Press Secretary Psaki Shares President Biden’s Plan On Student Loan Debt

One policy that characterized the Democratic platform in the 2020 Presidential Election was the question of student loan debt. President Joe Biden has been called on to unilaterally wipe out Federal student loan debt, or to cancel a significant portion, with the stroke of a pen.

Biden, Warren, consider debt relief
[Photographer: Jim Lo Scalzo/EPA/Bloomberg via Getty Images]

On Thursday Press Secretary Jenn Psaki responded to questions about this, affirming that President Biden wants to eliminate up to $10k per person in student loan debts — but he won’t do it by executive order.

Psaki says Biden would like Congress to draft a bill that can pass both House and Senate, and if it makes it to his desk, he “looks forward to signing.” Working to restore bipartisanship was another promise that Biden made as a candidate.

Biden has not said what he would do if a plan made it to his desk that canceled a larger portion of student loan debt. According to CNBC, Senator Elizabeth Warren

Sen. Elizabeth Warren (D-MA): “Canceling student loan debt is the single, most effective executive action that President Biden can take to kickstart this economy.” pic.twitter.com/gyjM1vokAu

— The Recount (@therecount) February 4, 2021

Warren has supported doing this by executive action, saying that it’s the action Biden could take that would make the most difference in keeping cash in the pockets of Americans during the pandemic.

As detailed on the Department of Education’s Federal Student Loan site here, there is currently a moratorium in place until at least September 2021, putting a hold on loan payments, collections on defaulted loans, and additional interest.

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