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President Joe Biden To Reportedly Review His Executive Authority To Cancel Student Loan Debt Up To $50,000 – The Shade Room

#Roommates, during his 2020 presidential campaign, one of the major initiatives that now-President Joe Biden discussed was the possibility of cancelling student loan debt—and based on recent reports, it may be closer to reality than ever. It was recently announced that Joe Biden is set to review his executive authority to determine if he can cancel student loan debt in the upper thousands.

According to @NBCNews, President Joe Biden recently asked his Education Secretary Miguel Cardona to prepare a formal memo on Biden’s legal authority to officially cancel student loan debt up to $50,000. White House Chief Of Staff, Ron Klain, stated in a recent interview that after President Biden reviews the memo, he will then move forward with how to proceed—which could be within the next few weeks.

Previously, Biden openly supported the cancellation of up to $10,000 in student debt, but was reluctant to up the amount because he wasn’t sure if he had the legal authority to raise it up to $50,000 without congressional action. “He’ll look at that legal authority, he’ll look at the policy issues around that, and then he’ll make a decision. He hasn’t made a decision on that, either way, in fact, he hasn’t yet gotten the memos that he needs to start to focus on that decision,” Klain said.

If you’ve been keeping up, you recall that President Biden has been under pressure from fellow Democrats to cancel up to $50,000 in student loan debt by utilizing his executive action. Additionally, White House lawmakers said that they didn’t have the Republican support to pass the bill during the Trump administration.

Back in February, Biden spoke about student loan debt cancellation, saying “I understand the impact of debt, and it can be debilitating. I am prepared to write off the $10,000 debt but not $50 [thousand], because I don’t think I have the authority to do it.”

 

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