Debate Over Student Loan Forgiveness Hinges On 2 Numbers: $10,000 Vs. $50,000
The Biden administration is trying to figure out how much student debt to forgive and how to go about doing it — through executive action or legislation.
For months, Democrats in Washington have been debating what to do about student loan debt. About 43 million borrowers owe $1.6 trillion in federal student loans. While some lawmakers have pushed for President Biden to forgive up to $50,000 per borrower via executive order, Biden has so far only expressed support for more limited forgiveness, of $10,000, through pandemic relief legislation.
This week, the president and the White House clarified his stance. At a CNN town hall on Tuesday night, if he would forgive up to $50,000 dollars in debt. The president's reply:
