Joe Biden Rejects Democrats' Plan for $50,000 Student Loan Forgiveness

During a town hall on Tuesday (February 16) night, Joe Biden was asked if he would pledge to cancel $50,000 in student loan debt.

Biden responded, stating, "I will not make that happen." He then added, "My point is: I understand the impact of debt, and it can be debilitating. I am prepared to write off the $10,000 debt but not $50 [thousand], because I don't think I have the authority to do it."

This comes as Senate Majority Leader Chuck Schumer, D-N.Y., Sen. Elizabeth Warren, D-Mass., and other lawmakers introduced a resolution in early February to cancel $50,000 in federal student loan debt for all borrowers. On Wednesday (February 17), Schumer and Warren stated that they're "confident" that Biden will ultimately agree with experts "who have concluded that the administration has broad authority to immediately deliver much-needed relief to millions of Americans."