Biden tells Congressional Hispanic Caucus he's looking at forgiving most federal student loan debt
CBSN
President Biden is looking at different options to forgive most, if not all, federal student loan debt – a move that would thrill some of his most loyal supporters and financially strapped students nationwide, but is a departure from campaign pledges to provide limited relief.
The president shared his plans during a 90-minute White House meeting Monday with members of the Congressional Hispanic Caucus, participants in the exchange tell CBS News. The move could affect more than 43 million borrowers who hold more than $1.6 trillion in federal student loan debt, the second-largest debt held by Americans, behind mortgages.
Earlier this month, the White House said it is extending a pandemic-era pause on federal student loan payments through Aug. 31, a move that has helped roughly 41 million borrowers save $5 billion in interest payments a month, according to the Education Department.
