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At a CNN town hall Tuesday night, Biden ruled out canceling $50,000 of federal student loan debt per borrower, saying he is more comfortable forgiving debt of $10,000 per borrower. White House officials said Wednesday that Biden’s reference to writing off $10,000 of loan forgiveness was not meant as a descriptor for executive action but to reflect his endorsement of achieving that goal through legislation.
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Roughly 45 million Americans owe approximately $1.6 trillion in federal student loans. Canceling $10,000 of student loan debt would completely wipe out the debts of more than 15 million borrowers whose current balances are less than or equal to that amount, according to the most recently available federal data as of Sept. 30.
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Some Democrats have said that billions spent on widespread loan forgiveness could be better spent elsewhere or should at least be targeted to borrowers with the most need. “The sums involved in loan-forgiveness proposals under discussion would exceed cumulative spending on many of the nation’s major anti-poverty programs over the last several decades," [said an Obama administration Treasury official].