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Does canceling student loan debt actually help those in most need? Biden dismissed calls to cancel $50K loans Tuesday and last updated 2021-02-17 15:27:22-05 WASHINGTON — The debate over student loan forgiveness is intensifying following President Joe Biden s comments during a CNN town hall Tuesday. Biden rejected a questioner s request to cancel $50,000 in student loans. I will not make that happen, Biden said. Sen. Chuck Schumer (D-NY), along with progressive lawmakers, have called on Biden to issue an executive order canceling $50,000 in debt. All you need is the flick of the pen, Schumer told a crowd in New York in December, defending his policy position.

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