WASHINGTON — The Biden administration announced last week it had canceled more than $400 million in student loans for people who attended for-profit colleges.

The ruling affects 16,000 students who the government says were defrauded by for-profit colleges, including 1,800 former DeVry University students.

While it comes as a relief to thousands of people and their families, it's left some to wonder: If President Joe Biden can cancel debt for those students, can he cancel debt for everyone?

AMERICA'S DEBT PROBLEM

The U.S. has accrued nearly $1.75 trillion worth of student debt nationwide.

In Florida, the average debt for those with loans is around $24,000. In Montana, it's averaging just over $27,000. In Wisconsin, it's over $30,000.

Similar numbers are reported in most states throughout the country.

A RELUCTANT PRESIDENT

When Biden ran for office, he pledged to cancel student debt. However, since he has taken office, he has not acted on his own to do it.

Instead, he has encouraged Congress to take action to cancel student debt — a move that has frustrated many in his party.

Senate Majority Leader Chuck Schumer, D-New York, has recently called on the Biden Administration to take more action to cancel student debt.

CHANGES HAVE HAPPENED

But that doesn't mean no changes are happening. In fact, some changes have already occurred that are impacting families.

For one, every American with federal student loan debt has enjoyed nearly two years of not having to make the payments — without interest accumulating on those loans.

Since March of 2020, under a program that began under former President Donald Trump, federal payments have been suspended. Biden has extended the pandemic-related policy several times since taking office.

May 1 is when federal student loan payments are set to resume. However, that date may get pushed back again.

Additionally, federal law already allows Americans who work in public service to get their debt forgiven after working a certain number of years.

Before Biden took office, the process was complicated, and many borrowers were denied loan forgiveness over technicalities. A new waiver by the Biden administration has changed some of that, and experts now say 9.3 million Americans are now eligible for student loan forgiveness. That includes teachers, police officers, government employees and even some who work for non-profits. Those who think they may qualify are encouraged to apply — or re-apply.

Finally, a big change has happened recently involving bankruptcies.

Student loans aren't treated the same way as credit cards when someone files for bankruptcy. While it's possible to get the debt discharged, typically, the debt stays with someone after they get a bankruptcy ruling. However, in New Jersey, a federal judge decided to interpret the law differently and canceled more than $100,000 in one man's student debt after he filed for bankruptcy. The Justice Department has decided not to object to that case, a rare move, and the Department is now reviewing bankruptcy policies going forward.

PRESSURE ON PRESIDENT

Still, Biden is facing pressure to do more.

The White House has not yet released an internal legal analysis showing whether Biden's attorneys believe he has the authority to cancel debt on his own.

Many members of Congress believe he does and would like to see that analysis released.

MILWAUKEE, Wis. — President Joe Biden said Tuesday that he won’t be canceling $50,000 of student loan debt for borrowers, as has been proposed by other top Democrats.

When asked about the matter during his first presidential town hall with CNN, Biden said, “I will not make that happen.”

Though, during his campaign for the presidency, Biden did say that he supports canceling up to $10,000 in federal student loan debt and he reiterated that during the town hall.

"My point is: I understand the impact of debt, and it can be debilitating," Biden said. "I am prepared to write off the $10,000 debt, but not [$50,000], because I don't think I have the authority to do it."

The president said he would consider a program in which student loan debt is forgiven for those who give back to their communities.

"In terms of student debt that's accumulated, is provide for changing the existing system now for debt forgiveness if you engage in volunteer activity,” said Biden. “For example, if you're teaching school, after five years, you'd have $50,000 of your debt forgiven. If you worked in a battered women's shelter, you'd be able to forgive debt."

The Biden administration has said canceling more debt than that would take congressional action.

“The President continues to support the cancelling of student debt to bring relief to students and families,” tweeted White House Press Secretary Jen Psaki. “Our team is reviewing whether there are any steps he can take through executive action and he would welcome the opportunity to sign a bill sent to him by Congress.”

Earlier this month, congressional Democrats released a plan that seeks to forgive up to $50,000 in federal student loans per borrower. They called on Biden to make it happened through executive action.

Senate Majority Leader Chuck Schumer and Sen. Elizabeth Warren are two of lawmakers advocating for $50,000. Wednesday, they responded to Biden’s town hall comments with a joint statement.

“Presidents Obama and Trump used their executive authority to cancel student loan debt,” they wrote. The Biden administration has said it is reviewing options for cancelling up to $50,000 in student debt by executive action, and we are confident they will agree with the standards Obama and Trump used as well as leading legal experts who have concluded that the administration has broad authority to immediately deliver much-needed relief to millions of Americans. An ocean of student loan debt is holding back 43 million borrowers and disproportionately weighing down Black and Brown Americans. Cancelling $50,000 in federal student loan debt will help close the racial wealth gap, benefit the 40% of borrowers who do not have a college degree, and help stimulate the economy. It’s time to act. We will keep fighting.”