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President Biden Looks to Be on the Verge of Cancelling a Sizable Portion of Federal Student Loan Debt?

President Joe Biden consistently stated during the 2020 race that he was open to cancelling $10,000 per borrower in federal student loan debt.

With his poll numbers plummeting and the midterm elections approaching, rumours this week indicate that Biden may be willing to go above and beyond that amount, giving Democrats who advocate full debt forgiveness optimism.

Mississippi Governor Tate Reeves responded to the news by saying on his Facebook page that the President’s proposed federal debt forgiveness would be “fundamentally unfair and irresponsible.”

Mississippians without college degrees or who have paid their own way should not be compelled to pay for the debts of others, according to Reeves.

“Mississippians without college degrees (or who have paid off their debt) should not be forced to pay for the student loans of others,” Reeves wrote, adding, “Why should people who chose not to go to college or who chose to settle their own loans be punished for the benefit of those who chose differently?”

Governor Reeves went on to say that the student loan sector is exploitative, and that he opposes federal cancellation.

Student loan debt

“The predatory nature of student loans is well-known. It should be held accountable, according to Reeves. “However, the Biden administration’s approach is inherently unjust and foolish.”

The Biden Administration has extended the moratorium on student loan repayments that began at the start of the pandemic, bringing the most recent restart date from May to September 2022.

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President Biden will decide whether or not to eliminate student debt before the current extension of the pause expires, according to White House Press Secretary Jen Psaki.

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