President Joe Biden said during a CNN town hall on Feb. 16 that he would not cancel $50,000 in student debt per borrower, which is supported by Democratic Senate Majority leader Chuck Schumer, Sen. Elizabeth Warren (D-MA) and dozens of other Democrats:
I will not make that happen.
Biden said he opposed forgiving $50,000 in student debt, which he could do with executive orders, because the government shouldn’t forgive debt for people who went to “Harvard and Yale and Penn.”
The reality is people who did not go to Ivy League schools owe $50,000 and more in student debt.
Biden did agree to cancel $10,000 of student debt, but only if it comes to him as a law to sign.
Like Biden, Republicans also oppose canceling $50,000 in student debt despite Americans owing $1.7 trillion that they will never be able to pay back, noted CNBC in December 2020:
The Federal Reserve estimates that in quarter three of 2020, Americans owed more than $1.7 trillion in student loans — an increase of nearly 4% compared to quarter three of 2019.
The decades-long increase in student debt is even more noticeable when compared to decades prior. In quarter three of 2010, Americans owed roughly $845 billion in student loans which means that U.S. student debt has increased by approximately 102% in the past decade.