Biden has signaled that he may be open to forgiving some federal student loan debt

The Biden administration recently extended a pause on student loan repayments until August 31.Paul Morigi/Getty Images for We, The 45 Million

  • President Joe Biden has hinted that he might be open to forgiving some student loan debt.

  • Congressional Hispanic Caucus members said he responded positively to the idea of ​​writing off at least $10.00 in debt.

  • However, Biden did not commit to an amount nor did he give a timeframe for when it would happen.

President Joe Biden hinted this week that he is open to forgiving some student loan debt.

According to multiple media outlets, members of the Congressional Hispanic Caucus who met with Biden on Monday said he appeared open to the idea of ​​writing off some student loans.

CBS reported that California Rep. Tony Cárdenas, who attended the 90-minute meeting, had told Biden that the former’s caucus would support moves to forgive $10,000 in college debt if the House failed to pass legislation on the issue.

Cardenas told the outlet that, in response, Biden “smiled and said, ‘You’re going to like what I do on that, I’m looking to do something on that, and I think you’re going to like what I do .'”

“The president never mentioned an amount, nor did the president say that he was going to wipe out all student debt,” noted Cardenas, per CBS.

He added that CHC members had advised Biden that students from both private and public schools should benefit from any debt write-offs, to which he said the president replied: “‘Okay, good to know.'”

California Rep. Nanette Barragán, who was also at the meeting, told CNN that Biden had spoken with Democratic lawmakers about student debt cancellation but had not revealed a timeframe, nor did he make a solid commitment to forgiving these debts.

According to The Wall Street Journal, around $1.6 trillion in federal student debt is currently owed by about 40 million people.

“As far as the president going out and talking about student loan cancellation with different groups, I do think that’s a very good sign,” Cody Hounanian, executive director of the Student Debt Crisis Center, told CBS.

“I think the president is starting to recognize that student debt cancellation is very popular,” Hounanian added, per the outlet. “It’s very popular with specific groups of voters that the president needs to win for this upcoming election, and the fact that he’s using cancellation as a tool from which debt to talk to these communities, to me that’s a little bit of a change.”

The Biden administration most recently extended a pause on student loan payments until August 31. However, progressive lawmakers have pushed the president to prioritize canceling student debt ahead of the 2022 midterm elections.

A recent Harvard poll also found that most young Americans heading into the midterm polls would like Biden to make a move on student debt, with 85% of 18-to-29-year-olds surveyed saying that they would like him to cancel some student debt.

In recent weeks, Democratic lawmakers like Senate Majority Leader Chuck Schumer have also signaled that Biden might be open to putting student debt cancellation on the table.

However, during a press briefing earlier this month, White House Press Secretary Jen Psaki said that student-loan borrowers would likely need to pay off their debts “at some time” during the Biden administration.

Read the original article on Business Insider

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