WASHINGTON (Nation Now) – President Joe Biden is expected to ask the Justice Department to review its legal authority to write off student loan debt, the White House said on Wednesday.
White House press secretary Jen Psaki told reporters Biden believes student loan relief over $ 10,000 should be targeted based on the borrower’s income and the type of debt in question. .
“It doesn’t promote $ 50,000 in unlimited student loan relief,” Psaki said.
“Once his team is in place at the Justice Department, he will ask them to conduct a legal review of his authority to act by executive action in conjunction with a policy review of his Home Policy Council on how debt relief by the executive, where appropriate, should be targeted, ”Psaki added.
Senate Majority Leader Chuck Schumer and Senator Elizabeth Warren called on Biden on Wednesday to write off $ 50,000 in federal student loan debt.
“A sea of student loan debt is holding back 43 million borrowers and weighing disproportionately on black and brown Americans. The cancellation of $ 50,000 in federal student loan debt will help close the racial wealth gap, benefit the 40% of borrowers who do not have a college degree, and help stimulate the economy, ”the officials said. lawmakers in a press release. declaration.
Reuters contributed to this report.