White House: Canceling student loan debt ‘still on the table’

President Biden has only canceled a small portion of the student loan debt he promised to cancel during the campaign, but the White House announced this week that a larger forgiveness scheme is still in the works.

Biden’s use of presidential authority to cancel billions of dollars in federal student loan debt is “still on the table,” White House press secretary Jen Psaki said during an interview on “Pod Save America,” and a “decision” could be made in the coming months.

Since Joe Biden became president, “nobody has had to pay a dollar, a cent, or anything in student loans,” Psaki claimed. “And if that can help people manage costs in other parts of life, that’s something to think about. That is a significant factor to consider.”

The suspension on student loan payments, which began early in the outbreak under then-President Donald Trump and was regularly extended by Biden, is set to expire on Aug. 31, 2022. The Education Department has offered $72 billion in interest reduction alone on student loans.

Before the current student debt payment stop ends, Psaki said the Biden administration will decide whether to extend the pay freeze and possibly grant loan forgiveness.

Progressives, notably Senate Majority Leader Chuck Schumer, have asked Biden to issue an executive order canceling $50,000 of outstanding federal debt per borrower.

Biden could utilize existing presidential authority under the Higher Education Act to direct the Department of Education to “modify, compromise, waive, or release” student loans, according to Democratic lawmakers.

During his presidential campaign, Biden advocated for wiping $10,000 in student debt for the majority of students, but his legal authority to do so via executive order has been called into question.

Last year, the president asked the Education Department for a letter to see if he could eliminate student loan debt unilaterally.

Over the last decade, outstanding student loan debt has more than doubled, approaching $1.7 trillion. About one out of every six persons in the United States owes money on federal student loans, which account for the majority of non-mortgage debt in the country. Federal Reserve Chairman Jerome Powell has described it as a substantial impediment to people’s “economic lives.”

24 Responses

  1. They choose to make the bill, not me. Let them take responsibility for the bill they knowingly incurred and said they would repay. I paid off my own education bill. Why do you expect me to pay the bill that I don’t incure? NOT MY BILL

  2. Of course, what is another trillion dollars added to the national debt? This is a slap in the face to those college graduates who paid their loans off. He is bankrupting our country one executive order at a time.

  3. They made the loans ,they should pay them off!! It is not fair to the tax payer or the students that paid off there loans !!

  4. If you borrowed money, I don’t care what it was for. YOU are responsible for repayment of any loan!! NO IFS AND OR BUTS!!! THAT’S WHAT’S WRONG WITH THE LEFTS IDEOLOGY. They want a free ride on the taxpayers back!!

    1. I agree.

      You signed to borrow the money so you need to pay it back. What about all of the people who did pay back their student loans? So they are being punished because they did the right thing?

  5. I worked full time + went to school at night. Oh well, sucks for me. Now, I’ve two children, neither finished a 4 yr degree but I’m out what they did finish? Now my tax dollars are gonna pay for others? R U kidding me???

  6. Insane, and if passed I deserve to get a check from Biden for 62,000 in Loans that took my entire teaching career of 31 years to pay off. I am done with the democrats agenda. They also stole the election, which is now being shown. Let’s go Brandon,!!

  7. I paid my student loans and my sons student loans. I was taught if you borrow something pay it back!!! Why should they get tuition forgiveness???? Why do I being on social security, have to pay for their college education??? This is why our country is in such a mess financially. Let’s Go Brandon!!!!!

  8. Democrats are doing everything possible to bankrupt this country. I will never trust them again. Theypass bills that enslave us, they do not care about the tax payer at all. This will not ensure votes for them in the future. The Democrats Party has shown to be a complete failure, in one year they have given us inflation and a recession blooming and the keep on spending on these idiotic bill.s

  9. Who gave Biden the authority to waste our tax money I’ve always paid my loans and that includes student loans he is just buying votes

  10. They(students) were not FORCED to borrow money and had to sign to repay the loan(s). That is a teaching point of maturity and they should be held responsible as mine had to pay his back! It is not an area the President should be involved in as there are too many important things he needs to be attentive too!! PAY IT BACK WITH INTEREST!

  11. There is no reason to cancel student loan debt. If you borrow you pay back that is what borrowing is. You go to college and grad school. You get a good job and you start making your payments and pay until paid just like I had to do to pay for my home.

    This whole idea of student loan forgiveness is ridiculous. Grow up for goodness sake!

    If Biden does this then he should also forgive all mortgage loans as well.

  12. I financed my collage education and paid back every bit of four years to gain my BA degree. Then I went back for two more years and worked to pay for my associates degree. There’s no such thing as a free lunch! Is the government going to pay me back? Why should school loans be forgiven? You got the education, now you pay for it!! I’m now a tax paying citizen and I don’t want to pay for your education as well my own !

  13. I agree that if you chose to take a loan to go to school YOU should be responsible to pay your debt. Not tax payers. My grandson took out loan for his college (not government loan) private loan company and he is paying off his. Why the hell should student loans ONLY by government loans get paid off.
    I do not care to pay off someone elses loan. It is not right. Illegals and others go to school. we should not have to pay their bills either. No one gave me a dam thing. I worked hard my whole life and these people are handed phones, rooms to stay in, food and money. It is total BS.

  14. I can understand helping people in these troubled times. But when you take out a Student loan you are giving your word to pay it back. Period! Didn’t take courses applicable to future employment? Your choice. As in life you are responsible for your actions. Cutting out the interest is a way to help but not loan forgiveness. That was not your money it’s the Taxpayers money. So it should be the Taxpayer who should make that decision .

  15. This is disgusting. If you borrow money you should pay it back, not offload it on someone else’s back. People should be responsible for their own debts not push it off on someone else. Grow up.

  16. Just another wayward scheme by “The senile old bastard” currently occupying The Tainted House at 1600 Pennsylvania Ave.

  17. Of course it is it will be done in August/September timeframe to ensure they have the debtor’s vote.
    Next question: Does the President of the US have the ability to declare a law null and void? Case in point every law designed to protect our borders?

  18. Just trying to buy the election ithinkthey should give 50gsto me icould spend it on groceries our gas for my smart car. Thebig guy is areal a hole typical politician

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