For the scores of Americans swimming in student loan debt, they'd hoped the incoming administration would begin rectifying the issue by canceling some, if not all, student loan debt. However, that doesn't appear to be on the horizon, as President-Elect Joe Biden recently indicated.
"It's arguable that the president may have the executive power to forgive up to $50,000 in student debt," Biden said to a group of reporters. "Well, I think that's pretty questionable. I'm unsure of that. I'd be unlikely to do that."
"I've spent most of my career arguing against the imperial presidency," he continued. "We got three equal branches of government. I’m confident that there are a number of areas that are of such consequence that they go beyond the partisan boundaries."
Biden will have the authority, under the Higher Education Act, to forgive up to $50,000 in student loan debt from each borrower. This plan of action was first proposed by New York Sen. Chuck Schumer and Massachusetts Sen. Elizabeth Warren back in September. But it appears that Biden believes such a move would be an abuse of power.
Source: washingtonpost.com
