President Joe Biden appears to be going beyond his campaign pledge when it comes to student-loan forgiveness.
CBS News reports Biden discussed the issue during a meeting at the White House on Monday with members of the Congressional Hispanic Caucus. As of 2022, more than 43 million borrowers owe a collective $1.6 trillion in student loan debt, which ranks behind mortgages as the second-largest debt held by Americans.
BREAKING: President Biden is looking at different options to forgive most, if not all, federal student loan debt, per @CBSNews. The move could affect more than 43 million borrowers who hold more than $1.6 trillion in federal student loan debt.
— Brian Tyler Cohen (@briantylercohen) April 26, 2022
At the meeting on Monday, press secretary Jen Psaki revealed that the Biden Administration plans to make a decision about forgiving student loan debt between now and August. Federal student loan payments are currently paused through the end of August.
“They’re looking at different options on what they can do. On forgiving it entirely. That was our request,” said one lawmaker.
Cody Hounanian, executive director of the Student Debt Crisis Center, added, “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.”
Hounanian continued, “I think the president is starting to recognize that student debt cancellation is very popular. 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 from which to talk to these communities, to me that’s a little bit of a change.”
Let’s go Joe!