US President Joe Biden will ask the Department of Justice to review his legal authority to cancel student loan debt, White House press secretary Jen Psaki said on Thursday. She added the President does not favour $50,000 in student loan relief without limitation, reported Reuters.
Addressing the media, Psaki said that Biden believes relief above $10,000 should be targeted based on the borrower’s income and the kind of debt he has.
“He [Biden] doesn’t favour $50,000 in student loan relief without limitation,” Psaki said.
Psaki said that once Biden's team is in place at the Justice Department, he will ask them to review his legal authority "to act by executive action in conjunction with a policy review from his Domestic Policy Council on how executive action debt relief, if any, should be targeted."
Notably, US Senate Majority Leader Chuck Schumer and Senator Elizabeth Warren, both Democrats, asked Biden to cancel $50,000 in federal student loan debt, adding that the administration has “broad authority” to provide relief to the students.