President Joe Biden may soon fulfill a long-vaunted campaign promise to cancel some amount of student debt without action from Congress, which has become a major touchstone issue for progressives and Democratic lawmakers during Biden’s time in office.
During a meeting with the Congressional Hispanic Caucus (CHC) on Tuesday, Biden said that he’s exploring options to cancel a substantial amount of student debt. He didn’t specify how much he’s looking to cancel, according to meeting participants — but his recent openness to the idea marks A decidedly different tone than his administration’s previous statements and relative silence on the issue.
“The president never mentioned an amount nor did the president say that he was going to wipe out all student debt,” Rep. Tony Cardenas (D-California), who was present at the meeting, told CBS. “He did a dialogue with us about the differential between young people who went to public schools or private schools and we CHC members said he should focus on both. And he said, ‘Okay, good to know.’”
When Cardenas told the president that the caucus supported canceling at least $10,000 of student debt through executive action, Cardenas said that Biden “smiled and said, ‘You’re going to like what I do on that, I’m looking to do something on that and I think you’re going to like what I do.’”
President was emphasized by Caucus members that Latinx studentsStudent debt is more likely to affect black students than white students. Black students are alsoStudents of color and Latinx are most affected by student loan debt. holding far moreWhite borrowers have more debt than their average.
Biden also hintedIt is possible that he will extend the student loan payment pause once more, after the current expiration dateAt the end of August
Biden claimed that he would forgive $10,000 in student debt per borrower, but meeting attendees stated that he is open to forgiveness. debt activistsAnd LegislatorsHave It is strongly recommendedYou can trust him.
“As far as the president going out and talking about student loan cancellation with different groups, I do think that’s a very good sign,” Cody Hounanian, Student Debt Crisis Center executive director, told CBS. “I think the president is starting to recognize that student debt cancellation is very popular.”
Advocates and lawmakers have been pressing Biden to fulfill his pledge of debt cancellation since he was elected. Experts sayBiden does have the legal authority via executive order to cancel student debt, but his administration has delayed action and even canceled it. I went so far as hidingA memo was prepared by the Education Department regarding the legality and validity of the issue.
Activists say that the reason that Biden may be having a change of heart is because of the pressure he’s faced from the public and members of his own party. “Let’s be very clear: Biden did not suddenly have a change of heart on student debtors and our financial burdens. He was forced to have a change in political will because of our organizing and political pressure,” wroteThe Debt Collective responded to the news of the meeting. “Debtors have power — keep pushing.”
Lawmakers celebrated the news, and urged Biden not to back down from taking bold action on the issue. Biden “has the power to transform the lives of millions of Americans by canceling student debt,” said Sen. Elizabeth Warren (D-Massachusetts). “The payment pause has been a lifeline — and it’s time to deliver permanent relief. Cancel student debt, Mr. President.”
Polling indicates that student debt forgiveness is a popular issue, especially among young voters — a group from which Biden is currently losing support. A poll of voters aged 18-29 was released Monday by the Institute of Politics at Harvard Kennedy School found that a whopping 85 percent A majority of young Americans support some form of government action regarding student debt. In fact, 38% of them want the government to eliminate student debt.