He did not elaborate, saying he would not get ahead of the announcement. “I don’t have any news to announce today,” Cardona said.
Here’s what you need to know.
What is Biden weighing?
In addition to that baseline of student loan debt forgiveness for individuals who fall under a certain income level, administration officials have also recently discussed the possibility of additional forgiveness for specific subsets of the population, according to sources familiar with internal discussions in the administration.
How severe is America’s student debt problem?
Borrowers hold $1.6 trillion in outstanding federal student loan debt, more than Americans owe in either credit card or auto loan debt.
- About 54% of borrowers with outstanding student loan debt owed less than $20,000 as of March 2021, according to the College Board.
- About 45% of the outstanding debt was held by the 10% of borrowers owing $80,000 or more.
What’s the downside of broad forgiveness?
While broad student loan debt cancellation could deliver financial relief to millions of Americans, the implications of such a significant policy move are complicated, CNN’s Katie Lobosco writes.
And on its own, the action would do nothing to bring down the cost of college for future borrowers or help those who have already paid for their degrees.
How does the Supreme Court come into this?
A recent decision from the high court limiting the Environmental Protection Agency’s ability to fight the climate crisis could complicate Biden’s authority to cancel federal student loan debt.
How has Biden addressed student debt to this point?
For example, earlier this month, the Department of Education said it would cancel $3.9 billion in student loan debt for 208,000 students who attended the now-defunct for-profit ITT Technical Institute. That brings the total amount of loan discharges approved under Biden to nearly $32 billion.
What do Americans think of student loan forgiveness?
As might be expected, attitudes toward student debt relief are sharply divided along partisan and generational lines.
Seventy percent of adults younger than 35 said the government is doing too little, a figure that dropped to 50% among those in the 35-49 age bracket, and 35% among those age 50 or older.
This story has been updated with additional information Monday.
CNN’s Katie Lobosco, MJ Lee and Phil Mattingly contributed to this report.