President Biden Opposes $50,000 in Student Loan Forgiveness
During a townhall, President Joseph Biden flatly rejected providing $50,000 in student loan forgiveness. Instead, Biden stated that he would support $10,000 in student loan forgiveness, which is in line with his campaign pledge. There was immediate pushback from Progressive Democrats in response to President Biden’s statement. Many Democrats support $50,000 in student loan forgiveness, and they also believe the President has the legal authority to forgive student loan debt using an executive order. However, the Biden administration is not sure that it has the legal authority to do so and has begun to research the issue.
Earlier this month, U.S. Sen. Charles Schumer (D-N.Y.) and U.S. Sen. Elizabeth Warren (D-Mass.) introduced S. Res 46, a resolution calling for $50,000 in student loan forgiveness. U.S. Rep. Ayanna Pressley (D-Mass.) and U.S. Rep. IIhan Omar (D-Minn.) introduced the companion resolution H.Res 100 in the House of Representatives. Resolutions are not legally binding and thus, do not have the force of law; resolutions are only an expression of the sentiment of Congress. However, a resolution can be an effective way to apply public pressure on the President to support a payment of $50,000 in student loan forgiveness.