Democrats have been pushing President Joe Biden to cancel $50,000 in federally-held student loan debt for roughly 43 million Americans through executive order. The president is not planning on doing that.
“I will not make that happen,” Biden said during a CNN town hall on Tuesday night when asked if he would support cancellation of $50,000, adding that it “depends on whether or not you go to a private or public university” and that he’s opposed to saying that he was going to “forgive the debt, billions of dollars of debt, for people who have gone to Harvard and Yale and Penn.”
Forgiving $50,000 for each borrower would cost roughly $1 trillion. The president argued that money would be better used “to provide for early education for young children who come from disadvantaged circumstances” and free community college.