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President Joe Biden says the Senate “has a very important task to do” when it comes to the indictment of former President Donald Trump. (February 11)
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The claim: Joe Biden has canceled all student loan debt
During the campaign, current President Joe Biden undertook to act with the forgiveness of federal student loans and to wipe out $ 10,000 for all borrowers. One student loan borrower claims on Facebook that the president has already fulfilled the promise.
“My student loans are over”, reads a Facebook post from February 2 with hundreds of shares. “I love you Biden!” Many users expressed skepticism, saying, “Mine is still showing.”
USA TODAY contacted the Facebook user for comment.
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Bid forgiveness plan for student loans
On his first day in office, Biden signed an executive order extending the payment of federal student loans until at least September. During the start of the pandemic, former President Donald Trump suspended student loan payments, froze interest rates and ordered the lending services to halt collection efforts as part of the COVID-19 emergency lending effort. It would expire on January 31st.
Biden avoided the promise to cancel student debt through executive action, saying he supported Congress to forgive up to $ 10,000 in student loan debt. Senate Majority Leader Chuck Schumer, DN.Y., and Senator Elizabeth Warren, D-Mass., Are demanding that Biden dispose of $ 50,000 per borrower, a plan they unveiled in September 2020.
In an interview with The Washington Post in December, Biden said it was “quite doubtful” if he would have the power as president to cancel large sums of student loan debt. “I’m not sure about that. “I probably will not do that,” he said.
It is still unresolved whether debt cancellation would be done through executive action by Biden or through legislation passed by Congress.
White House Press Secretary Jen Psaki tweeted on February 4 that the Biden government “is reviewing whether there are any steps it can take through executive action and it will welcome the opportunity to sign a bill sent to it by Congress.”
Biden wants to forgive loans for students attending public colleges for two years and four years, and wants to grant loans forgiveness to students who visit private historic black colleges and universities or minority services, according to his campaign website. His plan also includes forgiving all undergraduate tuition related to federal student debt for borrowers earning up to $ 125,000 a year.
“Biden will set up a new, simple program that provides $ 10,000 in debt or graduate student relief for each year of national or community service, up to five years,” the campaign’s website reads. Those who work in schools, the government and other non-profit organizations will automatically be enrolled in the program.
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Student credit debt has not been canceled
While federal student loan payments were temporarily suspended, there was no action by Congress or Biden to cancel student loan debt.
Biden’s breakdown of a $ 1.9 billion stimulus package ruled out debt cancellation for student loans. The assistance package includes $ 1400 stimulus checks, $ 20 billion investment in a national vaccination program and $ 400 per week unemployment insurance benefits.
Furthermore, none of Biden’s executive orders signed since January 20 refer to.
Nor has any legislation been passed by Congress lifting student debt, and details of the stimulus plan are still being negotiated. In a February 4 press release, Psaki said the White House was still investigating whether it could provide debt relief through executive order while urging Congress to pass legislation.
“The president supports and continues to cancel $ 10,000 federal student loan debt per person due to the COVID crisis,” Psaki said. “If it is passed on and sent to his desk, he will look forward to signing it.”
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Our rating: false
The claim that Joe Biden canceled student loan debt is FALSE, based on our research. The president has extended a breather on federal student loan payments, but has not signed any executive orders that have lifted student debt. Congress has also passed no legislation canceling student debt.
Our sources for fact checking:
- USA TODAY, January 29, “Trump and Biden have frozen federal student loans. Should borrowers pay or stand still before thawing?”
- JoeBiden.com, “The Biden High School Education Plan”
- Jen Psaki, February 4, Tweet
- Elizabeth Warren, September 17, “Schumer, Warren: the next president can and must immediately cancel up to $ 50,000 in student loan debt; Democrats give an overview plan for immediate action in 2021.”
- USA TODAY, March 20, “Trump: Student Loans Can Suspend 60-Day Payments Without Interest”
- The Washington Post, December 23, “Advice: Trump is dissolving the government on the way out. Biden is confident he can fix it.”
- CNBC, Jan. 14, “Biden’s call for $ 10,000 forgiveness in student loan not included in stimulus plan”
- USA TODAY, January 14, “Biden introduces $ 1.9 billion COVID-19 relief package that includes $ 1,400 stimulus checks”
- Congress.gov
- Federal Register, 2021 Executive Orders of Joe Biden
- White House, February 4, Press briefing by Press Secretary Jen Psaki and National Security Adviser Jake Sullivan, February 4, 2021
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