President Joe Biden has made it clear that he will not be canceling student debt by executive order. This decision has disappointed many student loan borrowers who were hoping for relief from their crippling debt.

During his campaign, Biden promised to cancel $10,000 of student debt per borrower to help alleviate the burden on millions of Americans struggling to repay their loans. However, the President has since stated that he does not have the authority to unilaterally forgive student debt through executive action.

In a recent interview, Biden explained that he is waiting for Congress to pass legislation that would provide student debt relief. He emphasized that he supports canceling some amount of student debt, but believes that it should be done in a targeted and equitable way, rather than through executive order.

Biden’s stance on student debt has been met with mixed reactions. Supporters of canceling student debt argue that it would provide much-needed relief to millions of borrowers, many of whom are struggling to make ends meet due to their high monthly loan payments. They believe that canceling student debt would stimulate the economy by freeing up funds that borrowers could then spend on other goods and services.

On the other hand, critics of canceling student debt through executive order argue that it would be unfair to taxpayers who did not take out student loans and would have to foot the bill for the forgiveness. They also argue that canceling student debt would not address the root causes of the student debt crisis, such as the rising cost of higher education and inadequate financial aid.

While Biden’s decision not to cancel student debt by executive order may be disappointing to some, it does not mean that student debt relief is off the table. The President has expressed his willingness to work with Congress to pass legislation that would provide targeted relief to student loan borrowers. In the meantime, borrowers are encouraged to explore options for loan forgiveness and repayment assistance that are currently available through federal programs.

In conclusion, President Joe Biden has made it clear that he will not be canceling student debt by executive order. While this decision may be disappointing to some, it does not mean that student debt relief is not a priority for the Biden administration. Borrowers are encouraged to explore other options for loan forgiveness and repayment assistance while the administration works with Congress to address the student debt crisis.