Biden considering student loan forgiveness is 'a tremendous victory': Rep. Ayanna Pressley

• Rep. Ayanna Pressley said it is a "tremendous victory" that President Biden is considering some student loan debt relief.
• Biden said last week that he will have an "answer" on student debt cancellation in the coming weeks.

President Joe Biden said last week that he will have an "answer" on the question of student-loan forgiveness "in the next couple of weeks," a move Democratic lawmakers are praising.

"All we know is that the President has expressed an openness to cancel some debt," Democratic Rep. Ayanna Pressley of Massachusetts told Yahoo Finance. "That in and of itself is a tremendous victory, and so I believe we are closer than ever before to seeing some of this hardship alleviated."

About $1.6 trillion in federal student debt is owed by some 40 million people, according to The Wall Street Journal. The Biden administration recently extended a pause on federal student-loan payments until August 31.

In his comments on Thursday, Biden said he is not considering the $50,000 debt reduction that some Democrats, including Pressley, have called for. However, he recently expressed support for debt forgiveness in the range of $10,000, Insider previously reported.

"The fact that President Biden is expressing an openness to some sort of debt cancellation is really a testament to the vigilance of this broader movement, the same movement that decisively elected him," Pressley said, adding that Democratic leaders who have continued to push Biden also deserve recognition.

"Any relief that we can provide people in the midst of unprecedented economic hardship as we begin to round the corner and head into a recovery from this pandemic induced recession would make a difference," Pressley added.

Progressive lawmakers have pushed the president to prioritize canceling student debt before the 2022 midterm elections, though he could face legal challenges if he makes sweeping changes through executive action.

"Any time is a good time to impact the lives of Americans," Pressley told Yahoo. "Democrats win when we deliver, and we have to deliver in ways that are impactful, tangible, and transformative, like canceling student debt. So this is good policy, and it is also good politics."