reported that Biden will announce a one-time handout of $10,000 for borrowers who make less than $125,000 a year. The bill to American taxpayers is estimated to be around $300 billion.
However, calls to abolish student loan debt has been a top agenda item for the left of the Democratic Party for years -- and figures like Senate Majority Leader Chuck Schumer have been lobbying intensely for such a move. But last year, Pelosi poured cold water on the idea -- saying that such a move was something reserved for an act of Congress, not the executive.
in July last year."He can postpone, he can delay, but he does not have that power. That has to be an act of Congress.""Suppose…your child just decided they, at this time, [did] not want to go to college but you’re paying taxes to forgive somebody else’s obligations. You may not be happy about that," she said, before adding that she does not want children to be prohibited from going to college for financial reasons.