Biden Contemplates Waiving Student Loans

Sen. Mitch McConnell, R-Kentucky, has introduced legislation to prevent President Joe Biden from forgiving part of the nation's student loans by executive order.

Rep. Tony Cárdenas requested Biden, D-Calif., to extend the moratorium on federal loan payments and eliminate $10,000 per borrower in student debt during a meeting with members of the Congressional Hispanic Caucus Monday, two individuals familiar with the conversation told NBC News.

According to a congressional staffer present at the discussion, Biden left lawmakers with the impression that he favors some student loan forgiveness.

"The president was incredibly receptive to that. He gave the impression that it's a priority of his, and he said he understands it's on young people's minds,"
"He said: You're going to be happy with what I do about student loan debt relief," 

The aide said that Biden didn't make a promise and didn't provide a price or a time frame. 

Democratic legislators and progressive campaigners have advocated for this cause, claiming that students suffer under $1.73 trillion in student debt and need relief. Debt cancellation has been something Vice President Biden has been unwilling to accomplish for months.

On Wednesday, Senate Majority Leader Chuck Schumer claimed that he's been working "relentlessly" on the president and his team, and they seem to be more receptive to it than ever before. 

"We're getting closer and closer and closer on student loans. I've been working relentlessly on the president and his staff, and they seem more open to it now than ever before," 

According to a person acquainted with the Biden administration's thinking, no decision has been made about debt forgiveness. According to the source, it's probable that any decision on student debt reduction or cancellation would be related to income, much as stimulus payments under his Covid relief law.

Republicans fiercely resist the concept of waiving student loan debt.