WASHINGTON — A close ally of President Joe Biden said congressional Democrats will keep up pressure on him to use his executive authority to forgive as much as $50,000 in student loan per borrower rather than the more limited plan being considered by the White House.
“When you see a student coming out of college — law school or professional schools — with $130,000, $150,000 in debt, that cripples the economy in more ways than one,” Rep. James Clyburn, a South Carolina Democrat, said in an interview Saturday. “So the extent to which you can give some relief I think will stimulate the economy in many ways.”
Biden said last week that he plans to take action on student loans, but that he’s not considering the $50,000 threshold backed by Democrats including Clyburn, Senate Majority Leader Chuck Schumer and Massachusetts Sen. Elizabeth Warren.
