Biden Dismisses Large Student Loan Debt Forgiveness

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Biden Dismisses Large Student Loan Debt Forgiveness

President Joe Biden this week shot down talk of him issuing an executive order on large-scale student loan debt forgiveness.

 

Some Democratic members of Congress have urged him to issue an executive order that eliminates $50,000 in student loan debt for each individual. On Tuesday he said he would not do that. Instead, he said he was open to forgiving $10,000 in student loan debt. This has prompted a backlash by more liberal members of the Democratic Party. 

 

President Biden argues that higher levels of debt relief would benefit wealthier Americans. He said that he would rather spend money on government programs like early childhood education than on forgiving debt of high-income earners.

 

Supporters of this debt forgiveness contend that student loans are crushing Americans and that even those who earn higher incomes deserve relief. They contend that this will free up money to stimulate the economy and help provide relief to working Americans. 

 

The idea of a unilateral executive action to forgive student loan debt is one that is growing in popularity among Democratic politicians and activists. Sen. Elizabeth Warren ran for president touting this idea. However, some legal experts argue that such action would not be legal. Others are worried that such forgiveness will imperil federal lending for future student loans.

 

While President Biden supports forgiving $10,000 in student loan debt, it is unclear if he will issue an executive order to do so or instead support legislation in Congress to accomplish this.

 

Do you think President Biden should issue an executive order to forgive student loan debt?

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