“I do think in this moment of economic pain and strain that we should be eliminating interest on the debts that are accumulated, number one. And No. 2, I’m prepared to write off the $10,000 debt, but not [$50,000],” Biden said, saying he doesn’t believe it can be done with presidential action.
The White House previously said the Office of Legal Counsel was reviewing whether Biden could unilaterally cancel federal student loan debt.
That came after White House press secretary Jen Psaki said Biden would sign a bill forgiving $10,000 of student loan debt if Congress passed a bill.