White House press secretary says Biden hasn’t ‘ruled out’ canceling up to $50,000 in student debt

• White House Press Secretary Jen Psaki addressed the president’s stance on canceling student debt.
• In her Monday briefing, Psaki said the White House is open to cancelling up to $50,000 per person.
• However, she did not offer many specifics beyond that, including whether Biden supports it.
• See more stories on Insider’s business page.

White House Press Secretary Jen Psaki left the door open on Monday to a potential executive order that would cancel up to $50,000 of student debt per borrower.

Psaki was asked what President Joe Biden’s stance on the issue is after his chief of staff, Ron Klain, recently said Biden is looking into his “legal authority” to use executive action for such a move.

Biden’s press secretary reiterated his willingness to cancel up to $10,000 if it were done through legislation in Congress, but grew more cautious on details for the rest of her answer.

“I think that would naturally be the first step before it’s a larger amount beyond there,” Psaki said. “What Ron Klain was referring to is the fact that there’s an ongoing review.

“It’s both a policy review and a legal review – so Department of Education and Department of Justice – to look at what the options are, and what authority could be recommended to the president. So that was the process he’s referring to.”

Biden’s Department of Education has already moved to cancel billions in student debt, but in his messaging, the president has been more willing to go big on the economy writ-large rather than satisfying the urge from his left to do the same on student loan reforms.

Previously, Biden said he “will not make that happen” when asked about canceling up to $50,000 at a CNN town hall in February.

“His position hasn’t changed,” Psaki said during the briefing, avoiding any indication that the president is personally in favor of moving up to the $50,000 figure.

When a reporter followed up to point out Biden was previously against going that far, Psaki reiterated her previous answer.

“At the same time, we haven’t ruled out options, but that review is ongoing and there isn’t a conclusion on it,” she said.