Second. Miguel Cardona to examine Biden’s power to write off $ 50,000 in student loan debt
While President Joe Biden has previously said he is opposed to a substantial cancellation of student loans, a recent ruling by the president indicates that he could be more easily swayed by the issue than previously thought.
During CNN In February, Biden was asked if he would be in favor of a student loan cancellation of $ 50,000 per borrower. He had campaigned on the premise of canceling student loans, but only up to $ 10,000 per borrower.
In response, Biden rephrased his support for the latter, saying his administration would eventually support more loan forgiveness pathways for borrowers with higher debts, perhaps even capping accrued interest. He also said he did not have the power to unilaterally pay off this debt.
This is a point of debate among progressive members of Congress, who insist that he does in fact possess authority.
Since then, Biden’s position has attracted continued pressure from politicians and national advocacy groups urging the president to use his authority to write off a large sum – or all of the student debt held by millions of people. Americans.
By White House Chief of Staff Ron klain, Biden asked Education Secretary Miguel Cardona to write a memo about his legal authority to write off student loan debt. Klain mentionned the president will make his decision “in the coming weeks” after receiving the relevant notes, including the one he requested from the justice ministry.
Biden asked Education Secretary Miguel Cardona to compile a memo on the president’s legal powers to cancel student loan debt, including forgiveness of up to $ 50,000, the chief said today White House cabinet minister Ron Klain at a POLITICO Playbook event.https://t.co/3m6O7kOVeG
– Axios (@axios) April 1, 2021
In her previous remarks, Cardona said student loan debt would be a ‘priority’, adding, ‘It would be an area of focus that from the start we should really make sure that we are making plans and strategies. clear support. . “
In less than two months, Cardona has made significant changes in her new position.
Around 72,000 people now have their fully canceled federal loans after ending a policy instituted by Trump-era predecessor Betsy DeVos. He reinstated the Obama administration’s practice of granting full annulment to students when a college is found to have committed fraud.
Those affected have obtained the complete cancellation of their federal loan, which is approximately $ 1 billion.
One of Cardona’s most recent moves also made an impact Porto Rico.
His department provided Puerto Rico with “immediate” access to $ 912 million in federal education funds, which was not available in Puerto Rico due to grant conditions previously imposed under the Trump administration.
During his confirmation hearing, Cardona acknowledged the racial disparities in higher education correlated with the country’s enormous student debt.
Perhaps he will now confirm to the President that he has the power to make a bigger difference for the millions of people affected by student loans.