The Biden administration is reportedly looking to move forward with plans to forgive $10,000 in student loans per borrower.
According to Bloomberg, the move “would clear loans for 15 million of 46 million borrowers”.
A source familiar with the matter told The Hill that “the door has been open to possibly larger”. “Lots of options on the table. They are doing a lot of listening right now”.
The forgiveness would be through executive action, but there is currently no set timeline on when it will be done.
Though some have accepted Biden’s offer of $10,000, others feel it is not enough.
Many Democrats, including Senate Majority Leader Chuck Schumer, have pressed for $50,000 per borrower or to cancel debt entirely.
Earlier this week, Biden said he is not considering the $50,000 debt reduction and Press secretary Jen Psaki added that the White House is still reviewing whether he can unilaterally forgive student loan debt.
On Friday, Majority Whip James Clyburn told The Hill that he supports Biden’s number as an initial move. “I would see that as a good first step,” he said.
“Whatever he feels comfortable doing, fine. And I’m going to do whatever I feel comfortable doing,” he added. “I’m not going to be comfortable with only at $10,000”.
Clyburn has been working with Senator Elizabeth Warren and others to forgive upwards of $50,000 of debt per borrower.
Senate Minority Whip John Thune introduced a bill to stop the Biden administration from canceling debt this week. “The government does not need to be forgoing billions of dollars by providing student loan relief to Americans with some of the highest earning potential,” he said.
