On Tuesday, President Joe Biden made it clear that he does not approve with other Democratic party members about cancelling $50,000 worth of student loan debt per borrower. Biden previously proposed a deal to forgive $10,00 of debt, but many criticized the deal for not going far enough.
Democratic Senators like Chuck Schumer and Elizabeth Warren have called upon Biden to push the $50,000 plan through executive action. The President pushed back saying that he would rather have congress approve an action like that, stating that it would be more difficult to undo in the future.
The $10,000 plan is more of a response to the coronavirus crisis, and while the Biden Administration would prefer Congress to draft a proposal for it, the White House has also stated that it is open to enacting the plan via executive action.
For now, Biden has extended the pause on student loan payments and interest that was initially established by Congress last year. Borrowers will not have to make payments on federal student loans until October 1st of 2021 at the earliest.
