Biden is Finally Looking Into Legally Cancelling Up to $50,000 in Student Loans Debt

Many student loan borrowers have been eagerly watching President Joe Biden to see if he will make good on his promise to eliminate at least $10,000 worth of student loan debt.

There may be more being eliminated as Biden has asked the Education Secretary Miguel Cardona to see if he can legally cancel as much as $50,000 in student debt per borrower.

Biden has asked Cardona to prepare a memo on the president’s legal authority to cancel the amount after receiving pressure from many Democrats in D.C. to do so via executive action.

Senate Majority Leader Sen. Chuck Schumer, D-N.Y., believes that Biden can forgive $50,000 of the debt on his own.

“You don’t need Congress,” Schumer has said. “All you need is the flick of a pen.”

White House chief of staff Ron Klain confirmed Biden’s move in an interview on Thursday with Politico.

“Hopefully we’ll see that in the next few weeks,” Klain said about the memo. “And then he’ll look at that legal authority, he’ll look at the policy issues around that and he’ll make a decision.”

Biden had extended a pause on payments for federal student loan borrowers that has been in effect since March until this coming September as one of his first actions in January.

“I think the administration is searching hard for a legally justifiable way to discharge up to $10,000,” said A. Wayne Johnson. Johnson had previously been charge of federal student loan debt at the U.S. Education Department.

According to higher education expert Mark Kantrowitz. a $50,000 plan would forgive all of the debt for 80% of federal student loan borrowers, or 36 million people.