'I Will Not Make That Happen': Biden Threw Cold Water on Democrats' Call to Cancel $50,000 in Student Loan Debt

By Joshua Summers Feb 18 2021, 01:55 AM EST

President Joe Biden shot down the proposal of other top Democrats to cancel $50,000 in student loan debt per borrower. Americans are spending more and more to pursue an education. Thus, student debt has been increasing for decades, primarily driven by the cost of higher education.

But during Tuesday night's CNN town hall, Biden said he disagreed with other members of his party to cancel $50,000 of student debt per borrower.

"I will not make that happen," when asked if he would increase his proposal for student loan debt forgiveness from $10,000 to $50,000.

Top Democratic congressional leaders, including Senate Majority Leader Chuck Schumer, called on Biden to cancel $50,000 in student debt per borrower using existing authority under the Higher Education Act. However, Biden earlier said he does not think he has the authority to do it through executive order.

During the town hall event, Biden also said that "it depends on whether or not you go to a private or public university," arguing that the government should not forgive debt for people "who have gone to Harvard and Yale and Penn."

According to a Yahoo! Finance report, forgiving $50,000 for each borrower would cost roughly $1 trillion. Biden said the money would be better used for the early education of young children "who come from disadvantaged circumstances" and free community college.

Biden's Proposal on the Student Loan Debt Forgiveness

NBC News reported that Biden said he understood the burden of student loan debt, and it can be draining. He noted that he was ready to cancel $10,000 in debt and the interest. However, the President stressed that anything higher than that would require congressional action.

Apart from making community college free, Biden also reiterated his support of allowing families who earn under $125,000 to send their children to state schools for free.

The President also supported expanding debt forgiveness programs for those going into public service jobs. He also proposed extending school through the summer for states to make up for the interrupted academic year.

Democrats Press Biden to Cancel $50,000 in Student Loan Debt

NBC News reported Schumer and Democratic senator Elizabeth Warren still pursued Biden to eliminate the $50,000 in student debt. In a statement released on Wednesday, they said they are confident that the President would still agree with experts, who concluded that the administration has authority to immediately deliver much-needed relief to millions of Americans.

Meanwhile, Representative Alexandria Ocasio-Cortez earlier told her Instagram followers not to lose hope on potential student loan forgiveness because the cancellation momentum has intensified.

Reacting to Biden's statement on Tuesday, Ocasio-Cortez said the administration could "both" have large forgiveness of student loan debt and early childhood education programs.

On the other hand, Market Watch reported that White House Press Secretary Jen Psaki said the administration is reviewing whether there are any more steps to cancel the debt by executive action.