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