President Joe Biden has sent an inquiry to Education Secretary Miguel Cardona about his legal authority to cancel student loan debt.
“He asked his secretary of Education, who’s just been on the job a few weeks, once he got on the job to have his department prepare a memo on the president’s legal authority, and hopefully we’ll see that in the next few weeks. And then he’ll look at that legal authority, he’ll look at the policy issues around that, and he’ll make a decision,” White House Chief of Staff, Ron Klain, said. “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.”
Senator Elizabeth Warren and Senate Majority Leader Chuck Schumer have asked the President to use executive power to cancel up to $50,000 in student loan debt per borrower.
“I do think this moment of economic pain and strain that we should be eliminating interest on the debts that we accumulated, No. 1 and No. 2, I’m prepared to write off the $10,000 debt,” President Biden said in February.
According to The Hill, over 40 million Americans have student loan debt.