Biden rules out cancelling US$50,000 in student debt

United States President Joe Biden shot down his fellow Democrats’ push to forgive up to US$50,000 in federal student debt per borrower, writes Jacob Pramuk for CNBC. “I will not make that happen,” the president responded when an attendee at a CNN town hall night on Tuesday 16 February asked him what he would do to cancel a loan burden of up to US$50,000 for millions of Americans.

The comments will disappoint student loan holders waiting to see whether Biden eases their financial strain and congressional Democrats who have urged him to take action. On Tuesday, Biden said, “I don’t think I have the authority” to forgive such a large debt burden through executive action.

Biden has said he would sign legislation forgiving up to US$10,000 in student loans if Congress passes it. The White House is also reviewing his legal authority on the issue.
Full report on the CNBC site