Biden says he’s not considering cancellation of $50,000 in student debt per borrower

biden-says-he’s-not-considering-cancellation-of-$50,000-in-student-debt-per-borrower

President Joe Biden on Thursday offered additional information on his administration’s next steps with student loans, after Senate Majority Leader Chuck Schumer, the New York Democrat, suggested the president was getting closer to cancelling up to $50,000 in student debt per borrower. “I am not considering $50,000 debt reduction, but I’m in the process of taking a hard look at whether or not there will be additional debt forgiveness, and I’ll have an answer on that in the next couple of weeks,” Biden told reporters. The White House in mid-April said it will extend its pause for student-loan repayments again before Aug. 31 — or finalize a plan by then on canceling student debt. Biden on Thursday also played down a report showing a contraction in the U.S. gross domestic product, saying “no one is predicting a recession,” though “some are predicting there may be a recession in 2023.” See the full story: Biden says he won’t cancel $50,000 in student loans per borrower, promises plan ‘in the next couple of weeks’

Source: Marketwatch

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