Biden Says Decision On Student Loan Forgiveness Soon, Not Considering $50,000

(CNN) - President Biden says he is considering canceling some student loan debt, but not as much as Democrats hope.

The president spoke about the issue Thursday.

While he said he was looking at expanding student loan forgiveness, forgiving $50,000 dollars in loans per borrower, is not in the cards.

"I am considering dealing with some debt reduction," said President Joe Biden. "I am not considering $50,000 debt reduction, but I'm in the process of taking a hard look at whether or not there will be additional debt forgiveness. And I'll have an answer on that in the next couple of weeks."

Biden made a campaign promise back in 2020 to forgive up to $10,000 of debt across the board, and he has been under pressure from Democrats to fulfill that promise.

Before Thursday, the president passed the buck to Congress, calling on lawmakers to act on student loan debt forgiveness.