Commonwealth Policy Center

Pres. Biden issued an executive order to forgive up to $10,000 in federal student loan debt for borrowers with incomes below $125,000 a year. He’s canceling an additional $10,000 for those who received federal Pell Grants to attend college.  If you’re saddled with student loan debt, you’re probably happy. Many others question the fairness to those who didn’t go to college or worked extra jobs to pay off debt. Biden’s even taking heat from his own party. House Speaker Nancy Pelosi said “People think that the President of the United States has the power for debt forgiveness. He does not.  He can postpone. He can delay. But he does not have that power. That has to be an act of Congress. “The President can’t do it. So that’s not even a discussion. Not everybody realizes that. But the President can only postpone, delay, but not forgive,” according to Pelosi.