On a day filled with a million requests for government financing and after reports that President Biden has requested $50,000 in debt reduction for student loan borrowers he updated his answer on the loan forgiveness debate by claiming “I’m not considering $50,000 in debt reduction. But I am in the process of taking a hard look at whether or not there will be additional debt forgiveness. I’ll have an answer on that in the next couple of weeks.”

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Senate Majority Leader Chuck Schumer of New York has been urging the president to cancel $50,000 or more per borrower. Biden’s comments are not only a disappointment to Schumer but to other advocates of the cancelation as well.

Education debt currently exceeds $1.7 Trillion and poses a larger threat to household finances than credit card or auto debt. Nearly 10 Million people are expected to be in delinquency or default.

There wasn’t much said of the debt he was considering erasing although he has leveraged the claims of support for relieving $10,000 on his route to becoming president. If Biden sticks to his word of the minimum promise of $10,000 per borrower, it would wipe out $321 Billion in federal student loans and wipe the entire balance of nearly 12 Million people. Nearly 70% of loan borrowers would still be left with debt.