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Biden signals he could forgive some student loan debt

  • President Joe Biden has hinted that he may be willing to forgive some student loan debt.
  • Members of the Congressional Hispanic Caucus said they responded positively to the idea of ​​paying off at least $10.00 in debt.
  • However, Biden did not commit to an amount or give a time frame for when it would happen.

President Joe Biden hinted this week that he is willing to forgive some student loan debt.

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

CBS reported that California Rep. Tony Cardenas, who attended the 90-minute meeting, had told Biden that the former’s caucus would support measures to forgive $10,000 in college debt if the House doesn’t pass legislation on the issue.

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

“The president never mentioned an amount, nor did he say that he was going to eliminate all student debt,” Cárdenas said, according to CBS.

He added that CHC members had advised Biden that public and private school students should benefit from any debt cancellation, to which he said the president responded, “‘Okay, good to know.'”

California Rep. Nanette Barragán, who was also at the meeting, told CNN that Biden had spoken to Democratic lawmakers about canceling student debt, but had not revealed a timeline or made a firm commitment to forgiving these debts.

According to The Wall Street Journal, approximately 40 million people currently owe about $1.6 trillion in federal student debt.

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

“I think the president is beginning to recognize that student debt cancellation is very popular,” Hounanian added, according to 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 debt cancellation as a tool to speak to these communities, that’s a bit of a game changer to me.”

The Biden administration recently extended a pause on student loan payments through August 31. However, progressive lawmakers have pushed the president to prioritize paying off student debt before the 2022 midterm elections.

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

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

However, during a press conference earlier this month, White House press secretary Jen Psaki said student loan borrowers would likely have to pay off their debts “at some point” during the Biden administration. .