President Biden has floated the possibility of erasing some student loan debt for millions of Americans, reviving a campaign promise as he faces mounting pressure from progressives as well as declining approval ratings.
. "I am not considering $50,000 debt reduction. But I'm in the process of taking a hard look at whether or not there will be additional debt forgiveness."
The president has not said how much he is considering canceling, but signaled that $50,000 in debt forgiveness is not under consideration.Erasing $10,000 per borrower would require the government to cancel about $321 billion in federally backed loans, according to anpublished by the Federal Reserve Bank of New York last week. That would benefit about 11.8 million borrowers, or roughly 31.1%, and cancel 30.5% of loans delinquent or in default prior to pandemic forbearance.
White House press secretary Jen Psaki holds a daily press briefing at the White House in Washington April 20, 2022.Will the executive order face a legal challenge?
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