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Will Joe Biden cancel $1.5 trillion student debt? Chuck Schumer and WH at odds as Dems push for executive order

It doesn't look like the Biden administration has given a definitive answer on the number of dollars being forgiven, but there is a conversation happening

If his social media and public support of the cancellation of student debt wasn't already an indication, Senate Majority Leader Chuck Schumer is calling on President Joe Biden's administration to cancel student debt. According to Politico, the outstanding federal student loan debt stands hefty at $1.5 trillion. This isn't news though because advisers to the president have said that they are to seek congressional approval to forgive about $10,000 worth of debt for each borrower.

Senator Schumer, on the other hand, is trying to move forward asking the White House to cancel $50,000 of student loans for each borrower. How? Well, through an executive order. At a press conference with Senator Elizabeth Warren and House Democrats on Thursday, February 4, Schumer said, "This is one of those things the president can do on his own."

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Schumer vs White House

It doesn't seem that the Biden administration has given a definitive answer on the number of dollars being forgiven, but there is a conversation happening. “President Biden has taken some good steps in the direction of student debt but we think he has to go much further," said Schumer who also added that when he and Warren had met with Biden and advisers, they were "extremely open to listening" to them.

There was, of course, a response from the White House that saw White House Press Secretary Jen Psaki say that this call to cancel student debt was an "important priority for the president” and that he is still "committed" to relieving $10,000 worth of debt for each borrower.

As for the coming days, she said Biden "already took a step through an executive action on the first day, and he would look to Congress to take the next steps.” Many do recall that on his first day in office, the POTUS had helped benefit about 40 million Americans by asking the Education Department to freeze monthly payments and interest in "most" federal student loans for the coming eight months.

What's next? In a later tweet, Psaki added, "The President continues to support the cancelling of student debt to bring relief to students and families. Our team is reviewing whether there are any steps he can take through executive action and he would welcome the opportunity to sign a bill sent to him by Congress."

Biden, speaking about if it was possible that he can forgive a larger amount of student loan debt through executive power, said, "I think that’s pretty questionable. I’m unsure of that. I’d be unlikely to do that," in December.

On Thursday, February 4, Schumer said that he told the president, "When we started on this that we were going to try to rally the American people behind this, to back him up when he decides, hopefully, to do it. And he had no problem with that." He also added, "The easiest way to do it is for President Biden [to do it] with the flick of a pen."

#CancelStudentDebt trends

Many of those with student loans or who were passionate about the concern took to Twitter to call for the 50k help reiterating that the POTUS can actually make it happen, and that he should.

"Is it ever going to happen? @potus has addressed so much in his first days but hasn’t even mentioned the student debt crisis! Students, parents& seniors need LIFE CHANGING HELP NOW! $50k in federal student loan forgiveness for cuurrnt& graduated students! #CancelStudentDebt $50k!" wrote one user.

Some brought up very real issues as well, with one user saying, "I'm in healthcare-yes I have a higher income earning job but huge student loans. As the 1st to go to college-the income is used to help my mom who can't afford to retire & my elderly grandparents w/ fixed income. Student loans are a hole I'll never get out of. #CancelStudentDebt."

Of course, being a sociopolitical concern, other politicians also chimed in, with congresswoman Ayanna Pressley writing, "It’s simple: cancelling student debt will benefit the overall economy & help close the racial wealth gap. Not only does President Biden have the authority to exact economic justice, he has a mandate from the movement that elected him. #CancelStudentDebt."

Of course, on February 4, Schumer himself tweeted, "Today would be a great day for President Biden and Vice President Harris to #CancelStudentDebt." He even posted an image that sees him holding the sign sporting the hashtag #cancelstudentdebt.

Even Elizabeth Warren added, "Canceling student loan debt is the most effective executive action President Biden can take to kickstart the economy and help close the racial wealth gap. I was happy to reintroduce my resolution to #CancelStudentDebt with @SenSchumer, @RepPressley, and our partners today" along with a video.