WASHINGTON (NEXSTAR) — President Joe Biden is considering canceling some student loan debt, something he promised to do during his campaign.
With millions of Americans stuck in limbo and billions of dollars at stake, President Biden signaled Thursday that he may be about to act on student loans.
“I’m looking closely at whether or not there will be additional debt forgiveness,” Biden said.
But there is a limit to what he will do.
“I’m not looking at a $50,000 debt reduction,” Biden said.
Advocates like Akosua Ali, president of NAACP DC, say that’s just not good enough, especially for borrowers of color.
“Being able to own property, build businesses and create jobs – that has a significant impact,” Ali said.
The White House has publicly called on Congress to do something about it, rather than wait for executive action.
Many Republicans are against the widespread cancellation of student debt. Senator John Cornyn of Texas says the general forgiveness ignores that some people can afford to repay their loans.
“It makes no sense and places this financial burden on taxpayers,” Cornyn said. “Throwing a bone to a political constituency that does not want to accept personal responsibility.”
Sen. Josh Hawley, R-Mo., says he’s waiting to see what action President Biden takes on the issue.
“I’m not in favor of prioritizing people who have a lot of advantages when there are other people who can’t afford college,” Hawley said.
Many Democrats, including Sen. Tim Kaine, want to see the president use his power to erase at least some of the debt.
“Ten thousand dollars in loan forgiveness is the most targeted way to meet the needs of those who need it most,” said Kaine, D-Va.
That could happen soon with President Biden saying he should have a plan to announce in a few weeks.