Biden says he’s not considering $50,000 in student loan forgiveness

President Joe Biden said 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.

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.

The country’s outstanding education debt balance exceeds $1.7 trillion and

poses a larger burden to households than credit card or auto debt. Roughly a quarter of student loan borrowers