FLASHBACK: Pelosi, Last Year, Said Biden Doesn’t Have the Power to Cancel Student Loan Debt
House Speaker Nancy Pelosi (D-CA) applauded President Joe Biden announcing on Wednesday he will forgive student debt – despite saying last year the president doesn’t have the legal authority to do so.
“@POTUS’ bold action is a strong step in Democrats’ fight to expand access to higher education. By delivering historic targeted student debt relief to millions of borrowers, more working families will be able to meet their kitchen table needs as they recover from the pandemic,” tweeted Pelosi.
.@POTUS’ bold action is a strong step in Democrats’ fight to expand access to higher education.
By delivering historic targeted student debt relief to millions of borrowers, more working families will be able to meet their kitchen table needs as they recover from the pandemic. https://t.co/nHkBLNvqeG
— Nancy Pelosi (@SpeakerPelosi) August 24, 2022
However, in June 2021, Pelosi said Biden doesn’t have the ability to cancel student debt.
“People think that the president of the United States has the power for debt forgiveness,” she said. “He does not. He can postpone, he can delay, but he does not have that power. That has to be an act of Congress.”
Biden will forgive up to $20,000 in debt of Pell Grant recipients for individuals making less than $125,000 annually and couples making under $250,000 annually. Other student debt up to $10,000 will be forgiven for those under those same qualifications. The president also extended the moratorium on student loan payments for the last time. The moratorium, which was implemented due to the Covid-19 pandemic, will end on Dec. 31. Biden also capped repayment of undergraduate loans at 5 percent of monthly income.
Watch above.
