Democrat Ilhan Omar says "I have been calling on the administration to fully cancel student debt because we know that is a really wise economic policy to engage in... the president has the ability to do this with just the stroke of a pen." Multiple Democrats have called for student loan forgiveness as a way to stimulate the economy. Biden campaigned on it a little bit, but it still hasn't been done.
Biden now wants to know if he can cancel student debt on his own.
President Joe Biden has requested that Education Secretary Miguel Cardona prepare a report on the president’s legal authority to cancel up to $50,000 in student debt per borrower, White House chief of staff Ron Klain said in an interview on Thursday with Politico.
“Hopefully we’ll see that in the next few weeks,” Klain said of the memo. “And then he’ll look at that legal authority, he’ll look at the policy issues around that and he’ll make a decision.”
On the campaign trail, Biden said he supported $10,000 in student loan forgiveness, but he is under mounting pressure from members of the Democratic Party, advocates and borrowers to go further by canceling $50,000 per person and to do so through executive action.
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Go ahead! Doesn't matter to me. That's $5k of my own debt gone and I'll just end up buying Trump shirts and beef jerky. My money is better spent on local business instead of sending it right to a bank.Source: trendingviews
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