President Biden May Not Have the Power to Cancel Your Student Debt

According to U.S. Speaker of the House, Nancy Pelosi, President Joe Biden does not have the power to cancel student debt.

Pelosi said in a press briefing that Biden doesn’t have the authority to forgive student debt.

“That’s not even a discussion,” Pelosi said.

Other Democrats, including Senate Majority Leader Chuck Schumer, D-N.Y., have said otherwise however.

Pelosi has said that people who believe that President Joe Biden can forgive student debt on his own are misinformed.

According to the Speaker of the House, any student debt forgiveness would have to be carried out by Congress.

Senate Majority Leader Chuck Schumer, D-N.Y.; Sen. Elizabeth Warren, D-Mass.; and Rep. Ayanna Pressley, D-Mass., have been calling on Biden to forgive $50,000 in federal student debt for all borrowers through executive action.

“All you need is the flick of a pen,” Schumer has said.

The U.S. Department of Justice and the U.S. Department of Education have been asked by the president to review his legal authority to forgive student debt. Decisions from those agencies are not yet public.