Biden dismisses a Democratic plan to wipe out $50,000 in federal student loan debt

Joe Biden holds a face mask as he participates in a CNN town hall at the Pabst Theater in Milwaukee, Wisconsin, February 16, 2021.

SAUL LOEB/AFP via Getty Images

• Biden bluntly rejected a Democratic plan to forgive up to $50,000 in student loan debt on Tuesday.
• "I will not make that happen," he said at a CNN town hall event, adding he didn't believe had the unilateral authority to do it.
• The plan was put forward by Sens. Elizabeth Warren and Chuck Schumer.
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President Joe Biden effectively rejected on Tuesday evening a Democratic plan put forward by Sens. Elizabeth Warren to wipe out up to $50,000 in student loan debt per borrower.

"I will not make that happen," he said at a CNN town hall event. "It depends on whether or not you go to a private university or a public university."

Biden said he was reluctant to forgive debt for people who attended elite institutions, listing Harvard University, Yale University, and the University of Pennsylvania as examples.

The president instead touted another proposal to provide free community college to individuals earning below $125,000 each year. "Everyone should be able to go to community college for free," he said. "That costs $9 billion and we should pay for it."

Biden backs providing $10,000 in loan forgiveness. That doesn't form part of his $1.9 trillion rescue package now making its way through Congress. 

This story is developing and will be updated.

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