Biden looks at student loan forgiveness but not $50,000

By Steve Holland and Trevor Hunnicutt

WASHINGTON (Reuters) -U.S. President Joe Biden claimed on Thursday that he will make a decision on no matter if to forgive some federal pupil bank loan credit card debt and announce his programs shortly.

“I am thinking of working with some debt reduction,” Biden advised reporters.

“I am not contemplating $50,000 financial debt reduction, but I’m in the method of having a really hard appear at regardless of whether or not there will be extra credit card debt forgiveness, and I’ll have an solution on that in the subsequent few of months.”

University student debt cancellation has turn out to be a precedence for several liberals and a single that could shore up level of popularity with younger and far more very educated voters, who lean Democratic, in advance of November’s important midterm elections.

But the Biden administration has been unwilling to unilaterally make an unprecedented cancellation of school financial debt owned by the U.S. federal government, a move that would test his lawful authority.

Instead, Biden has requested Congress to move a invoice forgiving financial debt that he could indication.

The federal federal government has permit 43 million borrowers halt paying on a full of $1.6 trillion in college student financial loans considering that the onset of the COVID-19 pandemic in 2020.

(Reporting by Steve Holland and Trevor Hunnicutt Enhancing by Chizu Nomiyama)