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Biden says he’s not considering $50,000 in student loan forgiveness, but ‘some debt reduction’

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U.S. President Joe Biden announces additional military and humanitarian aid for Ukraine as well as fresh sanctions against Russia, during a speech in the Roosevelt Room at the White House in Washington, April 28, 2022.
Evelyn Hockstein | Reuters

President Joe Biden said on Thursday that he’ll have his answer on student loan forgiveness within a couple of weeks.

“I’m not considering $50,000 in debt reduction,” Biden said during a speech in the Roosevelt Room at the White House. “But I am in the process of taking a hard look at whether or not there will be additional debt forgiveness.

“I’ll have an answer on that in the next couple of weeks.”

The president’s comments are likely to disappoint advocates and some Democrats, including Senate Majority Leader Chuck Schumer of New York, who’ve been pushing him to cancel $50,000 or more per borrower.

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