $10,000 of debt per student
- But the President appears to have dropped it from his agenda and it’s reportedly been scrapped from next week’s Budget
- ‘The idea that you go to Penn and you’re paying a total of 70,000 bucks a year and the public should pay for that? I don’t agree,’ Biden said in an interview
- The move is likely to anger the leftwing of the Democrat Party, after AOC and Elizabeth Warren repeatedly pressured Biden to forgive $50,000
- The White House has said it would prefer Congress pass a bill canceling the debt rather than doing so through executive order
- More than 42 million Americans, or one in six adults, have student loans, and owe an average of $36,520
Joe Biden will not include student loan forgiveness in his upcoming Budget, after pledging to cancel $10,000 from loans on the campaign trail.
Biden, who was seen arriving back at the White House on Sunday from a weekend at Camp David, is due to announce his latest budget at the end of next week, and claims he has grown suspicious of wiping out the loans.
The shift in policy is a major blow for the more than 42 million Americans who have student loans.
Biden had been pressured by progressives in the Democrat Party including Elizabeth Warren and Alexandria Ocasio-Cortez to forgive up to $50,000 in debt. Chuck Schumer, the Senate Majority Leader, was also in favor.
In an interview with the New York Times Friday, Biden said he had grown ‘suspicious’ of canceling the debt.
‘The idea that you go to Penn and you’re paying a total of 70,000 bucks a year and the public should pay for that? I don’t agree,’ Biden told the Times.