Biden 'Looks Forward' To Canceling $10,000 Student Loan, Senators Want $50,000

President Joe Biden “looks forward” to fulfilling his campaign promise of forgiving at least $10,000 of student loan debt per borrower, a top White House official said Thursday.

Democratic lawmakers have urged Biden to use his executive powers to cancel student debt loans, but the president’s advisers have repeatedly said they prefer to seek approval from the U.S. Congress.

"The President has and continues to support canceling $10,000 of federal student loan debt per person as a response to the Covid crisis," White House press secretary Jen Psaki said during a briefing.

She added that Biden “already took a step through an executive action on the first day. He would look to Congress to take the next steps. He looks forward to signing it.”

In one of his first moves as president, Biden instructed the Department of Education to extend a freeze on student loan monthly payments and interest until Oct. 1.

In December, the president said he doubts he can use his executive powers to cancel large amounts of federal student loans.

“I think that’s pretty questionable. I’m unsure of that. I’d be unlikely to do that,” he said.

However, top Democratic leaders in the Senate are calling for more. Senate Majority Leader Chuck Schumer, Sen. Elizabeth Warren, D-Mass., and Rep. Ayanna Pressley, D-Mass., on Thursday led dozens of Democratic lawmakers in reintroducing a resolution that outlines a plan for the president to cancel $50,000 in student loans “with a flick of a pen.”

“Canceling student loan debt is the most effective executive action President Biden can take to kick-start the economy and help close the racial wealth gap. I was happy to reintroduce my resolution to #CancelStudentDebt with @SenSchumer, @RepPressley, and our partners today,” Warren wrote on Twitter.

“Economists agree that canceling student loan debt would help boost our struggling economy and lead to greater home-buying rates and housing stability, higher college completion rates, and greater small business formation. This is a no-brainer for our economy,” Warren continued.

Canceling $50,000 for all federal student loan borrowers would forgive all debt for approximately 36 million people. The bill would not help Americans who have private student loans.