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President Joe Biden said at his first town hall that he will not cancel $50,000 in student-loan debt.
Congress should introduce legislation to cancel the debt, Biden has consistently said.
Several leading Democrats believe Biden can act, using powers under the Higher Education Act.
President Joe Biden has a $1.9 trillion plan and a $1.7 trillion problem. He wants to go big on the former, but, unlike several prominent Democrats, more conservative on the latter.
The $1.9 trillion, of course, is the stimulus plan that Biden was touting in last night s CNN town hall in Wisconsin. But when asked about proposals to cut into the $1.7 trillion in outstanding student-loan debt (as of the third quarter of 2020), the president expressed caution.
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President-elect Joe Biden will extend the current pause on the student loan forbearance program on his first day in office, according to his transition official.
Biden supports Congress forgiving $10,000 in student loan debt for each person, but he has not provided a timeframe to do so.
Lawmakers and Biden disagree on whether Biden can use executive powers to cancel student debt.
President-elect Joe Biden plans to prioritize federal student loan debt forgiveness on the first day of his presidency, but questions still remain on the likelihood of carrying out his forgiveness plans.
Last week, Biden s transition official David Kamin told reporters that Biden will direct the Department of Education on day one to extend the student loan forbearance program, which is the first direct promise the president-elect has made in combating the $1.6 trillion student debt crisis.