Klain says Biden is awaiting legal notes to determine size of student loan cancellation

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President Biden has asked Education Secretary Miguel Cardona to draft a note on the president’s legal authorities to cancel student loan debt, including cancellation up to $ 50,000, the chief of staff said. White House Ron Klain at a Politico Playbook event Thursday.

Why is this important: Biden has previously said he opposed the cancellation of $ 50,000 in student debt, opting for the cancellation of $ 10,000 instead. Congressional Democrats pushed the president to increase that number. Klain said the president will make his decision after receiving the relevant memos, including one from the Justice Department.

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The big picture: The Biden administration has imposed new student debt relief measures, including the cancellation of student loans for students who have been defrauded by for-profit schools and the suspension of federal student loan interest for borrowers in fault.

What he says : “[Biden will] look at this [memo on] legal authority, it will look at the policy issues around it and it will make a decision, ”Klain said.

  • “He hasn’t made a decision on this anyway and, in fact, he hasn’t yet received the grades he needs to start focusing on this decision,” Klain added.

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